... predominated in Europe, with numerous Frenchmodifications, some of which were based on the Germanic law that had been in effect in northern France. The code draws upon the Institutesof the Roman Corpus Juris Civilis for its categories of the civil law: property rights, such as licenses; the acquisition of property, such astrusts; and personal status, such as legitimacy of birth. One century later, after many new codes have been promulgated throughout the world, and while the movement of law reform is still accelerating, for a number of well-known reasons : establishment of a new international order, trend towards modernization in many countries, etc., the moment seems appropriate to wonder how influential Napoleon’s Code is on the codifications which are taking place now. Of course, we shall consider this Code, not as it was in 1804, but in its present state, after two centuries of legislative additions and...
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...Intermediate Accounting 1 -- Spring 2014 Financial Accounting Standards Codification Research Assignment Questions In order to complete this assignment, you will need to access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (FASC) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the one and only source of the technical GAAP standards. Other sources are no longer accepted as GAAP. The student log in information is: Username: AAA51654 / Password: xY8Z67e. After you sign in – click on “FASB Accounting Standards Codification” on the screen and the database will open. There is a “search” box in the top right of the screen. If you scroll over the topics (Assets, Liabilities etc.) on the left side of the welcome page you will see the subtopics and contents – click on the subtopic and it will take you to the related Codification content. The class assignment/project that you are responsible for is comprised of researching several of the more current technical topics in accounting and responding to several specific related technical standard questions about the topics. For some of the topics (see below) you will also be asked and responsible for interpreting how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address or other...
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...Intermediate Accounting 1 -- Spring 2014 Financial Accounting Standards Codification Research Assignment Questions In order to complete this assignment, you will need to access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (FASC) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the one and only source of the technical GAAP standards. Other sources are no longer accepted as GAAP. The student log in information is: Username: AAA51654 / Password: xY8Z67e. After you sign in – click on “FASB Accounting Standards Codification” on the screen and the database will open. There is a “search” box in the top right of the screen. If you scroll over the topics (Assets, Liabilities etc.) on the left side of the welcome page you will see the subtopics and contents – click on the subtopic and it will take you to the related Codification content. The class assignment/project that you are responsible for is comprised of researching several of the more current technical topics in accounting and responding to several specific related technical standard questions about the topics. For some of the topics (see below) you will also be asked and responsible for interpreting how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address or other...
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...http://www.studymode.com/essays/Intermediate-1-Research-Paper-1272788.html a. When did the FASC Codification become effective? The FASC became effective for interim and annual periods ending after September 15, 2009 even though the authoritative version of the Codification was released on July 1, 2009. b. Did the FASC change prior GAAP? The FASC did not change prior GAAP but it instead reorganized previous GAAP into a new structure. This new structure is organized into a new research database that is supposed to be user friendly and make finding certain GAAP easier to use. c. What does the FASB expect from the new FASC structure and system? The FASB has high expectations from the new FASC system including reducing the amount of time and effort that is used to solve an accounting research issue. The FASC also expects the Codification to mitigate the risk of noncompliance through easier usability of accounting literature. The Codification is also expected to provide accurate information through real time updates whenever Accounting Standards Updates are released and to assist the FASC with all of the research and convergence efforts. d. What are the “topics” used in the ASC? There are six major topics that are used in the ASC. The first one is The General Principles Area which includes broad conceptual matters. The next one is The Presentation Area which shows information is presented in the financial statements. The Assets, Liabilities, and Equity Areas have guidance...
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...FASC Research Project Fall (2014) QUESTIONS (http://aaahq.org/ascLogin.cfm ) In order to complete this assignment you will need to access the FASB Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (“FASC”) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the ONE AND ONLY source of the technical GAAP standards. Other sources are no longer accepted as GAAP The student log in information is Username - AAA51654 and Password - 84xMeNP: Username and the Password are also available on Blackboard. After you sign in – click on “FASB Accounting Standards Codification” on the screen and the database will open. There is a “search” box in the top right of the screen. If you scroll over the topics (Assets, Liabilities, etc.) on the left side of the welcome page you will see the subtopics and contents – click on the subtopic and it will take you to the related Codification content. This assignment will be introduced and discussed in class in order to assist you with planning how to complete the assignment. The class assignment/project that you are responsible for is comprised of researching several of the more current technical topics in accounting and responding to several specific related technical standard questions about the topics. For some of the topics (see below) you will also be asked and responsible for...
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...Maria Juarez Professor Muslu Accounting 3367 T-Thurs A. Identify relevant Codification section that addresses transfers of receivables. The relevant codification section for the transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset to someone other than the issuer of that financial asset. The following include transfers: selling a receivable, putting a receivable into securitization trust, and receivable as collateral. 2) Recourse: The right of a transferee of receivables to receive payment from the transferor of those receivables for any of the following: failure of debtors to pay when due, the effects of prepayments and adjustments resulting from defects in eligibility of the transferred receivables. 3) Collateral -Personal or real property in which a security interest has been given. Provide other examples (besides recourse and collateral) that qualify as continuing involvement. • Servicing arrangements • Guarantee arrangements • Agreements to purchase or redeem transferred financial assets • Options written or held • Derivative financial instruments that are entered into contemporaneously with, or in contemplation of, the transfer • Arrangements to provide financial support • Pledges of collateral Jones Co. is in a technology-intensive industry. Recently, one of its competitors introduced...
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...Accounting Irregularity Analysis for Groupon Steven Simpson ACCT 310-V2WW Professor Margaret Callender February 15, 2014 Issues Groupon (GRPN) is an internet based company that was founded in 2008. Groupon acquires new customers via advertising and word of mouth through sites such as Facebook and Twitter, and then Groupon has the new customers sign up to receive daily coupon offers from local merchants through their email. Groupon then sells coupons for steeply discounted local merchant offerings directly to customers interested in the daily deals and receives a percentage of the coupon’s value from the merchant (Roos, 2014, pp. 1-2). Groupon seemed to take the internet world by storm and by Q1 of 2011 it had an impressive $644.7 million in revenues, which almost equaled the entire revenue for 2010 (Edwards, 2011). On June 2, 2011, Groupon, Inc. took its first step toward becoming a public company by filing a Form S-1 Registration Statement Under The Securities Act of 1933 with the Securities and Exchange Commission (Groupon, Inc., 2011). When reviewing the Form S-1, the SEC found several accounting irregularities that it questioned. One of the accounting irregularities was Groupon’s reporting an internally used measure of profitability that it calls the Adjusted Consolidated Segment Operating Income, a term abbreviated to adjusted CSOI (Weil, 2011). The adjusted CSOI took the operating income and added online marketing expenses, stock-based compensation, and...
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...FASC Codification Research Assignment – SPRING INTRODUCTION Revenue recognition is one of the top causes for financial statement restatements (Whitehouse 2010). In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process (Deloitte 2009). Furthermore, revenue recognition is often prey to financial fraud (PricewaterhouseCoopers 2009). Coverage of revenue recognition in intermediate accounting courses is typically limited to learning and applying the criteria for revenue recognition outlined in the Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, to routine transactions and topics, such as long-term construction contracts and installment sales (FASB 1984). While these topics are important, there are literally hundreds of revenue-generating transactions that are not covered in the traditional financial accounting sequence. The purpose of the case is to enhance students’ research and critical thinking skills through resolving ambiguous revenue recognition cases, using the FASB’s Accounting Standards Codification (Codification or ASC) and other authoritative literature, including SEC Staff Accounting Bulletin, Topic 13: Revenue Recognition (SEC 2003). In addition, the cases seek to enhance students’ research, oral...
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