Posted: August 1st, 2016

What is a memorandum?

Write 1,500- to 2000-words identifying the specific cost accounting system your organization utilizes (must be healthcare organization) and how it uses the accounting information for financial management. You must include the following:

Descriptions of the cost accounting system used in your organization
Pros and cons of this cost accounting system
Descriptions of how your organization uses the accounting information for financial management improvement recommendations for your organization’s accounting system
Include at least five peer-reviewed references
Format according to APA 6th standards

As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the convergence of existing standards. Look at the combined work of the FASB and the IASB has led to a standardized framework. Throughout the development of this framework, several areas of accounting have evolved. Consider the historical development of the conceptual framework and how final assenting and dissenting opinions of rule-making boards impacted the development of the conceptual framework.

Select two convergence topics from the 2006 Memorandum of Understanding (and the 2008 progress report) and analyze how the convergence of FASB and IASB rules or standards have developed to create to a common framework as outlined in the Conceptual Framework Project. In addition, include aspects of accounting theory that are being applied in the topics selected.