Question
In: Accounting
The FASB had three primary goals in developing the Codification: 1. Simplify user access by codifying...
The FASB had three primary goals in developing the Codification:
1. Simplify user access by codifying all authoritative US GAAP in one spot.
2. Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.
3. Create a codification research system that is up to date for the released results of standard-setting activity.
My question is do you think all of the goals have been realized?
Solutions
Expert Solution
FASB codification
Changes the way Gaap is documented , presented and updates. It is
the current source of authoritative accounting standards. It
explains what Gaap is and eliminates nonessential
information.
3 primary goals of the ASC
1. simplify user access by codifying all authoritative U.S. GAAPs
in one spot
2. Ensure that the codified content accurately represented
authoritative U.S. GAAPs as of July 1, 2009
3. Create a codification research system that is up to date for the
released results of standard-setting activity
Codification is expected to improve accounting practice by-
1. reducing the amount of time and effort required to solve an
accounting research issue
2. mitigate the risk of noncompliance through improved usability of
literature
3. provide accurate information with real-time updates as
Accounting Standards Updates are released
4. assist the FASB with the research and convergence efforts
ekkarill92 answered 1 year agoRelated Solutions
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...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight- or...
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org). Determine the specific eight- or
nine-digit Codification citation (XXX-XX-XX-XX) for accounting for
each of the following items:
Required:
1. Disclosure requirements for maturities of long-term
debt.
2. How to estimate the value of a note when a note
having no ready market and no interest rate is exchanged for a
noncash asset without a readily available fair value.
3. When the straight-line method can be used as an
alternative...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
1. The specific eight-digit Codification citation (XXX-XX-XX-X) that discusses depreciation as a systematic and rational allocation of cost rather than a process of valuation.
2. The specific nine-digit Codification citation (XXX-XX-XX-XX) that involves the calculation of an impairment loss for property, plant, and equipment.
3. The specific nine-digit Codification citation (XXX-XX-XX-XX) that provides guidance on accounting for a change in depreciation method.
4. The...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
1. The topic number (Topic XXX) that provides guidance on information contained in the notes to the financial statements.
2. The specific seven-digit Codification citation (XXX-XX-XX) that requires a company to identify and describe in the notes to the financial statements the accounting principles and methods used to prepare the financial statements.
3. Describe the disclosure requirements.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for...
Access the FASB Accounting Standards Codification at the FASB
website (www.fasb.org). Determine the specific citation for each of
the following items:
1. Measurement of ending inventory using the lower
of cost or net realizable value (LCNRV) rule.
2. Measurement of ending inventory using the lower
of cost or market (LCM) rule.
3. The level of aggregation that should be used in
applying the LCNRV or LCM rule.
Requirement
Topic
Subtopic
Section
Paragraph
1
330
10
35
8
2
330
10...
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific citation for...
Access the FASB Standards Codification at the FASB
website (www.fasb.org).
Required:
Determine the specific citation for accounting for each of the
following items:
1. On what basis is a contract’s transaction price
allocated to its performance obligations?
2. What are indicators that a promised good or
service is separately identifiable from other goods and services
promised in the contract?
3. Under what circumstances is an option viewed as
a performance obligation?
Requirement
Topic
Subtopic
Section
Paragraph
1
606
10
2...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Required: Indicate the specific seven-digit...
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org).
Required:
Indicate the specific seven-digit Codification citation (XXX-XX-XX)
for each of the following items:
Accounts receivables from related parties should be shown
separately from trade receivables.
The definition of cash equivalents.
The requirement to value notes exchanged for cash at the cash
proceeds.
The two conditions that must be met to accrue a loss on an
accounts receivable.
Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items:
Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items:1. The calculation of the weighted average number of shares for basic earnings per share purposes.2. The alternative formats permissible for reporting comprehensive income.3. The classifications of cash flows required in the statement of cash flows.
Access the FASB’s Codification Research System at the FASB website (WWW.fasb.org). Determine the specific citation for...
Access the FASB’s Codification Research System at the FASB
website (WWW.fasb.org). Determine the specific citation for
accounting for each of the following items:
Required:
1. Definition of initial direct costs.
2. When a modification to a contract is reported
as a separate contract (that is, separate from the original
contract).
3. The disclosures required in the notes to the
financial statements for a lessor.
4. The classification criteria for when a lessee
classifies a lease as a finance lease and...
Access the FASB’s Codification Research System at the FASB website (WWW.fasb.org). Determine the specific citation for...
Access the FASB’s Codification Research System at the FASB
website (WWW.fasb.org). Determine the specific citation for
accounting for each of the following items: Required: 1. Definition
of initial direct costs. 3. The disclosures required in the notes
to the financial statements for a lessor. Please include paragraphs
in codification
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