Fasb Codification Case Essay

288 words - 2 pages

Case Study: FASB Codification Case

Question 1: Access the FASB Codification and prepare responses to the following questions, providing Codification references as support for your answers. Access the glossary and give the definition for:

Answer:

A. Firm Fixed-Price Contract – A Fixed Price Contract is essentially a contract where an adjustment can’t be made because of the cost experience of the contractor or his or her ...view middle of the document...

B. Amortized Cost – Amortized Cost is where the sum of the initial investment minus the cash collected then minus the write-downs plus yield accreted to date. (FASB, 2012). So in another words, an Amortized Cost for a company, for example, is the cost of an asset that is written off as an asset that has depreciated in value. It represents the total accumulated depreciation, and thus the totally amortization, to date.

C. Impairment – Impairment is the situation where an asset carries an amount that exceeds it fair market value. (FASB, 2012). So in another words, impairment is when an asset with a long lifespan is overpriced.

Question 2: Are there SEC documents as a part of this Codification? If yes, where are they located?

A. Was unable to locate any SEC documents for this Codification.
B. Yes there are SEC documents as part of this codification, entitled Rule 2a-7 under the Investment Company Act of 1940 Provisions. Located at: http://www.sec.gov/divisions/investment/icvaluation.htm
C. Yes there are SEC documents as part of this codification, entitled 17 CFR Part 211. Located at: http://www.sec.gov/interps/account/sab100.htm

Other Papers Like Fasb Codification Case

Respond to Client Request Essay

1302 words - 6 pages for Lawsuit Contingencies The consequencesoflitigationfor the company financials hinge upon the expectedconclusion of the lawsuit. FASB Codification section 450-20-25-2 stipulates that in the event that theanticipated outcome of litigation results in a loss to the business, and can be rationallyprojected, then the cost should be accrued to the financials and footnoted as such.If the conclusion of the process is most likely to create a loss for the

Express Dry-Cleaning Essay

526 words - 3 pages are expected to continue indefinitely. (FASB ASC 350-30-35-4) Impairment is defined by the FASB Accounting Standards Codification as occurring when the carrying amount of a long-lived asset is greater than its fair value. An impairment loss is measured as the excess of the carrying amount over the fair value. The impairment loss of the trademark is the excess of the carrying amount over the fair value. In this case, the carrying amount for the

Accounting - Crazy Computers And Three Little Pigs

1248 words - 5 pages under a different codification. In this case, insurance is covered under Financial Services – Insurance (944-605) (FASB. 2011). Under this provision, Crazy Computers Retailers has the right to recognize any amount generated from the sale of an insurance policy to the extent that the insured is obligated to pay the insurer as prescribed in Financial Services – Insurance (944-685) Sec 25-2 (a) (FASB. 2011). Similar provisions are given for reinsurance

11-6: Lessee, Ltd

533 words - 3 pages understood that he needed to follow IFRS regulations and standards. 3. How would the answer differ under U.S. GAAP? As stated in the Master Glossary of the Codification, an operating lease can be defined two ways. “From the perspective of a lessee, any lease other than a capital lease and from the perspective of a lessor, a lease that meets the conditions in paragraph 840-10-25-43(d).” (FASB, n.d) Paragraph 840-10-25-43(d) states that a

Accounting Ethics Case

3229 words - 13 pages implicit in this condition that it must be probable that one or more future events will occur confirming the fact of the loss. b. The amount of loss can be reasonably estimated”. (FASB Accounting Codification Standards, 2013) Ethical Dilemma and Stakeholders The ethical dilemma in this case is whether I have an obligation to protect the company or to provide full disclosure to users of the financial statements. While the idea of “whether or

Mark to Market

1792 words - 8 pages accounting principles and standards are gathered together and organized by the Financial Accounting Standards Board (FASB). They are then put into what is called the FASB Codification. The FASB Codification (2015) defines M2M as a valuation method that uses current market prices and other useful information that is supplied by market exchanges between similar items such as assets, liabilities or a similar business (“FASB Codification,” 2015). Basically

Go W/ Flow

876 words - 4 pages Flow’s transactions. Your discussion should be no more than 4 pages in length. Applicable Professional Pronouncements ASC 230, Statement of Cash Flows (formerly FASB Statement No. 95, Statement of Cash Flows) ASC 320, Investments — Debt and Equity Securities (formerly FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities) You may access the FASB Codification database through the American Accounting

Emerging Issues

1921 words - 8 pages identification, as well as discussion and resolution of issues in accounting which are within the FASB framework known as the Accounting Standards Codification. The framework represents the source of authoritative standards of accounting in general and reporting and is to be applied to nongovernmental entities; they are issued side by side to those of the SEC (FASB). The EITF announces the guidance of implementation of financial and reporting

Revenue Recognition

747 words - 3 pages authoritative guidance from the FASB Accounting Standards Codification. The ASC can be located at http://aaahq.org/ascLogin.cfm The UserID is as follows: AAA51268. The password is as follows: zZ8Fq3W ***Please note that both the UserID and Password are case sensitive***

Case Set Faq

1241 words - 5 pages Case Set Instructions Which cases do I complete, and when is each case set due? See the syllabus. How do I prepare the cases? Start with a cover page that provides class information (ACCT 4400, etc.) and the names of all team members. The cover page should also include the specific cases or parts of cases completed by each team member along with any reviewing responsibilities. The answers to the three cases in each case set must

Accounting

1214 words - 5 pages products. “Companies involved in the exploration and development of crude oil and natural gas have the option of choosing between two accounting approaches: the ‘successful efforts’ (SE) method and the ‘full cost’ (FC) method.” (Investopedia) The main issue which these techniques address is whether or not such outflows can be capitalized or need be treated as expenses on the income statement. As the FASB Accounting Standards Codification

Related Essays

Fasb Codification Essay

521 words - 3 pages FASB Codification Research Project #1 (a) Briefly describe how pension gains and losses are accounted for. According to FASB ASC 715-30-35: 35-21 Gains and Losses Gains and losses that are not recognized immediately as a component of net periodic pension cost shall be recognized as increases or decreases in other comprehensive income as they arise. Accounting for plan terminations and curtailments and other circumstances in which

Fasb Codification Week 3 Homework Essay

1142 words - 5 pages AC540 Week 3 Assignment Please complete the below problems and submit your answers in the Week 3 Dropbox. See "Syllabus/Due Dates for Assignments & Exams" for due date information. 1. In the Course Home tab of your course shell, click on “FASB Codification Access.” Scroll to the bottom of the page and click on “For tutorials please click on the link here.” Watch and listen to the four tutorial modules and answer the following

Acc/541 Request To Client Request Ii

1014 words - 5 pages Request to Client Request II Team A ACC/541 November 25, 2013 Michael Meyer MEMORANDUM TO: Client FROM: Consulting Firm DATE: November 25, 2013 SUBJECT: Pending Lawsuit Effects FASB stipulations affect financial statements, mortgages, and patents when a business entity loses a case. This memo describes Codification 450-10-05-4 of the Financial Accounting Standards Board (FASB) that details

Buck's Dilema Essay

1586 words - 7 pages how to book presentation of cash flows through the use of a revolving line of credit is whether to report the amounts borrowed and repaid on a net basis or on a gross basis.  FASB’s Accounting Standards Codification 230-10-45-7 states “information about the gross amounts of cash receipts and cash payments during a period is more relevant than information about the net amounts of cash receipts and payments.”  (FASB, ASC 230-10-45-7).   However it is