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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.
- Fall '09