...Accounting 3366 (a) When did the FASC Codification become effective? The FASC Codification actually became effective on July 1, 2009. (b) Did the FASC change prior GAAP? No, it actually did not. However, it did re-structure GAAP. (c) What does the FASB expect from the new FASC structure and system? 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 efforts. (d) What are the “topics” used in the ASC? There are six topics: 1. The General Principles Area (Topic Codes 105–199) relates to broad conceptual matters. 2. The Presentation Area (Topic Codes 205–299) addresses how information is presented in the financial statements. It does not address other aspects of financial accounting such as recognition, measurement, or derecognition for individual financial statement accounts. 3. The Assets, Liabilities, and Equity Areas (Topic Codes 305–399, 405–499, and 505–599, respectively)...
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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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...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 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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...Accounting Horizons Vol. 26, No. 1 2012 pp. 125–133 American Accounting Association DOI: 10.2308/acch-50087 COMMENTARY Some Conceptual Tensions in Financial Reporting American Accounting Association’s Financial Accounting Standards Committee (FASC) Yuri Biondi, Jonathan Glover, Karim Jamal (Chair and principal co-author), James A. Ohlson, Stephen H. Penman, Shyam Sunder (invited principal co-author), and Eiko Tsujiyama SYNOPSIS: We examine four key conceptual tensions that are at the heart of many financial reporting dilemmas: stocks versus flows, ex ante versus ex post, conventions versus economic substance, and top-down design versus bottom-up evolution as sources of accounting practice. Associated with each of these conceptual dimensions is an accounting duality; in some cases, one side (e.g., stocks) is easier to measure in a reliable manner, while the other side (e.g., flows) is easier to measure in other instances. We suggest that financial reporting would benefit from a willingness to pay attention to, and find compromise between, both sides of these tensions; forcing a choice of one over the other does not serve to improve financial reporting. Keywords: conceptual tensions; stocks-flows; ex ante-ex post; conventions-economic features; design-evolution. JEL Classification: M40. INTRODUCTION I n the developing of financial reporting, accountants have had to repeatedly deal with some basic conceptual tensions that arise due to the very nature of accounting...
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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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...Hunt, Philip A. CHHI 301-B04 Research Exercise 1 29 August, 2015 Plescia, Joseph. “On the Persecution of the Christians in the Roman Empire.” Latomus, T.30, Fasc. 1 (1971) 120-132. http://www.jstor.org/stable/41527858 (accessed August 25, 2015) Emperor Decius was the first emperor to formulate a plan and initiate a systematic persecution of Christianity. Decius was not necessarily focused on Christians, but on the abolishment of Christianity itself. The emperor believed Christianity threatened the Roman way of life and the religious order of the Roman state. Decius attempted to overcome the will of the Christians in all possible ways so they would renounce. This resulted in extensive trials, physical torture, moral torture, and long prison sentence. His goal was to have the Christians show allegiance to the Roman state: even in a diminutive way. Unfortunately, the policy set forth by Decius was adhered to by several more emperors, resulting in persecution escalating over fifty more years. Grafton, David D. "Mission paradigms in the Pax Americana." Currents in Theology and Mission 32.5 (2005): 348-354. http://go.galegroup.com.ezproxy.liberty.edu:2048/ps/i.do?id=GALE%7CA138144023&v=2.1&u=vic_liberty&it=r&p=AONE&sw=w&asid=aab99e6642abf232be6352b7a7dc83c3 (Accessed August 26, 2015) Alexander the Great began the development of implementing Greek culture into the regions of Gaul, Arabia, and the Persian Empire. Pax Romana used this Greek...
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...Big 3, health and well being of a company Income statement Balance sheet Cash flow Generally Accepted Accounting Principles GAAP Securities and Exchange Commission SEC Financial Accounting Standards Board FASC Issue Statements of Financial Accounting Standards SFASs 10-K, annually filed with SEC Quality of Financial Reporting Many opportunities for management to affect quality Timing of revenue and expense recognition Discretionary items Balance Sheet Summaries what firm owns and what firm owes to outsiders and to internal owners Shows financial condition of a company on a particular date Also called the statement of condition or the statement of financial position Snapshot in time of assets=liabilities + equity Assets are the engines of a business Operating cycle Time required to purchase or manufacture inventory, sell the product and collect the cash Working capital Also called net working capital Current assets less current liabilities Current assets Cash and cash equivalents Cash awaiting deposit Cash in a bank account Short term investments that can be converted Marketable securities Held to maturity Trading securities Securities available for sale Accounts receivable Customer balances outstanding on credit sales Net realizable value- actual amount of accounts less an allowance for doubtful accounts Allowance for doubtful accounts Affects balance sheet valuation Important in assessing...
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...Accounting Horizons Vol. 24, No. 3 2010 pp. 471–485 American Accounting Association DOI: 10.2308/acch.2010.24.3.471 COMMENTARY A Framework for Financial Reporting Standards: Issues and a Suggested Model American Accounting Association’s Financial Accounting Standards Committee (AAA FASC) James A. Ohlson, Stephen Penman, Robert Bloomfield, Theodore E. Christensen, Robert Colson, Karim Jamal, Stephen Moehrle, Gary Previts, Thomas Stober, Shyam Sunder, and Ross L. Watts SYNOPSIS: This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. First, we suggest characteristics that a conceptual framework ought to exhibit. Most of these suggestions are based on our critique of the existing framework and the FASB-IASB work in progress. Second, we present a model framework that exhibits these characteristics. We emphasize up front that this framework is quite explicit. It goes to the heart of what a framework document should do: it places specific restrictions on what constitutes admissible accounting standards. The purpose of our effort is to stimulate broad discussion of alternative approaches to foundational documents and to offer a specific example of such an alternative approach. Keywords: FASB; IASB; conceptual framework; accounting standards; financial reporting. JEL Classifications: M40. In 2008, the American Accounting Association’s Executive Committee asked the Financial Accounting Standards Committee...
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...Goodwill Impairment – FASC Section 350 a. What is Step 1 in the two step process for evaluating goodwill? The first step of the goodwill evaluation process compares the fair value of a reporting unit with its carrying amount, including goodwill (350-20-35-4). b. What is Step 2 in the two step process for evaluating goodwill? The second step of the goodwill evaluation process compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill (350-20-35-9). c. Can the fair value of goodwill be measured directly? The fair value of goodwill can be measured only as a residual and cannot be measured directly (350-20-35-2). d. What factor(s) allow an entity to skip the “two step” process? If, after assessing the totality of events or circumstances such as those described in 350-20-35-3C, an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the goodwill impairment test are unnecessary (350-20-35-3D). e. When should an interim test be performed? If the carrying amount of a reporting unit is zero or negative, goodwill of that reporting unit shall be tested for impairment on an annual or interim basis if an event occurs or circumstances exist that indicate that it is more likely than not that a goodwill impairment exists (350-20-35-30). f. List some example impairment indicators. a. A significant decrease in...
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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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...Raunak Singh Student Number: 7817259 Dr. Efharis Kostala February 14, 2016 Judgment Of Io and Callisto CLA2323 ASSIGNMENT !1 Judgment of Io and Callisto The uncompassionate nature of the mighty Olympian Gods leads to the hardships of two maidens; Io and Callisto as described in Ovid’s Metamorphosis. The struggles of both maidens; one a mortal and the other a divine nymph are fairly similar but have subtle differences. Bothwere victims of a sexual violence committed by Jupiter; were punished by his jealous wife Juno; were changed into animals by the Gods. The terrible treatment by the Gods and the uncompassionate attitude of the divine towards them is a theme shared in the two stories. Helpless, Io and Callisto suffered as the Gods determined their fates. Both Io and Callisto endure a violent sexual assault by Jupiter. In Ovid’s Metamorphoses Io, was a priestess of Juno. Her beauty was so radiant that it caught the attention of Jupiter. Unable to resist the feeling of lust, Jupiter attempts to seduce her. When Io rejects Jupiter’s advances he shrouds the entire world within a dark cloud and rapes her “She was already in flight. She had left behind Lerna’s pastures, and the Lyrician plain is wooded fields, when the God hid the wide earth in a covering of fog, caught the fleeing girl, and raped her”. Callisto, a nymph and a devout follower of the virgin Goddess Diana was one day laying down in the grass. Noticing that she was alone Jupiter took on the...
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...Performance measurement (balance score card, financial measures, non-financial measures, divisional versus corporate) ABSTRACT This study aims at understanding the process of elaborating and selecting performance measures in the framework of the balanced scorecard (BSC). Previous studies in the now well-investigated effect that decision makers tend to give a much higher weight to common measures compared to unique measures (Banker et al, 2004; Lipe and Salterio, 2000) did not explore differences between perspectives in terms of commonality of measures used for performance evaluation purposes. We will explain why there are common measures in all perspectives and which their shared characteristics are. Based on a simulation with graduate students, we argue that common measures are found in every BSC’s perspective but with a significant degree of difference. Financial measures are by far the most common ones, internal process measures are the least common ones with customer and learning ranging somewhere in between. Our study implies that the idea of standardization beyond financial measures is based on three performance measures characteristics: 1) reliance on data already available, 2) easy benchmarking, and 3) possibility of being audited by third parties. We advanced implications for managers and for future research on the information generated in the BSC. 1. INTRODUCTION. This paper has been motivated by the evidence of some limitations of the balanced scorecard...
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