FASB Codification Guide-2

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Unformatted text preview: ubsequent events evaluation requirement of paragraph 855-1025-1A apply to the company with regard to the preparation of its fiscal year 2010 financial statements? Why or why not? Lesson 8: Working with Archived Content 83 LESSON Working with Glossaries 9 Lesson Scenario As introduced in Lesson 2, Charlie is a partner in a CPA firm. One of his client companies is planning to raise capital by issuing a special type of security. The client ’s chief financial officer (CFO) asks Charlie how the security, after it is issued, should be classified on the company’s balance sheet—as a liability or as equity. Charlie tells the CFO that he will research the correct classification in accordance with U.S. GAAP. When Charlie reviews the relevant guidance in the Codification, he encounters several words and phrases that are unfamiliar to him. By taking advantage of the glossary features of the System, Charlie is able to look up current, authoritative definitions of those words and phrases. He annotates several of the definitions with his own brief electronic notes and cites those definitions in his correspondence with the client’s CFO. Knowing how to do these tasks enables Charlie to give his client a clear and well-supported answer. Learning Outcomes In the scenario above, Charlie knew how to access and work with the definitions of key words and phrases that appear in the text of the Codification’s guidance. Like Charlie, you will need to know how to use the glossary features of the System in performing your own research tasks. This lesson will help you learn to: Access the definitions of glossary terms (i.e., key words and phrases) in various ways Distinguish between current, pending, and archived glossary term definitions Cite and annotate glossary term definitions. ACCESSING DEFINITIONS OF GLOSSARY TERMS Many words and phrases used in the Codification have specific meanings as defined by the FASB and the SEC. The definitions of those words and phrases are included in the Codification content and are accessible through the System’s glossary features. The defined words and p...
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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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