Unformatted text preview: r the glossary term ―Transferor‖ defined in Section 860-10-20:
a. Describe how the term’s definition as of July 1, 2009, differs from its definition as
of May 31, 2011.
b. Annotate the glossary term definition. The title of the annotation should be
―LESSON 9 EXERCISE‖ and the body of the annotation should be your response
to item ―a‖ above.
c. Identify the specific paragraph within Section 860-30-55 in which the term is
used. (Hint: On the GLOSSARY tab of Section 860-10-20’s page, click the term
to go to the Glossary Term Usage page.)
d. Go to the paragraph you identified in item ―c‖ above. (Hint: Click the link to the
paragraph that is listed on Glossary Term Usage page for the term.)
e. Examine the paragraph to which you navigated in item ―d‖ above. What is the
amount of the debit to Cash in the Journal Entries for the Transferor at
conclusion? Lesson 9: Working with Glossaries 92 LESSON Working with Nonauthoritative Content 10 Lesson Scenario
As introduced in Lesson 4, Eric is an auditor. He learns that the disclosure requirements of
FASB ASC Section 820-10-50 have recently been changed by the FASB. Eric wants to know
what changed and why.
Eric uses the ―Recently Issued‖ feature, located on the top toolbar, to identify an
Accounting Standards Update that effected the change. He then looks under Other Sources,
which is located to the left of any page in the System. He positions his mouse pointer over
the Accounting Standards Updates link, selects the year he is interested in, and reviews the
ASUs listed on the resulting page. He scrolls to the summary of the ASU he is interested in
and opens the ASU. He then learns about the changes and the FASB’s rationale for making
them (the Basis for Conclusions). Learning Outcomes
The System provides access to both authoritative and nonauthoritative sources of
information. In the scenario above, Eric used the System to review ASUs, which are one of
several nonauthoritative sources of information available through the System.
Like Eric, you will probably encounter situations in which...
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- Fall '09
- ........., Financial Accounting Standards Board