165 properly using nonauthoritative sources ideally

This preview shows page 165 - 172 out of 286 pages.

165
Properly Using Nonauthoritative Sources Ideally, nonauthoritative guidance should be cited in addition to Codification references. In a memo, quote and analyze Codification requirements first. Next, cite nonauthoritative guidance if it is expected to enhance a reader's understanding of the Codification requirements. Not ideal: May be cited by itself, when authoritative guidance is not available. Before concluding that authoritative guidance is not available, conduct an exhaustive search of the Codification. 166
167 I conducted multiple keyword searches , including searches using synonyms (i.e., like words). I reviewed all search results, and pursued all potentially relevant leads . I conducted a Browse search and reviewed all potentially relevant subtopics. I reviewed the Master Glossary to see whether my search terms are defined. I clicked on glossary terms and reviewed the subtopics containing the term. I considered guidance available for similar transactions or events. How do you know whether your search effort was exhaustive? Consider the following search steps: Was My Search Effort Exhaustive? - After taking these steps, it’s okay to turn to nonauthoritative sources. - Even then, however, the nonauth. source might point you back to the right place in the Codification.
Citing from Nonauthoritative Sources To cite from a nonauthoritative source, consider the following “required elements,” illustrated below. 168 Example : FASB Concepts Statement No. 6, Elements of Financial Statements (CON 6), defines assets as: “Quote,” (par. 25). Required elements : - Type of standard (FASB Concepts Statement) - Full title of standard, in italics - Paragraph number - Abbreviation to be used in future references (CON 6) Example : Deloitte's publication, A Roadmap to Accounting for Income Taxes (2015), Section 6.01, states : “ Quote," (page 145). Required elements : - Title of the guide - Author or firm publishing the guide (Deloitte) - Year of publication - Section and page number
Collins Chapter 6 Scope and Recognition Guidance: A Brief Introduction
Chapter 6 Learning Objectives Students will be able to: Understand the role that scope guidance plays in professional research. Apply basic scope concepts to income taxes, share-based compensation, nonmonetary transactions, and investments. Perform simplified scope tests for leases and derivatives. Understand the conceptual views underlying recognition guidance. Contrast key principles underlying, and techniques for navigating, existing versus revised revenue guidance. Identify the recognition threshold applicable to uncertain tax positions and subsequent events. Apply derecognition guidance to liabilities. 170
What Is Scope Guidance? Scope guidance indicates which transactions, items, or entities are subject to the guidance within a topic.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture