Intermediate Accounting 1 (3367) -- Fall 2010 1. FASB Accounting Standards Codification a. When is the ASC codification effective? b. Did the ASC change GAAP? c. What does the FASB expect from the new structure and system? d. What are the “topics” used in the ASC? e. Are SEC references included in the ASC? f. What topic is receivables guidance located in? g. What topic is lease guidance located in? 2. Going Concern – See Exposure Drafts (for 2008) in FASC (on bottom left of opening page) a. What is the period that should be evaluated for going concern considerations? b. Describe some indicators of going concern? c. How do debt covenants come into consideration for going concern? d. Should debt obligations that mature in the year following the audit year need to be addressed? e. Is there any specific language that must be in the audit report if there is a going concern? f.
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This note was uploaded on 10/02/2010 for the course ACCT 5457 taught by Professor Polm during the Spring '10 term at Rensselaer Polytechnic Institute.