Research Accounting Standards
RESEARCH: Accounting Standard Codification (ASC)
1. FASB had four primary goals in developing the codification. List these four goals:
1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification
2. Assist FASB with the research and international convergence efforts required during the standard-setting process
3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy
4. Clarify that only guidance contained in the Codification is authoritative and other sources are not authoritative
2. List three SEC authoritative guidance, standard and interpretations included in the codification:
1. Regulation S-X (SX)
2. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR)
3. Interpretive Releases (IR)
3. The accounting literature replaced by the FASB Codification includes (list five):
1. Accounting Research Bulletins (ARB)
2. Accounting Principles Board Opinions (APB)
3. AICPA Accounting Interpretations (AIN)
4. Statements of Financial Accounting Standards (SFAS)
5. FASB Interpretations (FIN)
4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): ASC 805 FAS 52: ASC 830 FAS 13: ASC 840 FAS 133: ASC 815 FAS 115: ASC 320
5. Explain the following ASC references: FASB ASC 310-10-05-2:
310 Receivables 10 Overall 05 Overview and Background General
05-2 The Overall Subtopic establishes general guidance for receivables. The guidance is presented in the following two Subsections:
a. General
b. Acquisition, Development, and Construction Arrangements .
FASB ASC 405-20-40-1:
405 Liabilities 20 Extinguishments of Liabilities 40 Derecognition General
40-1 A debtor shall derecognize a liability if and only if it has been extinguished. A liability has been extinguished
1. FASB had four primary goals in developing the codification. List these four goals:
1. Simplify user access to all authoritative U.S. GAAP by putting them all in one place with codification
2. Assist FASB with the research and international convergence efforts required during the standard-setting process
3. Become the authoritative source of literature for the completed extensible business reporting language (XBRL) taxonomy
4. Clarify that only guidance contained in the Codification is authoritative and other sources are not authoritative
2. List three SEC authoritative guidance, standard and interpretations included in the codification:
1. Regulation S-X (SX)
2. Financial Reporting Releases (FRR)/Accounting Series Releases (ASR)
3. Interpretive Releases (IR)
3. The accounting literature replaced by the FASB Codification includes (list five):
1. Accounting Research Bulletins (ARB)
2. Accounting Principles Board Opinions (APB)
3. AICPA Accounting Interpretations (AIN)
4. Statements of Financial Accounting Standards (SFAS)
5. FASB Interpretations (FIN)
4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): ASC 805 FAS 52: ASC 830 FAS 13: ASC 840 FAS 133: ASC 815 FAS 115: ASC 320
5. Explain the following ASC references: FASB ASC 310-10-05-2:
310 Receivables 10 Overall 05 Overview and Background General
05-2 The Overall Subtopic establishes general guidance for receivables. The guidance is presented in the following two Subsections:
a. General
b. Acquisition, Development, and Construction Arrangements .
FASB ASC 405-20-40-1:
405 Liabilities 20 Extinguishments of Liabilities 40 Derecognition General
40-1 A debtor shall derecognize a liability if and only if it has been extinguished. A liability has been extinguished