FASB Codification Guide-2

Nevertheless julia believes that us gaap requires

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Unformatted text preview: ed‖ inserted? Lesson 10: Working with Nonauthoritative Content 100 Problem P1: In the System, navigate to the page that lists ASUs issued in 2010. a. Which ASU document amends Topic 310 to improve the disclosures that an entity provides about the credit quality of its financing receivables and the related allowance for credit losses? (Hint: Examine the description of each ASU that is provided on the page) b. Click the link for the ASU that you identified in item ―a‖ above to access the ASU. c. Review the ―Summary‖ section of the ASU. When are the disclosures required by the amendments in the ASU effective for nonpublic entities? d. Review the ―Amendments to the FASB Accounting Standards Codification‖ section of the ASU. In what manner was Codification paragraph 310-10-50-12 changed by the amendments in the ASU? e. In the ―Background Information and Basis for Conclusions‖ section of the ASU, review paragraph BC8. Why did the FASB decide to exclude the listed instruments from the scope of the disclosures required by the amendments in the ASU? Lesson 10: Working with Nonauthoritative Content 101 LESSON Searching: Fundamental Techniques 11 Lesson Scenario Julia is meeting with Kent, the new controller of a company that she audits. Kent has extensive experience preparing financial statements in accordance with International Financial Reporting Standards (IFRS), but he does not have much experience preparing financial statements in accordance with U.S. GAAP. Julia and Kent are discussing whether interest paid should be reported in the operating section or financing section of the statement of cash flows. Kent points out that either treatment is acceptable under IFRS and argues that it makes more sense to report interest paid as a financing cash outflow. Nevertheless, Julia believes that U.S. GAAP requires treating interest paid as an operating cash outflow. She decides to perform a simple search for relevant authoritative guidance using the System. After searching for the words interest paid operating cash flow, Julia reviews the...
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