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Codification Summaries

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ACCT 525
Week 3 Assignment

Codification Summaries

Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references:

a) ASC 830-230-55-1:
This reference shows how to account and format cash flows when a company has subsidiaries operating in foreign countries. Examples are given of a consolidated cash flow statement from a US based company and its two subsidiary companies. The reference explains how excess cash should be disclosed. A majority of the reference deals with the local currency and how it should be shown within the parent company, which in this case a US company based on the dollar therefore both foreign companies would need to be formatted with both local and US.

b) ASC 926-330-35-1:
This references how an entity, at each balance sheet date, is to evaluate their inventory at the end of that period; items that are in inventory and that the business is going to be selling to clients. The inventory can be evaluated at the net realizable value, meaning the sale of the product minus the cost associated with it.

c) ASC 954-440-25-2:
This references how a continuing care facility may attain losses when calculating their cost to its clients. These care facilities are required to show annual their future facility and service cost. They do this to see if there will be any liability that needs to be recognized.

d) ASC 505-20-50-1:
This references how stock dividends should be described to the public and the corporation should try to by all means not to describe it as a stock split. An example is given of how a corporation, because of a legal requirement, may be able to describe it.

e) ASC 710-10-05-6:
This section references deferred compensation with regards to a Rabbi Trust for employees. It gives the three ways through which the trust can be settled, which include - cash,

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