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Unformatted text preview: Valerie Pisano E1 What effect, if any, did the FASB's Accounting Standards Codification (ASC) issued in 2009 have on the way Papa John's reports in its 2010 annual report (10-K)? In June 2009 the FASG issued the Accounting Standards Codification, which is the larges official source of authoritative, non-government U.S. GAAP. The codification did not change GAAP but reorganized it and changed naming mechanisms. Companies were required to begin using the code as of September 15, 2009. The changes Papa Johns made to their 10-K were mainly in making appropriate references to the Codification. The consolidated results were not affected by the change. E2 Compare in your own words the changes in sales revenue from fiscal 2008 to fiscal 2009 and the main factors causing those changes for Toll Brothers. Toll Brother report decreases in sales revenues in their Northern, Mid-Atlantic, Southern, and Western regions. Reasons cited include a decrease in the number of homes delivered, an overall decrease in the regions....
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- Fall '09