Exercise 6-18 (Static) FASB codification research [LO6-8] Access the FASB Accounting Standards Codification at the FASB...

Exercise 6-18 (Static) FASB codification research [LO6-8]

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).

Required:

Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items:

1. What disclosures are required with respect to performance obligations that the seller is committed to satisfying but that are not yet satisfied?
2. What disclosures are required with respect to uncollectible accounts receivable, also called impairments of receivables?
3. What disclosures are required with respect to significant changes in contract assets and contract liabilities?

Solutions

Expert Solution

Answer :

The FASB Accounting Standards Codification®represents the single source of authoritative U.S. generally accepted accounting principles.

Requirement 1

Regarding disclosures that are required with respect to performance obligations that the seller is committed to satisfying but that are not yet satisfied, the appropriate citation is:

FASB ASC 606-10-50-12:“Revenue from Contracts with Customers-Overall-Disclosure-Performance Obligations.”

Requirement 2

Regarding disclosures that are required with respect to uncollectible accounts receivable, also called impairment losses on receivables, the appropriate citation is:

FASB ASC 606-10-50-4b:“Revenue from Contracts with Customers-Overall-Disclosure-Contracts with Customers.”

Requirement 3

Regarding disclosures that are required with respect to contract assets and contract liabilities, the appropriate citation is:

FASB ASC 606-10-50-10:“Revenue from Contracts with Customers-Overall-Disclosure-Contract Balances.”

ekkarill92 answered 1 year ago

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