FASB Codification Guide-2

Use the system to determine the correct answers q1

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Unformatted text preview: d with the Codification 9 REINFORCE YOUR LEARNING Questions You are not expected to answer these questions from memory. Use the System to determine the correct answers. Q1: For each of the following kinds of information, state whether or not it is available through the System: a. Generally Accepted Auditing Standards (GAAS) applicable to audits of nongovernmental entities in the U.S. b. GAAP for nongovernmental entities in the U.S. that are operated on a not-forprofit basis c. IFRS d. Authoritative accounting guidance that has been issued by the SEC. Q2: In which Area of the Codification is Topic 860 located? What do the identifying numbers of the Topics in that Area have in common? Q3: What is the title of Topic 860? Q4: How many Subtopics does Topic 860 contain? Q5: In Topic 860, there is a Subtopic titled Secured Borrowing and Collateral. What is that Subtopic’s identifying number? Exercise E1: In the System, navigate to the Expenses Area, then within that Area to Topic 720, Other Expenses, then within that Topic to Subtopic 25, Contributions Made, and finally within that Subtopic to Section 30, Initial Measurement. Read the guidance on the Section’s page. What happens when you position your mouse pointer (i.e., point without clicking) over the phrase ―Unconditional promises to give‖? Problem P1: In the System, navigate to the Assets Area, then within that Area to Topic 310, Receivables, then within that Topic to Subtopic 40, Troubled Debt Restructurings by Creditors, and finally within that Subtopic to Section 25, Recognition. Read the guidance on the Section’s page. How should a creditor recognize legal fees and other direct costs incurred to effect a troubled debt restructuring? Lesson 1: Getting Started with the Codification 10 Navigating the Codification LESSON 2 Lesson Scenario Charlie is a partner in a CPA firm that provides auditing and other professional services to businesses. His clients think of him as the ―go to‖ person whenever they have questions about accounting. Charlie’s clients are especially impressed by how quickly he is able to answer th...
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