Chapter 1 - Solution Manual

Comments made at emerging issues task force meetings

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comments made at Emerging Issues Task Force meetings to publicly announce its views on certain accounting issues for SEC registrants. 05-2 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 If the guidance for a transaction or event is not specified within a source of authoritative GAAP for that entity, an entity shall first consider accounting principles for similar transactions or events within a source of authoritative GAAP for that entity and then consider nonauthoritative guidance from other sources. An entity shall not follow the accounting treatment specified in accounting guidance for similar transactions or events in cases in which those accounting principles either prohibit the application of the accounting treatment to the particular transaction or event or indicate that the accounting treatment should not be applied by analogy. 05-3 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1
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26 Accounting and financial reporting practices not included in the Codification are nonauthoritative. Sources of nonauthoritative accounting guidance and literature include, for example, the following: a. Practices that are widely recognized and prevalent either generally or in the industry b. FASB Concepts Statements c. American Institute of Certified Public Accountants (AICPA) Issues Papers d. International Financial Reporting Standards of the International Accounting Standards Board e. Pronouncements of professional associations or regulatory agencies f. Technical Information Service Inquiries and Replies included in AICPA Technical Practice Aids g. Accounting textbooks, handbooks, and articles. The appropriateness of other sources of accounting guidance depends on its relevance to particular circumstances, the specificity of the guidance, the general recognition of the issuer or author as an authority, and the extent of its use in practice. 05-4 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 The Codification contains the authoritative standards that are applicable to both public nongovernmental entities and nonpublic nongovernmental entities. Content contained in the SEC Sections (designated by an “S” preceding the Section number) is provided for convenience and relates only to SEC registrants. The SEC Sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. Content in the SEC Sections is expected to change over time, and there may be delays between SEC and staff changes to guidance and Accounting Standards Updates. The Codification does not replace or affect guidance issued by the SEC or its staff for public entities in their filings with the SEC. 05-5 Pending Content: Transition Date: September 15, 2009 Transition Guidance: 105-10-65-1 As of the effective date in paragraph 105-10-65-1(a), the FASB will not consider Accounting Standards Updates as authoritative in their own right. Instead, new Accounting Standards Updates will serve only
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