The Accounting Research Bulletin, or ARB, is a resource that offers direction and suggestions for accounting procedures. Its purpose is to assist accountants and auditors in comprehending and implementing accounting regulations accurately.
The acronym ARBARB refers to Accounting Research Bulletin, a document that offers guidance and recommendations on accounting practices and procedures. For instance, ARB 43 provides guidance on accounting for compensation plans, while ARB 51 offers guidance on accounting for inventory. These examples demonstrate how ARBs provide specific guidance on accounting topics. Accountants and auditors utilise ARBs to ensure that financial statements are prepared in accordance with generally accepted accounting principles.
Arbitration is a form of alternative dispute resolution where a neutral third party, called an arbitrator, hears both sides of a dispute and makes a binding decision.
Almost any type of dispute can be resolved through arbitration, including commercial disputes, employment disputes, and consumer disputes.
The parties involved in the dispute typically choose an arbitrator together. If they cannot agree on an arbitrator, a court may appoint one.
Arbitration is often faster, less expensive, and more private than litigation. It also allows the parties to choose an arbitrator with expertise in the subject matter of the dispute.
In most cases, an arbitration award cannot be appealed. However, there are limited circumstances where a court may review an arbitration award.
If one party refuses to participate in arbitration, the other party may be able to obtain a default judgment or seek enforcement of the arbitration agreement through a court.
No, an arbitration agreement signed under duress is not enforceable.
Yes, an arbitrator can award punitive damages if allowed by the applicable law and the parties’ agreement.
Yes, an arbitrator can order injunctive relief if allowed by the applicable law and the parties’ agreement.
Yes, arbitration is generally confidential, meaning that the proceedings and the award are not made public. However, there are exceptions to this rule, such as when required by law or when the parties agree to waive confidentiality.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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