Accounting Standard Codification

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ACCT 495 Section 2: CASE STUDIES IN ACCOUNTING Research Assignment One

Erin M. Bordwell September 29, 2012

Dr. Hossain Fall Quarter 2012 CALIFORNIA STATE UNIVERSITY, 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 standards are released

2. List three SEC authoritative guidance, standard and interpretations included in the codification: 1) Regulation S-X (SX) 2) Financial Reporting Releases (FRR)/Accounting Series Releases (ASR) 3) Interpretive Releases (IR)

3. The accounting literature replaced by the FASB Codification includes (list five): 1) Accounting Research Bulletins (ARB) 2) Accounting Principles Board Opinions (APB) 3) AICPA Accounting Interpretations (AIN) 4) Statements of Financial Accounting Standards (SFAS) 5) FASB Interpretations (FIN)

4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): FAS 52: FAS 13: FAS 133: FAS 115: ! ASC 805 ASC 830 ASC 840 ASC 815 ASC 320
1

ACCT 495: Bordwell 5. Explain the following ASC references: FASB ASC 310-10-05-2: The Overall Subtopic establishes general guidance for receivables. The guidance is presented in the following two Subsections: a General, b. Acquisition, Development and Construction Arrangements. (Acquisition, Development or Construction arrangements, in which a lender, usually a financial institution, participates in expected residual profit from the sale of refinancing property.

FASB ASC…...

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