Unformatted text preview: ess prescriptive. It says an
entity ―may‖ instead of ―shall.‖ Also, it does not emphasize the fact that the tax
information must show up in the financial statement where comprehensive income is
reported, suggesting that this information could just be disclosed.
d. The current content lacks the new heading and prescribes disclosure of accumulated
balances for each classification in accumulated other comprehensive income.
e. The current content does not have this paragraph but does give this general
information in paragraph 220-10-45-14.
Q2: 310-10-65-2. Exercises
E1: a. 1/1/12 (the start of the first interim and annual period beginning after 12/15/11).
b. 4/1/12 (the start of the first interim period beginning after 12/15/11).
c. 4/1/12 (the start of the first interim period beginning after 12/15/11).
E2: a. Permitted but not required. (Year ends 6/30/12, before 12/15/12, but early adoption
b. Required. (Year began 1/1/12, after 12/15/11.)
c. Prohibited. (Year began on 7/1/11, before 12/15/11.)
E3: a. No. (Fiscal year must begin after 12/15/11. For this entity the beginning of the first
such year would begin 10/1/12.)
b. No. (Fiscal year must begin after 12/15/10. For this entity the beginning of the first
such year would begin 10/1/11.)
Appendix A: Answer Key 183 c. No. (Interim or annual period must begin on or after 12/15/11. For this entity, that
would not happen until 1/1/12.)
P1: a. Retrospectively.
c. Cumulative-effect adjustment to beginning retained earnings in the period of
adoption. Appendix A: Answer Key 184 Lesson 8
Q1: a. 7/1/2010.
Q2: a. Version 2.
b. Version 4.
c. Version 2.
Q3: a. Cash Conversion.
b. Acquisition, Development, and Construction Arrangements.
Q4: a. Version 1.
b. Version 3.
c. Version 2.
E1: Version 3.
P1: No, because it is prospective for interim or annual periods ending June 15, 2010. The
company’s fiscal year ends on May 31, 20...
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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