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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FASB Codification/ARO Case 1. According to FASB the asset retirement obligation should be recorded in the period in which the liability meets FASB’s definition of a “probable future sacrifice of economic benefits arising from a present obligation‚” and in which its amount can be reasonably measured. Uncertainty with respect to the timing or method of settlement that is conditional on future occurrences does not affect the recognition of the liability but may be factored into its measurement.
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Acct2241 (a) What authoritative literature addresses comprehensive income? When was issued? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Statement of Financial Accounting Standards No. 130 Reporting Comprehensive Income Issued: June 1997 (b) Provide the definition of
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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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principles in time. However‚ the codification database provides a convenient and effective way for searching and learning the accounting principles. In this training guide‚ how to use the codification database‚ what are the updates in revenue recognition and notion of fair value‚ and where can access the update information in this database will be introduced. Training Guide Researching accounting principle can be simple and effective with the FASB Codification database. To access the database‚
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Tenzin Sonam Acct 5102 W Codification Research System Written Assignment Engagement Letter for Accounting Services: February 19th‚ 2015 This letter is meant to state the responsibility of services that will be provided to your organization‚ City of Lakes‚ a public non-profit: The services provided to your organization consist of a Summary of General Accepted Accounting Procedures (GAAP). This will outline the basic principles of GAAP that relates to public non-profits and how it may differ from
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codification [Type the company address] [Type the phone number] [Type the fax number] 3/15/2013 [Type the author name] MLM assignment CODIFICATION 1. It is one of the functions of stores management. Codification is a process of representing each item by a number‚ the digit of which indicates the group‚ the sub group‚ the type and the dimension of the item. 2. Codification in an industry is the systematic concise representation of equipment‚ raw materials‚ tools‚ spares‚ supplies etc
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Codification #10 The codification that addresses Goodwill is 350-20 and the codification that addresses the other intangible assets is 350-30. To continue‚ according to codification 350-20-20 goodwill is‚ “an asset representing the future economic benefits arising from other assets acquired in a business combination or an acquisition by a not-for-profit entity that are not individually identified and separately recognized”. In addition‚ according to codification 350-20-35-1‚ “Goodwill shall not
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Knowledge Codification Modes of Knowledge Conversion Codifying Knowledge Codification Tools/Procedures Knowledge Maps Decision Table Decision Tree Frames Production Rules Case-Based Reasoning Knowledge-Based Agents Knowledge Developer ’s Skill Set Knowledge Requirements Skills Requirements Knowledge Codification in the KM System Life Cycle What Does Knowledge Codification Involve? Converting “tacit knowledge” into “explicit usable
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