...Name__David Brubaker____________ Accounting 306 Extra Credit Case Fall 2010 The purpose of this case is to improve your GAAP research skills by familiarizing you with FASB’s Accounting Standards Codification. The codification is relatively new (it became the single source of authoritative GAAP effective July 1, 2009) and requires new and unique techniques for researching GAAP. The case has two parts; for each part you will need to access the codification using the instructions found at the end of this document. Part A. The questions posed in this part relate to the structure and selected features of the codification. The easiest way for you to answer these questions is to view three short tutorials available at the codification website. The pertinent tutorial is noted next to each question. Questions (1 point each): 1) List the three benefits that are expected to be obtained by adopting the codification. (see Codification Overview Tutorial) 1. Simplify the organization of authoritative literature. 2. Provide all authoritative literature in one spot. 3. Give real-time updates to help you stay current with the standards. 2) What does the letter “S” mean that precedes some section numbers in the codification? (see Navigation and Content Tutorial) SEC documents 3) Where in the codification (provide the full citation) does one find the guidance that was originally provided in Statement of Financial Accounting...
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...The Financial Accounting Standards Board Accounting Standards Codification (also known as “the Codification”) was created by the Financial Accounting Standards Board (FASB) to provide users of U.S. generally accepted accounting principles (GAAP) one place to access authoritative literature on GAAP. The FASB also developed the Financial Accounting Standards Board Codification Research System (CRS). “CRS is an online real-time database that provides easy access to the Codification. The Codification and the related CRS provide a topically organized structure, subdivided into topic, subtopics, sections, and paragraphs, using a numerical index system.” (Kieso, Weygandt, & Warfield, 2010, p 14) CRS can be used to research GAAP information such as accounting policies, comprehensive income, net income, other comprehensive income, and reclassification adjustments. Definitions of accounting policies can be found in two ways on CRS website, asc.fasb.org/home. Definitions can be found in the Master Glossary. The link to the Master Glossary is the last entry in the far left column. Definitions can also be found in the Glossary link under each specific topic. For example, comprehensive income is defined as: The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. CRS...
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...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 questions as set...
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...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 questions as set...
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...financial reports to fully understand the basis of accounting you must first understand its terminology. For this module case assignment, I will conduct some research on accounting terms and discuss the definitions of these accounting terms that relate to: Generally Accepted Accounting Principles, Contra-Asset Accounts, Historical Cost, Accrual Basis vs. Cash Basis Accounting, and Accounting Standards Codification, and explain why this concept is important to financial statements. I will also describe the general organization of three sets of financial statements from three companies, offer my opinion as to whether Net Income or Cash from Operating Activities is more useful for each of the three companies, predict the companies' future trends using Net Income or Cash Flows, and provide one additional conclusion about each company using information found in the annual report. According to Investopedia, the term, Generally Accepted Accounting Principles (GAAP), “is the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information” (Investopedia). Contra-Asset Accounts is an asset account which is expected to have a credit balance. The contra asset account is related to another asset account (AccountingCoach). Historical Cost describes...
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...materials to be purchased and to access ordering information. Course Description (Students should be cautious about enrolling in ACCT 310 or ACCT 311. These are professional courses requiring intensive study and analysis and are not to be undertaken casually. Students who have not taken ACCT 221 within the last two years may have difficulty.) Prerequisites: BMGT 110 (or at least two years of business or management experience) and ACCT 221. A comprehensive analysis of financial accounting topics involved in preparing financial statements and in external reporting. Students may receive credit for only one of the following courses: ACCT 310 or BMGT 310. Course Goals/Objectives This course should help you develop the ability to apply GAAP to a variety of complex accounting and financial reporting situations. The specific goals of this course are to: • provide a more extensive understanding of financial accounting principles and procedures and their role in the managerial decision-making process, through (a) the textbook and other written materials, (b) discussion of accounting topics via Web conferencing and online case study assignments, (c) research on the World Wide Web, and (d) FARS / Financial Accounting Research System • present financial accounting processes, procedures, terminology, concepts, and case studies • provide a higher level of problem-analysis and problem-solving ability through the use of CPA-level professional accounting materials After completing...
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...Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.6) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...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 interpreting how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address or other questions...
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...Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections. Page FASB Accounting Standards Codification ................................................................................... 4 Codification Goals .......................................................................................................................... 5 Codification Research System ........................................................................................................ 6 Content Matters............................................................................................................................... 7 Population of codified standards as of July 1, 2009 ................................................................... 7 Standards issued by standard setters other than the SEC ........................................................ 7 Standards issued by the SEC................................................................................................... 8 Essential and nonessential content ................................
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...Accounting Standards Boards Paper Jacobian Stephens ACC/541 June 29, 2015 Mrs. JoEtta Malone Accounting Standards Boards Paper The Financial Accounting Standards Board (FASB) started the Convergence program back in 2002 and stated that a three-part strategy for seeking greater comparability in accounting standards internationally should be implemented.. FASB sought out to develop a higher quality for Generally Accepted Accounting Principles (GAAP) standards and improve the relations and communication with additional nationwide standards setters. The convergence program is to help increase the quality of recording standards. FASB and IASB recognized that increasing the comparability of principles will not be as easy as they thought. To do so, they will need the help of setters around the world to have an agreement amongst the standards. We also have to remember that FASB priority is to improve financial reporting. Doing so will help investors. Eliminate any other alterations between IFRSs and U. S. GAAP that may remain on January 1, 2005 by undertaking projects that both Boards would address simultaneously. Carry on the progress on the joint projects presently proceeding. Inspire their consistent interpretative bodies to organize their activities. FASB has been the nominated union in the private division for generating standards of financial bookkeeping that administer the training of financial reports by non-governmental entities. To improve and establish principles...
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...CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results. 2. Accounting, auditing, or tax research involve a systematic and logical investigation of an issue or problem using the accountant’s professional judgment. Furthermore, accountants approach this problem using critical-thinking skills to obtain and document evidence underlying a conclusion relating to an issue or problem currently confronting the accountant or auditor. 3. Accounting, auditing, or tax research are necessary in order to determine the proper recording, classification, and disclosure of economic events; to determine compliance with authoritative pronouncements; or to determine the preferability of alternative accounting procedures. 4. The objective of accounting, auditing, or tax research is a systematic investigation of an issue or problem utilizing the researcher’s professional judgment to arrive at appropriate and timely conclusions regarding the issues at hand. 5. Research plays an important role within an accounting firm or department. It is critical...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 461–474 American Accounting Association DOI: 10.2308/iace-50005 Super Electronics, Inc.: Financial Reporting of Sales Incentives and Vendor Allowances Using FASB Codification Mahendra R. Gujarathi ABSTRACT: Super Electronics, Inc., a specialty retailer, has recently initiated several sales incentives and has entered into a long-term purchase arrangement with a major vendor that entitles it to sliding discounts based on its level of purchases. Using FASB Accounting Standards Codification, you are to determine whether the Company’s existing policies comply with Generally Accepted Accounting Principles (GAAP). You are also required to evaluate the soundness of the proposals that SE’s management has made during the process of annual audit and explore plausible motivations behind them. The case provides an opportunity to examine several technical and conceptual accounting issues in a real-world setting, strengthen accounting research capabilities, understand implications of the choice of an accounting policy for performance measurement and financial statement analysis, and develop advanced critical thinking and professional judgment skills. Keywords: FASB codification; vendor allowances; customer loyalty programs; membership fees; price protection plans. CASE Company Overview uper Electronics, Inc. (SE or the Company) is a regional specialty retailer of consumer electronics, home office products, entertainment software, appliances...
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...FA S B L E A R N I N G G U I D E For the Codification Research System Professional View March 1, 2012 Financial Accounting Standards Board of the Financial Accounting Foundation Acknowledgements Bruce Pounder, CMA, CFM, DipIFR (ACCA), was the lead contributor for the Lessons included in the FASB Learning Guide For the Codification Research System. Special thanks to Karen Guasp of the FASB, Mary Nassef of the FAF, and numerous other FASB and FAF staff members for their editorial contributions. Copyright © 2012 by Financial Accounting Foundation, Norwalk, Connecticut. All rights reserved. This publication is for informational purposes only and the content herein is not a substitute for legal, accounting or other professional advice. As such, users should not rely on this publication for instruction, opinions, guidance, advice, or strategies on the interpretation or application of accounting or accounting standards of the Financial Accounting Standard Boards, specifically or generally, and should always consult his or her own professional advisors and discuss the facts and circumstances that apply to the user. While every effort has been made to make the information presented here as complete and accurate as possible, it may contain errors, omissions or misinformation. Neither Financial Accounting Foundation nor the Financial Accounting Standard Boards accepts any liability or responsibility to any person or entity with respect to any loss or damage alleged to have...
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...Impairment Background: Smooth Sailing is a privately-held cruise operator. The company operates a sole cruise ship that was purchased using non-recourse debt from a bank. Nonrecourse debt is secured by the collateral. In the event of default, the lender can only seize the collateral and no further action can be taken against smooth sailing. Smooth Sailing believes their ship is independent of all of their other asset groups. The ship generates its own cash flows. In the current operating year, pirates have entered the area where the cruise ship operates. As a result of this incursion, the ship experienced thirty percent lower cash flows of $1.0 million in the current year. The company does not anticipate this will change in the near-term. This change may require the company to consider an impairment loss on the asset since the fair value (future cash flows) does not exceed the carrying cost of the boat. The boat currently carrying value is $4.6 million while the initial estimate of the fair value is $3.0 million. The debt also carries a value of $4.0 million. This initial estimate leads me to believe that this asset needs to be tested for impairment. The future cash flows should be used from the probability table (Exhibit A) in order to determine the value of the asset. Statement of research problem or question: What does US GAAP say about: 1. How does management perform asset impairment testing? 2. What categories of assets and liabilities should be included...
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...ACG 6805 Accounting Theory Fall 2015 Professor: Greg Trompeter Office: 323 BA I Phone: 407.823.2150 Office hours: Tuesday before class; as announced in class; and by appointment. Required texts: Readings available as noted below. • Trueblood cases from Deloitte. Available at: http://www.deloitte.com/view/en_US/us/About/university-relations/Deloitte-Foundation/0ac1264f0b0fb110VgnVCM100000ba42f00aRCRD.htm • FASB codification—password to be handed out in class. You may log in at http://aaahq.org/ascLogin.cfm Objectives This course examines: • How accounting principles are established and monitored by standard setters. • The strengths and weaknesses of various accounting methods and how applications of such methods affect decisions of users and preparers of financial statements. • Current issues facing standard setters and the profession. Grades will be determined as follows: 1. Class participation 45 possible points 2. Financial reporting timeline 5 possible points 3. Mini-cases (Trueblood, FASB, HBS or similar) 35 possible points 4. Problem sets and discussion question write-ups 30 possible points 5. Group presentation 10 possible points 6. Research paper 20 possible points 7. Final exam 5 possible points 150 possible points NOTE: I assume that you should plan to invest—at a minimum—three...
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