Chapter 1 - Solution Manual

To update the codification provide background

Info icon This preview shows pages 21–23. Sign up to view the full content.

View Full Document Right Arrow Icon
to update the Codification, provide background information about the guidance, and provide the bases for conclusions on the change(s) in the Codification. Other than the standards listed in paragraph 105-10- 65-1(d), all nongrandfathered non-SEC accounting guidance not included in the Codification is superseded and deemed nonauthoritative. 05-6 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 The provisions of the Codification need not be applied to immaterial items. 105-10-10 Objectives General 10-1 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 The objective of this Topic is to establish the Financial Accounting Standards Board (FASB) Accounting Standards Codification ™ as the source of authoritative principles and standards recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. 10-2
Image of page 21

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
27 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 This Topic also identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy). 105-10-15 Scope and Scope Exceptions General > Entities 15-1 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 The Financial Accounting Standards Board (FASB) Accounting Standards Codification ™ applies to financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP). 15-2 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 Content in the Securities and Exchange Commission (SEC) Sections of the Codification is provided for convenience and relates only to financial statements of SEC registrants that are presented in conformity with GAAP. 105-10-20 Glossary Nongovernmental Entity Note : The following definition is Pending Content; see Transition Guidance in 105-10-65-1. An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board. Nonpublic Entity Note: The following definition is Pending Content; see Transition Guidance in 105-10-65-1. Any entity that does not meet any of the following conditions: a. Its debt or equity securities trade in a public market either on a stock exchange (domestic or foreign) or in an over-the-counter market, including securities quoted only locally or regionally.
Image of page 22
Image of page 23
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern