On September 15, 2009, the Accounting Standards Codification (ASC) became effective causing all previous GAAP literature to become nonauthoritative. The ASC was constructed to simplify and reduce the time required to perform accounting research. It is accessible to subscribers at https//.asc.fasb.org and provides a one stop shop for authoritative GAAP related material. It was many years in the making and made possible by contributions from hundreds of accounting professionals working towards the
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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
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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
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Accounting Standards Codification Previously, the documents that detailed the rules and regulations of the Generally Accepted Accounting Principles (GAAP) varied in structure, format, and completeness. These variations led to confusion among users and it became more difficult to determine if they were using GAAP correctly. In response to this problem, the FASB developed the Accounting Standards Codification (ASC) whose main purpose is to provide users access to all of the generally accepted accounting
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Intermediate Accounting A Series of Revenue Recognition Research Cases Using the Codification Case One: Consumer Cleaning Products Corporation (CCPC) Case Two: Landline Corporation Case Three: Assembly Lines Incorporated (ALI) Submitted By Chen Chongxiao Sweta Shah Xiaoyun zhang Case One
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LOS ANGELES ACCT 495: Bordwell RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1) Simplify user access by codifying all authoritative U.S. GAAP 2) Ensure that the codification content accurately represented authoritative US GAAP 3) Mitigate the risk of noncompliance with standards through improved usability of the literature 4) Provide codification research system that is accurate with real-time updates as new
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the loss was probable and was estimated to incur a cost of $15 million to $20 million with $17 million being the most probable amount. I strongly suggest that the company recognize this potential loss because given the facts, FASB would require it. According to FASB Codification 450-20-25-2, “An estimated loss from a loss contingency shall be accrued by a charge to income if…Information available before the financial statements are issued or are available to be issued and the amount of loss can be
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FASB | July 13 2014 | | | Statement No. 165: Subsequent events This statement is efficient for the provisional and the annual durations finishing after June 15, 2009. This statement is mean to create the accounting standards for and revelation of the events that happen after the date of the balance sheet but prior to the statement of finance are issued or are accessible to be issued. This will needs the revelation of the date by which the entity should be estimated the subsequent events
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Case l 1 a. 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 July1, 2009. 3. Create a codification research system that is up to date for the released results of standard-setting activity. b. The Codification is expected to improve accounting practice by: 1. Reducing the amount of time and effort required
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To: Supervisor From: Date: September 10, 2012 Subject: FASB Research Results and Recommendations The Financial Accounting Standards Board (FASB) website offers information on many accounting subjects. Per your request I have researched the FASB website for information on leases and lease structure issues, in particular the current practices and thought related to direct financing, sales type, and operating leases. The following is a brief explanation of the results and also a recommendation
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