Summarizing FASB Concepts

Read FASB changes and concepts, answer questions as directed. Please Let me know if you need any further information, thanks.

ACCT320B Fall 2012 Dr. James

FASB Codification Research Assignments

Please complete the following research assignment by the due date listed on the syllabus.

Type your answers and indicate the assignment number for each answer.

Utilize only the official FASB Codification to derive your answers.

E: 12-28

E: 14-20

E: 18-22

E: 20-6

E: 21-30

E 12-28

 

   FASB codification research

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required:

 

 

1.				Obtain the relevant authoritative literature on accounting for investments in held-to-maturity securities using the FASB’s Codification Research System at the FASB website ( www.fasb.org ).
2.	What is the specific citation that describes examples of circumstances under which an investment is available to be sold and therefore should not be classified as held-to-maturity?
3.	List the circumstances and conditions.

E 14-20

FASB codification research

● LO2 LO3 LO4

Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

1.

Disclosure requirements for maturities of long-term debt.

2.

How to estimate the value of a note when a note having no ready market and no interest rate is exchanged for a noncash asset without a readily available fair value.

3.

When the straight-line method can be used as an alternative to the interest method of determining interest.

E 18-22

FASB codification research

LO1 LO5 LO8

Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

1.

Requirements to disclose within the financial statements the pertinent rights and privileges of the various securities outstanding.

2.

Requirement to record a “small” stock dividend at the fair value of the shares issued.

3.

Requirement to exclude from the determination of net income gains and losses on transactions in a company’s own stock.

E 20-6

FASB codification research

● LO2

Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

1.

Reporting most changes in accounting principle.

2.

Disclosure requirements for a change in accounting principle.

3.

Illustration of the application of a retrospective change in the method of accounting for inventory.

E 21-30

FASB codification research

Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

● LO1 LO4 LO7

1.

Disclosure of interest and income taxes paid if the indirect method is used.

2.

Primary objectives of a statement of cash flows.

3.

Disclosure of noncash investing and financing activities.

Username: AAA51950
Password:8tgGshE
www.fasb.org