Explore topic-wise fullforms in Accounts and Finance

INFO: Full form for OSRTC is Ontario Sound Recording Tax Credit in Accounts and Finance category
OSRTC also has other full forms in other categories mentioned below.

INFO: Full form for GAMX is Global Audit Methodology Execution in Accounts and Finance category
GAMX also has other full forms in other categories mentioned below.

The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. FASAB is designated as the body that sets U.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred to as federal financial reporting entities. The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999.

The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its federal reporting entities. In order to apply the statutes of the CFO Act of 1990, the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General established FASAB to develop the "applicable accounting principles" for the newly required financial statements.

FASAB issues the Statement of Federal Financial Accounting Standards (SFFAS), Interpretations, Technical Bulletins, Technical Releases, and Staff Implementation Guidance. FASAB standards are publicly available on its website--both by chapter and in the FASAB Handbook, which is updated annually.

INFO: Full form for MRICS is Professional Member of The Royal Institution of Chartered Surveyors in Accounts and Finance category
MRICS also has other full forms in other categories mentioned below.

The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations. See IRS Publication 946 for a 120-page guide to MACRS.

INFO: Full form for CSPAAS is Consiliul Pentru Supravegherea Public in Accounts and Finance category
CSPAAS also has other full forms in other categories mentioned below.

INFO: Full form for MSFA is Member of The Society of Financial Advisers in Accounts and Finance category
MSFA also has other full forms in other categories mentioned below.

INFO: Full form for CONSOB is Commissione Nazionale Per Le Societ in Accounts and Finance category
CONSOB also has other full forms in other categories mentioned below.

INFO: Full form for SPOF is Supply Price of Finance in Accounts and Finance category
SPOF also has other full forms in other categories mentioned below.

INFO: Full form for AFSI is Available for Sale Investments in Accounts and Finance category
AFSI also has other full forms in other categories mentioned below.

The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization.

The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the Financial Accounting Standards Board, and it funds both organizations.

Its mission is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.

The GASB has issued Statements, Interpretations, Technical Bulletins, Concept Statements and Implementation Guides defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the Federal Accounting Standards Advisory Board.

In January 2020, GASB appoints Joel Black to succeed David Vaudt as the chair. Black is also partner-in-charge of Mauldin & Jenkins LLC.

An Individual Taxpayer Identification Number (ITIN) is a United States tax processing number issued by the Internal Revenue Service (IRS). It is a nine-digit number beginning with the number “9”, has a range of numbers from "50" to "65", "70" to "88", “90” to “92” and “94” to “99” for the fourth and fifth digits and is formatted like a SSN (i.e. 9XX-7X-XXXX). Temporary identification numbers are issued to the main taxpayer only and these numbers are usually triggered after a 45-day suspension period. Filing the W-7 application incorrectly, checking the wrong box for the reason the individual is submitting a W-7 form or if the taxpayer's identifying documents are not accepted by the IRS, can be a reason for which the taxpayer may receive a temporary taxpayer identification number. ITIN numbers are issued by the IRS to individuals who do not have, and are not eligible to obtain, a valid U.S. Social Security Number, but who are required by law to file a U.S. Individual Income Tax Return. An individual required to file a tax return must check boxes b, c, d, e, f, or g on the W-7 application. Individuals who check boxes a, f or h meet certain conditions for not filing a U.S. tax return, and for obtaining an ITIN number from the IRS.

Regardless of immigration status, both resident and nonresident immigrants may have Federal tax return and payment responsibilities under the Internal Revenue Code. Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception. An ITIN application cannot be filed electronically (efile). The application must be attached to a valid federal income tax return.

The ITIN program was created in 1996 for the purpose of allowing tax return filing by individuals without a Social Security account number. Receiving an ITIN number does not in itself confer the right to work and receive income in the United States.

In 2006, 1.4 million people used ITINs when filing tax returns. Federal tax law generally prohibits the IRS from sharing data with other government agencies, including the Department of Homeland Security, assuring unauthorized aliens that the tax information will be confidential and generally will not be used to initiate removal procedures.

ITINs are also used by real estate brokers to facilitate mortgages for unauthorized aliens. In addition to use by unauthorized aliens, ITINs are used by foreign investors in United States real estate. Such investors need ITINs to file federal and state tax returns to report rental income.

An individual who meets eligibility requirements can file an ITIN application himself or herself. This involves submitting IRS form W-7, which records biographical information, along with specified types of valid supporting ID and a tax return. The applicant can apply directly or file with a certifying acceptance agent, who can assist with the application process for a fee. ITINs can also be issued for a spouse or dependents, if documentation and signature requirements are met and they are claimed on a valid tax return. Effective June 22, 2012 the IRS began requiring most applicants, even those using acceptance agents, to submit original supporting documents or copies certified by their issuing agency. The IRS will not accept notarized copies of the passport for ITIN application.

In 2012, the IRS indicated that ITINs would expire after 5 years. In 2014, the IRS amended that policy to expire ITINs only if the numbers had not been used in the last 5 years. Under this revised policy, all ITINs must be used to file a return or they will expire and be reassigned. This now includes those issued before 2013. These changes go into effect in 2016. The policy has since been revised again so that ITINs expire after three years of non-use. In addition, ITINs issued prior to 2013 will begin expiring in 2016, starting with those with middle digits of 78 and 79 (Example: (9XX-78-XXXX).

INFO: Full form for ONECCA is Ordre National Des Experts Comptables Et Comptables Agr in Accounts and Finance category
ONECCA also has other full forms in other categories mentioned below.

INFO: Full form for CAPEX is Capital Expansion in Accounts and Finance category
CAPEX also has other full forms in other categories mentioned below.

INFO: Full form for CAPEX is Capital Expenditure in Accounts and Finance category
CAPEX also has other full forms in other categories mentioned below.

The South African Institute of Professional Accountants (SAIPA) is a professional association of accountants based in South Africa. As of 2019, the institute claims to have more than 10,000 members.

SAIPA represents qualified Professional Accountants (SA) in practice, commerce and industry, academia and the public sector.

INFO: Full form for IOCX is Extended Immediate-or-cancel Order in Accounts and Finance category
IOCX also has other full forms in other categories mentioned below.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is an institution dedicated to Cost and Management Accounting education and research in Bangladesh. It is managed as an autonomous professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accountant in Bangladesh.

INFO: Full form for MRTO is Money Relative To Output in Accounts and Finance category
MRTO also has other full forms in other categories mentioned below.

INFO: Full form for UVX is Universal Value Exchange in Accounts and Finance category
UVX also has other full forms in other categories mentioned below.

INFO: Full form for FATLC is Finance Accounting Tax Legal Compliance in Accounts and Finance category
FATLC also has other full forms in other categories mentioned below.

INFO: Full form for HICPA is Hainan Provincial Institute of Certified Public Accountants in Accounts and Finance category
HICPA also has other full forms in other categories mentioned below.

INFO: Full form for ECSAFA is Eastern Central and Southern African Federation of Accountants in Accounts and Finance category
ECSAFA also has other full forms in other categories mentioned below.

INFO: Full form for LTRO is Long Term Refinancing Operation in Accounts and Finance category
LTRO also has other full forms in other categories mentioned below.

INFO: Full form for EBPP is Electronic Bill Presentation and Payment in Accounts and Finance category
EBPP also has other full forms in other categories mentioned below.

Electronic billing or electronic bill payment and presentment, is when a seller such as company, organization, or group sends its bills or invoices over the internet, and customers pay the bills electronically. This replaces the traditional method where invoices were sent in paper form and payments were done by manual means such as sending cheques.

There are a number of advantages to electronic billing that include the faster presentation of invoices and reductions in costs in handling paper document. However to take full advantage of electronic billing both seller and buyer need to have in place computer systems able to handle electronic billing and have access to financial institutions that can do electronic payments.

INFO: Full form for IFS is Institutional Financing Services in Accounts and Finance category
IFS also has other full forms in other categories mentioned below.

INFO: Full form for TC is Target Costing in Accounts and Finance category
TC also has other full forms in other categories mentioned below.

In economics, total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total economic cost of production and is made up of variable cost, which varies according to the quantity of a good produced and includes inputs such as labor and raw materials, plus fixed cost, which is independent of the quantity of a good produced and includes inputs that cannot be varied in the short term such as buildings and machinery, including possibly sunk costs.

Total cost in economics, includes the total opportunity cost (benefits received from the next-best alternative) of each factor of production as part of its fixed or variable costs.

The additional total cost of one additional unit of production is called marginal cost.

The total cost of producing a specific level of output is the cost of all the factors of production. Often, economists use models with two inputs: physical capital, with quantity K and labor, with quantity L. Capital is assumed to be the fixed input, meaning that the amount of capital used does not vary with the level of production in the short run. The rental price per unit of capital is denoted r. Thus, the total fixed cost equals Kr. Labor is the variable input, meaning that the amount of labor used varies with the level of output. In the short run, the only way to vary output is by varying the amount of the variable input. Labor usage is denoted L and the per unit cost, or wage rate, is denoted w, so the variable cost is Lw. Consequently, total cost is fixed cost (FC) plus variable cost (VC), or TC = FC + VC = Kr+Lw. In the long run, however, both capital usage and labor usage are variable. The long run total cost for a given output will generally be lower than the short run total cost, because the amount of capital can be chosen to be optimal for the amount of output.

Other economic models use the total variable cost curve (and therefore total cost curve) to illustrate the concepts of increasing, and later diminishing, marginal return.

In marketing, it is necessary to know how total costs divide between variable and fixed. "This distinction is crucial in forecasting the earnings generated by various changes in unit sales and thus the financial impact of proposed marketing campaigns." In a survey of nearly 200 senior marketing managers, 60% responded that they found the "variable and fixed costs" metric very useful.

Marginal revenue (or marginal benefit) is a central concept in microeconomics that describes the additional total revenue generated by increasing product sales by 1 unit. To derive the value of marginal revenue, it is required to examine the difference between the aggregate benefits a firm received from the quantity of a good and service produced last period and the current period with one extra unit increase in the rate of production. Marginal revenue is a fundamental tool for economic decision making within a firm's setting, together with marginal cost to be considered.

In a perfectly competitive market, the incremental revenue generated by selling an additional unit of a good is equal to the price the firm is able to charge the buyer of the good. This is because a firm in a competitive market will always get the same price for every unit it sells regardless of the number of units the firm sells since the firm's sales can never impact the industry's price. Therefore, in a perfectly competitive market, firms set the price level equal to their marginal revenue ( M R = P ) {\displaystyle (MR=P)} .

In imperfect competition, a monopoly firm is a large producer in the market and changes in its output levels impact market prices, determining the whole industry's sales. Therefore, a monopoly firm lowers its price on all units sold in order to increase output (quantity) by 1 unit. Since a reduction in price leads to a decline in revenue on each good sold by the firm, the marginal revenue generated is always lower than the price level charged ( M R < P ) {\displaystyle (MR<P)} . The marginal revenue (the increase in total revenue) is the price the firm gets on the additional unit sold, less the revenue lost by reducing the price on all other units that were sold prior to the decrease in price. Marginal revenue is the concept of a firm sacrificing the opportunity to sell the current output at a certain price, in order to sell a higher quantity at a reduced price.

Profit maximization occurs at the point where marginal revenue (MR) equals marginal cost (MC). If M R > M C {\displaystyle MR>MC} then a profit-maximizing firm will increase output to generate more profit, while if M R < M C {\displaystyle MR<MC} then the firm will decrease output to gain additional profit. Thus the firm will choose the profit-maximizing level of output for which M R = M C {\displaystyle MR=MC} .

INFO: Full form for MR is Management Result in Accounts and Finance category
MR also has other full forms in other categories mentioned below.

INFO: Full form for SOP is Statement of Position in Accounts and Finance category
SOP also has other full forms in other categories mentioned below.

INFO: Full form for SOP is Statements of Position in Accounts and Finance category
SOP also has other full forms in other categories mentioned below.