FASB Codification Guide-2

48 a precodification standard for which fiscal years

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Unformatted text preview: ones concerning how U.S. GAAP has changed or is likely to change over time. You can access electronic versions of all ASUs, MUs, proposed ASUs, and other outstanding exposure documents through the System. Much of the nonauthoritative content in the System can be accessed in multiple ways. Lesson 10: Working with Nonauthoritative Content 99 REINFORCE YOUR LEARNING Question Q1: For each of the following kinds of information, identify the type of nonauthoritative source (i.e., Notice to Constituents, Accounting Standards Updates, Proposed Accounting Standards Updates, Other Exposure Documents, Pre-Codification Standards, or Maintenance Updates) that is most likely to contain the information. a. A detailed description of a specific, proposed, major change to the Codification’s authoritative FASB content b. A specific Statement of Financial Accounting Standards that was issued by the FASB in 1983 and that was, at the time, an authoritative pronouncement of U.S. GAAP c. Descriptions of specific ―roll off‖ changes that have been made to the Codification’s authoritative content d. An explanation of the editorial practices that the FASB followed during the process of codifying U.S. GAAP from pre-Codification sources e. The FASB’s explanation of its rationale for making a specific, major change to the Codification’s authoritative content. Exercises E1: Access the FASB’s Notice to Constituents. Which Codification Topic is used as an example in the illustration of the hierarchy of the topical structure of the Codification? E2: Access ASU No. 2009-05. Which entities are affected by the amendments documented in that ASU? (Hint: Look in the ―Summary‖ section of the ASU.) E3: Access the ―As Issued‖ version of FASB Interpretation (FIN) No. 48, a preCodification standard. For which fiscal years was the Interpretation, as originally issued, initially effective? E4: Access MU No. 2010-12. According to that MU, in which Codification paragraph was the word ―entitl...
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This note was uploaded on 03/27/2014 for the course ECON 12586 taught by Professor Yorambarzel during the Fall '09 term at University of Washington.

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