Question 1 a. Stage 1:Established TV return processes and ASCs report to TV division: Failures of these controls were due mainly to no existence of a punishment policy. In addition‚ there was too much trust placed on the employees. The 1985 employees loyalty is long gone . Behavioral constraint is seen here for fraud is no part of the employees culture. There is a lack of direction for there is no report or form of supervision for ASCs. Communication process are not followed maybe they do not like
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http://asc.fasb.org/media/1615_Codification_MainMenu_Web/launcher.html 2. Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references: a. ASC 210-10-01 b. ASC 505-20-25 c. ASC 908-360-25 Please put it in your own words! A/ ASC 210-10-01. I could not find the 210-10-01 so I will over the 210-10 (General) In this section the FASB explains how the accounting standars was updated. It also talks about the securities and exchange
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Determine the amount of other-than-temporary impairment (OTTI) Introduction O.T.T. Incorporated‚ principally engaged in the manufacture and sale of clothing‚ has six investments remaining in the department’s portfolio as of December 31. According to ASC‚ this memo analyzes whether any of its investments are other-than-temporary impaired‚ and determines the amount of the impairment. Facts Investment 1 -- Happy New Year & Co. OTT purchased 11 shares of Happy New Year & Co. stock on at $20 a share on
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Case 10-7: Impaired Abilities Scenario A: According to ASC 360-10-20‚ “an impairment is the condition that exists when the carrying amount of a long-lived asset (asset group) exceeds its fair value”. In order to determine if the impairment exist in the case‚ we will have to compare the carrying amount with the fair value of the assets. In regards to the municipal bounds‚ its amortized cost‚ $8‚500‚000 exceeds its fair value‚ $7‚500‚000. And corporate bonds’ amortized cost‚ $8‚300‚000 also exceeds
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if it is appropriate for LabCo to change its method of accounting for the Halibut contract from the percentage-of-completion method to the completed-contract method and how the change should be treated on the basis of the guidance provided within ASC 250‚ and how LabCo’s accounting policy and accounting for the Halibut contract may change under IFRS if adopted in the coming year. This memorandum will provide support for how the overall conclusion‚ based on the issues above‚ was reached. Facts
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other important revenue and expense classifications makes the income statement more useful" (Kieso‚ 2012). We have limited information to use for 2005‚ but we can still construct an income statement up to gross profit. We will adhere to FASB rule ASC 225-10-S99-2 (Regulation S-X Rule 5-03‚ Income Statements)‚ which regulates the relevant items and their components which should be separately stated in the income statement and their arrangement for the presentation. This coding rule provides us the
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MEMORANDUM To: Dr. John J. Morris‚ Department of Accounting From: Group #1 (Matt Meenen‚ Bailey Ochs‚ Allison Olive‚ Marit Pavek) Date: 04/03/2014 Subject: Case 08-6‚ The Rump Organization Statement of Relevant Facts: The Rump Organization‚ a SEC registrant‚ is planning a corporate restructuring plan. On December 27‚ 2005 Ronald Rump‚ the CEO of the organization‚ along with the Board of Directors approved a plan to involuntarily terminate 100 of the organization’s employees. There is an
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receivable support provided by the client doesn’t specify interest payment terms for these notes. During our preparation to test accounts receivable we reviewed the Financial Accounting Standards Board (FASB) Accounting Standards Codifications (ASC) and identified special presentation and disclosure requirements for these sorts of receivables. We also reviewed above described situation from International Financial Reporting Standards’ (IFRS) standpoint. When determining the accounting for receivables
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Cited: "IAS 17 - Leases." IAS Plus. Web. 25 Mar. 2015. <http://www.iasplus.com/en/standards/ias/ias17>. "ASC 840." Accounting Standards Codification. FASB. Web. 25 Mar. 2015. <https://asc.fasb.org/subtopic&trid=2208924>.
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According to ASC 840-10-25-6 (e)‚ minimum lease payments include‚ “Fees that are paid by the lessee to the owners of the special-purpose entity for structuring the lease transaction.” The legal fees incurred by Goliath‚ the lessee‚ are costs that were incurred structuring the lease‚ so this means that Big Bear should include the $1 million in its minimum lease payment. This cost is considered to be an initial direct cost‚ according to ASC 840-20-35-2‚ which states‚ “Deferred
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