FASB Codification Guide-2

Lesson 14 cross referencing codification content and

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Unformatted text preview: 820-10-35-57? c. Identify all of the ASUs that are associated with changes to paragraph 820-10-502. d. State the date of issuance of each ASU you identified in item ―c‖ above. Exercises E1: Of all outstanding proposed ASUs, access the one that was most recently issued. State the proposed ASU’s ―Issued‖ date and ―Comments Due‖ date. E2: Which Codification Subtopics were affected by the amendments documented in MU No. 2010-06? E3: How many ASUs were issued within the last year but more than 90 days ago? (Hint: Use the ―Recently Issued‖ feature of the System.) Lesson 13: Keeping Track of Changes to the Codification 134 Problems P1: In the System, navigate to the page for Section 310-10-00. a. Identify the ASU that documents the addition of the glossary term ―financing receivable‖ to the Codification. b. Click the link for the ASU that you identified in item ―a‖ above, then proceed to access the ASU. c. In the ―Background Information and Basis for Conclusions‖ section of the ASU, review paragraph BC6. d. According to paragraph BC6 of the ASU, why did the FASB decide to exclude two specific kinds receivables from the scope of the amendments documented in the ASU? P2: With regard to Codification paragraph 605-25-25-5: a. Identify the ASU that was issued on October 7, 2009, to document changes to the paragraph. b. Describe in specific terms how the paragraph changed as documented in the ASU you identified in item ―a‖ above. c. How and when were reporting entities required to apply the changes to the paragraph? Was early adoption permitted? Lesson 13: Keeping Track of Changes to the Codification 135 Cross Referencing Codification Content and Its Sources LESSON 14 Lesson Scenario As introduced in Lesson 11, Julia is an auditor. During a recent audit, she searched for relevant accounting guidance and found it in paragraph 230-10-45-17. Julia now wants to know whether that guidance was carried forward from pre-Codification pronouncements of U.S. GAAP. To determine whether the content of paragraph 230-10-45-17 was derived from one or more...
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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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