FASB Codification Guide-2

Using the system she navigates to the appropriate

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Unformatted text preview: basis)? Problem P1: For each of the following, describe how a reporting entity would make the transition to the pending content (prospectively, retrospectively, etc.) in the given paragraph. a. Paragraph 205-10-45-1A b. Paragraph 820-10-35-2B c. Paragraph 350-20-35-8A (assume that upon application of the pending content, the entity determines that it should record a goodwill impairment). Lesson 7: Working with Pending Content 76 LESSON Working with Archived Content 8 Lesson Scenario As introduced in Lesson 3, Daria is the director of financial reporting for a commercial bank. Because the bank is a publicly held corporation, its financial reporting is subject to FASB guidance and SEC guidance, both of which appear in the Codification. Daria recently received a letter of inquiry from the SEC about the bank’s disclosures about loans and other receivables for the fiscal year that ended June 30, 2010. She knows that the SEC’s questions relate to her bank’s application of the FASB guidance in Section 31010-50 and the related SEC guidance in Section 310-10-S50. She also knows that the guidance in those Sections has been changed recently by the FASB and the SEC. As Daria reviews the SEC’s questions, she needs to refer to the version of the Codification content that was current as of June 30, 2010, and not to a newer or older version of that content. Using the System, she navigates to the appropriate archived content for Sections 310-10-50 and 310-10-S50 to determine whether that content was applied correctly to the financial statements her bank filed with the SEC. Learning Outcomes In the scenario above, Daria used the System to review a past version of Codification content that is no longer current. This lesson will help you learn to do what she did, specifically: Distinguish between the current version and archived versions of content in the System Access archived content Comprehend archived content. ABOUT ARCHIVED CONTENT Any amendment to Codification content (for example, the addition of pending content; a change in the status of content from pending to current; a modification to current content; or the removal of current content) res...
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