FASB Codification Guide-2

G paragraphs 250 10 45 12 250 10 45 17 and 250 10 50

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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 is permitted.) 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.) Problem P1: a. Retrospectively. b. Prospectively. c. Cumulative-effect adjustment to beginning retained earnings in the period of adoption. Appendix A: Answer Key 184 Lesson 8 Questions Q1: a. 7/1/2010. b. 10/13/2009. c. 8/14/2009. Q2: a. Version 2. b. Version 4. c. Version 2. Q3: a. Cash Conversion. b. Acquisition, Development, and Construction Arrangements. c. Lessees. Q4: a. Version 1. b. Version 3. c. Version 2. Exercise E1: Version 3. Problem 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.

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