FASB Codification Guide-2

Paragraph 205 10 45 1a on february 29 2012 by a

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Unformatted text preview: hs referenced in the questions, exercises, and problem below may change.** Questions Use the System as needed to help you determine the correct answers to these questions. Q1: For each of the following paragraphs in Section 220-10-45, describe in general terms how the current content differs from the pending content: a. Paragraph 220-10-45-1 b. Paragraph 220-10-45-2 c. Paragraph 220-10-45-11 d. Paragraph 220-10-45-14 e. Paragraph 220-10-45-14A. Q2: Identify the paragraph that contains transition guidance for the pending content in paragraph 310-10-50-4A. Exercises E1: What is the earliest date that the application of the pending content in: a. Paragraph 820-10-35-5A is permitted for a nonpublic entity having a fiscal year end of December 31? b. Paragraph 820-10-35-5A is required for a public entity having a fiscal year end of March 31? c. Paragraph 860-10-40-24 is required for a transfer of financial assets by a reporting entity having a fiscal year end of March 31 (assume the entity reports on a quarterly basis)? E2: For each of the following, state whether application of the pending content in the given paragraph to the given fact pattern is required, permitted but not required, or prohibited. a. Paragraph 205-10-45-1A: On February 29, 2012, by a nonpublic entity having a fiscal year-end of June 30 Lesson 7: Working with Pending Content 75 b. Paragraph 205-10-45-1A: On February 29, 2012, by a public entity having a fiscal year-end of December 31 c. Paragraph 860-10-40-24: To a transfer of financial assets occurring on February 29, 2012, by a reporting entity having a fiscal year-end of June 30 (assume the entity reports only on an annual basis). E3: Is the application of the pending content in: a. Paragraph 350-20-35-6 required on December 31, 2011, for a nonpublic entity having a fiscal year-end of September 30? b. Paragraph 350-20-35-6 permitted on December 31, 2010, for a public entity having a fiscal year-end of September 30? c. Paragraph 860-10-40-24 permitted for a transfer of financial assets occurring on December 31, 2011, by a reporting entity having a fiscal year-end of December 31 (assume the entity reports on a quarterly...
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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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