FASB Accounting Standards Codification: 410 Asset Retirement and Environmental Obligations Abstract The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing
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l accounting standards • Ethics FINANCIAL STATEMENTS AND FINANCIAL REPORTING * Accounting and capital allocation * Objective * Need to develop standard PARTIES INVOLVED IN STANDARD-SETTING * Securities and Exchange * Commission * American Institute of CPAs * Financial Accounting * Standards Board * Changing role of the AICPA GENERALLY ACCEPTED ACCOUNTING PRINCIPLES * FASB Codification ISSUES IN FINANCIAL REPORTING * Political environment * Expectations
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Unit 2 Case Study Access the FASB Codification and prepare responses to the following questions‚ providing Codification references as support for your answers. 1. Access the glossary and give the definition for: a. Firm Fixed-Price Contract This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the
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costs incurred beyond the Research and Development stage can be capitalized when it is pertaining to the development of software that is to be sold‚ leased‚ or otherwise marketed to third parties. Standard 985-330-25-1 applies to these costs as the FASB ASC defines the Product Masters as "a completed version‚ ready for copying‚ of the computer software product‚ the documentation‚ and the training materials that are to be sold‚ leased‚ or otherwise marketed". The company has established technological
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FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
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FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚ in their disposal in the ordinary course of business‚ will be less than cost The inventory has a financial importance as it is purchased and recorded at its historical cost or original cost. With respect to a perpetual inventory system
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FASB Codification System The purpose of this document is to become acquainted about FASB Codification System. It is necessary to include what is the FASB Codification System‚ what is the purpose of the system‚ what are the nine content areas located in the system‚ and what types of items are located under each content area. FASB Codification System is a database and research system developed by the Financial Accounting Standards Board that pulls together many of the authoritative resources about
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Intermediate Accounting Research Assignment Questions Directions: Type your answer starting on the line after each question. 1. FASB Accounting Standards Codification FASC a. When did the FASC Codification become effective? According to the Notice to Constituents (v4.7)‚ the FASC Codification was released on July 1‚ 2009 and became effective for interim and annual periods ending after September 15‚ 2009. b. Did the FASC change prior GAAP? According to the Notice to Constituents (v4.7)‚ the
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FASB Codification Assignment 1 – Receivables You are spending your summer working for a local wholesale furniture company‚ Beds and Beyond‚ Inc. The company is considering a proposal from a local financial institution‚ Old Faithful Financial‚ to factor Bed and Beyond’s receivables. The company controller is unfamiliar with the most recent FASB pronouncement that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller wants to make sure
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FSAB Codification System Orientation Paper 1 The codification is effective for provisional and annual periods ending after September 2009. All current standards typical written communication is obsolete as define in FASB‚ the FASB Accounting Standards Codification and Hierarchy of Generally Accepted Accounting Principles. In this paper the reader will learn what the FASB Codification System is and the purpose for the FASB Codification. This paper will
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