FASB Codification Guide-2

An example of a number based citation for a paragraph

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Unformatted text preview: . g. Paragraph. h. Paragraph. i. Subsection. j. Subparagraph. k. Paragraph. Q2: a. FASB ASC Section 350-40-30. b. The Initial Measurement Section of the Internal-Use Software Subtopic of the Intangibles—Goodwill and Other Topic of the FASB ASC. c. Section 30, Initial Measurement, of Subtopic 40, Internal-Use Software, of Topic 350, Intangibles—Goodwill and Other, of the FASB ASC. d. The Intangibles—Goodwill and Other > Measurement Section of the FASB ASC. Internal-Use Software > Initial Q3: a. Either the Topic number or Topic title is incorrect. Topic 942 is entitled Financial Services—Depository and Lending, whereas Financial Services—Insurance is Topic 944. b. In every case where a Subtopic is shared between an Industry Topic and a nonIndustry Topic, as is the case with this citation, the Industry Topic is the dominant Topic. Therefore, the correct citation should read as follows: Subtopic 942-740. c. Topic 740 is the dominant Topic in this case. Therefore, the correct citation should read as follows: Subtopic 740-270. Appendix A: Answer Key 179 d. A number-based citation consists of the numeric identifier or identifiers that describe a ―path‖ to the cited content through the Topic, Subtopic, Section, and paragraph levels of the content hierarchy. This citation incorrectly describes the path in reverse order. Therefore, the correct citation should read as follows: Subtopic 270-10. e. A breadcrumb citation establishes a least-to-most-detailed path to the cited content. This citation incorrectly describes the path in reverse order. Therefore, the correct citation should read as follows: Generally Accepted Accounting Principles > Overall > Overview and Background. f. Section is the incorrect Codification hierarchy level for Services. That is, Services is a Subtopic. The correct citation should read as follows: Subtopic 20, Services, of Topic 605, Revenue Recognition. g. When citing a Section, it is necessary to specify the Subtopic to which the Section belongs as well as the Section itself because each Section’s title and number are unique only within the Section’s Sub...
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