Chapter 17 - Solution Manual

Additional disclosures for the current in addition to

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> > Additional Disclosures for the Current Year 50-11 In addition to the information required by paragraphs 255-10-50-3 through 50-10, an entity shall provide the information specified in paragraphs 255-10-50-12 through 50-16 if income from continuing operations on a current cost-constant purchasing power basis would differ significantly from income from continuing operations in the primary financial statements. 50-12 An entity shall disclose certain components of income from continuing operations for the current year on a current cost basis (see paragraphs 255-10-50-39 through 50-41), applying the same constant purchasing power option used for presentation of the five-year summary. The information may be presented in any of the following formats: a. In a statement format (disclosing revenues, expenses, gains, and losses) b. In a reconciliation format (disclosing adjustments to the income from continuing operations that is shown in the primary income statement) c. In notes to the five-year summary required by paragraph 255-10-50-3. 50-13 Formats for presenting the supplementary information are illustrated in Example 1 (see paragraphs 255-10-55-14 through 55-21). Whichever format is used, the presentation shall disclose (for example, in a reconciliation format) or allow the reader to determine (for example, in a statement format) the difference between the amount in the primary statements and the current cost amount of all of the following items: a. Cost of goods sold and depreciation b. Depletion c. Amortization expense. FASB ASC 17-4 Interim Financial Reports in the Oil and Gas Industry Search oil and gas and interim reporting 932-270-50 50-1 The disclosures set forth in Subtopic 932-235 are not required in interim financial reports. However, interim financial reports shall include information about a major discovery or other favorable or adverse event that causes a significant change from the information presented in the most recent annual financial report concerning oil and gas reserve quantities. FASB ASC 17-5 Interim Financial Reports in the Construction Industry
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377 Search contractors and accounting policies Accounting Policies 50-1 Construction contractors shall follow the general disclosure requirements of Subtopic 235-10. Significant accounting policy disclosures relating to construction contractors include both of the following: a. Information relating to the method of reporting by affiliated entities shall be disclosed. b. If the operating cycle exceeds one year, the range of contract durations shall be disclosed. > Liquidity Characteristics 50-2 An entity shall disclose liquidity characteristics of specific assets and liabilities if either of the following conditions is met: a. The entity's operating cycle exceeds one year. b. The entity uses an unclassified balance sheet.
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