to products and services‚ geographic areas of operation‚ and major customers that are required to be disclosed. Copyright ©2012 Pearson Education‚ Inc. Publishing as Prentice Hall 15-4 Segment Financial Reporting 1: REPORTABLE OPERATING SEGMENTS ASC 280-10-05 TO 55 Copyright ©2012 Pearson Education‚ Inc. Publishing as Prentice Hall 15-5 Operating Segments According to GAAP‚ companies that have publicly traded debt or equity instruments must report on their business segments. Reporting is based
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(FASB) Accounting Standards Codifications (ASC) 360 – Property‚ Plant and Equipment to conduct our tests for recoverability on the cruise ship. Our analysis has helped us conclude that the value of the cruise ship has been impaired and Smooth Sailing will have to record an impairment loss of $1.6 million. The first step is to determine whether there were any indicators of impairment of the asset. According to FASB’s Accounting Standards Codification (ASC) 360-10-35-21: “A long lived asset shall
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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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current UK financial reporting practice. The ASC was set up in the 1970’s‚ where at the time there was no clear statement of accounting principles‚ accept that the accounts should be prudent; consistent; follow the accrual accounting procedures and be based on the assumption that the entity would remain a going concern. Up until 1990 standards were set by the ASC; a body made up of six professional accounting bodies in the UK. By 1991 the ASC had produced twenty-five standards‚ however they
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recoverable amount would be $900‚000. The impairment loss is the difference between the carrying amount of $1‚100‚000‚ and the recoverable amount of $900‚000. Under IFRS‚ the building is impaired by $200‚000 as of December 21‚ 2010. 2. According to ASC 360-10-35-17‚ “ An impairment loss shall be recognized only if the carrying amount of a long-lived asset (asset group) is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset (asset group) is not recoverable if it exceeds
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From Evernote: | Midterm Cases | Chapter 1: Davis v. Baugh Indus. Contractors‚ Inc. Trial Court dismissed the suit saying it was property owner’s fault. Issue: An employee of the property owner was killed when a concrete wall collapsed. Should the risk of liability stay only on the property owner‚ or extend to a contractor? Rule: For the past forty years it has been the rule that liability belongs only to the property owner
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Evaluate the Effectiveness of Law Reform in Australia Law Reform in Australia is effective in varying degrees. Through Native Title Reform and Law Reform in Sport‚ the effectiveness of Law Reform in Australia is further outlined. The term ‘Native Title’ refers to the right of Indigenous people to their traditional land. In Australia it has a legal significance of the right to an area of land‚ claimed by people whose ancestors were the original inhabitants of the land before European settlement
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Tibet‚ and Japan. (Drury; 1989; p 11). The TCD’s of ritual and induced ASC are important. Ritual consists of symbols‚ dance‚ dress‚ incantations etc. These rituals have a number of roles. The ritual is usually shrouded in mystery or secrecy giving the shaman respect and authority within his or her society. Hidden knowledge is the basic meaning of the word occult. A ritualistic routine is important but not essential . The role of an ASC as an occult practice need not be part of ritual. ASC’s do not require
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in length. Applicable Professional Pronouncements: ASC 270‚ Interim Reporting (Accounting Principles Board Opinion 28‚ Interim Financial Reporting) ASC 330‚ Inventory (Accounting Research Bulletin 43‚ Restatement and Revision of Accounting Research Bulletins (ARB 43) as amended by FASB Statement No. 151‚ Inventory Cost. and Emerging Issues Task Force 86-13‚ Recognition of Inventory Declines at Interim Reporting Dates (EITF 86-13)) ASC 905‚ Agriculture (Statement of Position 85-3‚ Accounting
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discuss the basis for your determination. Copyright 2007 Deloitte Development LLC All Rights Reserved. Case 10-4: Lack of Information MEMO To: From: Subject: Date: Page 2 Audit Engagement Team Controller‚ Lack of Information ASC 410-20 — Asset Retirement Obligations Summary December 31‚ 2010 Identification and Analysis of Potential Asset Retirement Obligations Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As part of LOI’s efforts to
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