FASB Codification Guide-2

He scrolls to the summary of the asu he is interested

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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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