FASB Accounting Standards Codification Case 2(1)

FASB Accounting Standards Codification Case 2(1) - Joseph...

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Joseph Boch Ryan Thiel Erik Hoffman Rachel Schraft FASB Accounting Standards Codification Case #2 1. FASB ASC 905, titled “Agriculture,” addresses the accounting for agricultural production activities. 2. FASB ASC 905-10-15-3 asserts the topic “Agriculture” provides guidance for all entities in the agricultural industry, including agricultural producers and agricultural cooperatives, with some exceptions. According to FASB ASC 905-10-15-4, the following entities are exempt from following the guidance in this topic: a. Growers of timber b. Growers of pineapple and sugarcane in tropical regions c. Raisers of animals for competitive sports d. Merchants or noncooperative processors of agricultural products that purchase commodities from growers, contract harvesters, or others serving agricultural producers. The guidance in this topic applies to Red Hen Company because it is classified as an agricultural producer. An agricultural producer is defined as "farmers and ranchers including, for example,
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This note was uploaded on 12/14/2011 for the course MGT 268 taught by Professor Paragkosalge during the Spring '08 term at Grand Valley State.

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