Linh Hoang ACCT 322-001 GAAP Research Part I Professional Research: FASB Codification Chapter 11 a. What is the authoritative guidance for asset impairment? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies) The authoritative guidance for asset impairment is to ensure that impairment is recorded and dealt with as depreciation. The scope of the standard is writing off of assets and depreciation. According to the guidance of 360-10-35
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Case Analysis Intermediate Accounting A Series of Revenue Recognition Research Cases Using the Codification Case One: Consumer Cleaning Products Corporation (CCPC) Case Two: Landline Corporation Case Three: Assembly Lines Incorporated (ALI) Submitted By Chen Chongxiao Sweta Shah Xiaoyun zhang Case One Requirement 1: The accounting issue in this case is how to account for the coupons which was introduced on Sep. 1 2009 for the new detergent Fresh & Bright Marketing campaign by a detergent
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Reduce the amount of time and effort required to solve an accounting research issue 2. Mitigate the risk of noncompliance through improved usability of the literature 3. Provide accurate information with real-time updates as Accounting Standards Updates are released 4. Assist the FASB with the research and convergence
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that the loss can be reasonably estimated and noted, in detail per FASB Codification section 450-20-25-2. If the loss cannot reasonably estimated, FASB Codification section 450-20-50-5, states that in the company’s financial statement there should be a disclosure of the contingency outlining conditions which could possibly result in an additional loss. If the litigation is unlikely to result in a loss, the Codification of FASB section 450-20-50-6, requires no disclosure in the financial statement
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to interested parties. In the process, students will update their financial accounting skills and gain a familiarity with current events in public accounting. Required Course Materials We will make extensive use of the FASB codification located at https://aaahq.org/FASB/Access.cfm. To log in, use the username AAA51049 and the password Y9J9wvN. We will also use the Trueblood case studies provided by Deloitte and Touche. Office Hours Office hours are MW 2:30 am – 4:30 pm, TR 11:30 – 12:30
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RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification 2. Assist FASB with the research and international convergence efforts required during the standard-setting process 3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy 4. Clarify that
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Business Research Report FASB: The Next Turn in the Road Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 FASB Foundation and History……………………………………………………………………4 Impact of the New Code and Globalization………………………………………………………5 Feelings About the New Normal………………………………………………………………….7 Recommendations………………………………………………………………………8 Conclusion 8 References………………………………………………………………………………10 Executive Summary The financial crash of 1929 and the subsequent depression
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revolving line of credit is whether to report the amounts borrowed and repaid on a net basis or on a gross basis. FASB’s Accounting Standards Codification 230-10-45-7 states “information about the gross amounts of cash receipts and cash payments during a period is more relevant than information about the net amounts of cash receipts and payments.” (FASB, ASC 230-10-45-7). However it is often enough to report the net amount of these cash receipts and payments. ASC 230-10-45-8 states that net
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be paid $500,000 over 3 years. Mary Sims wants to know how to classify these tax differences at the end of the year and I will advise her on some FASB standards that Ms. Sims should follow. Issues 1) $1,500,000 as a result of depreciation timing (Straight Line- MACRS method) 2) What to do with the bad debt increase of $250,000 3) What FASB codification should Ms. Sims look at? Conclusions 1) Depreciation is on taxes and will not impact the total depreciation of the tax expense of deprecation timing
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MEMORANDUM TO: Client FROM: Consulting Firm DATE: November 25, 2013 SUBJECT: Pending Lawsuit Effects FASB stipulations affect financial statements, mortgages, and patents when a business entity loses a case. This memo describes Codification 450-10-05-4 of the Financial Accounting Standards Board (FASB) that details the proper reporting of gain and loss contingencies, as well as standards for financial statements. This memo will provide relevant information
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