Financial Accounting Standards Board (FASB) requires an investor to document at acquisition the classification of an equity security. [FASB 320-10-25] The FASB requires entities to explain within their financial statements the rights and privileges of outstanding securities. [FASB 505-50-30] If there were any common stock dividends both Kroger and Goodbread would have to recognize the dividend on their taxes
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2012 Lads & Lassies Introduction Classifying how the income statement needs to be coded for Lads & Lassies is a two step processes. I will be using the data provided in the case along with information from FASB’s Accounting Standards Codification. FASB’s coding system is being used to help prepare the layout and ensure proper reporting of the items listed in the case analysis. Some minor changes need to be done to the income statement format to make it presentable which will be noted in
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Topic7 Inventory 1 Identify the primary authoritative guidance for the accounting for inventories. What is the predecessor literature? FASB ASC 330 Inventory provides primary authoritative guidance for the accounting for inventory. The predecessor literature about it is Accounting Research Bulletins (ARB) No.43 Chapter 4‚ paragraph 4 (Issued June‚ 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43‚ Chapter 4 (Issued November‚ 2004).
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the FASB Codification to answer your questions below. 1. If you take the approach to make an up-front payment to the lessor of $2.3 million and extend the lease at current terms for another ten years‚ you will in effect have a new lease. Under the guidance of ASC 840-10-35‚ the extension of the lease is viewed as a new agreement and the classification of the extension will need to be evaluated. The lease extension will be evaluated with the classification criteria in ASC 840-10-25-1 and ASC 840-10-25-42
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Client Clarification Memo Sammy Shelton ACC/541 – Accounting Theory and Research July 23‚ 2011 Memo To: Client From: Team B Date: August 6‚ 2012 Re: The Financial Accounting Standards Board (FASB) defines a contingency as a possible future event that will have some impact on the firm. The decision to report contingencies should be based on the principle of disclosure. Namely‚ when the disclosure of an event adds to the information content of financial statements‚ it should be reported
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Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards‚ it is necessary to understand their histories‚ relations between the boards‚ and the
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September 23‚ 2011 Ms. Amelia Emerson‚ CPA Ski High‚ Inc. 124 Main Street Los Angeles‚ CA 91022 Dear Ms. Emerson: Thank you for the opportunity to work with you. I have researched the codification to advice you on how to report the sale of the ski resorts. I recommend that the gains from the sale of the ski resorts should be recorded as income from discontinued operations. Dealing with the ethical issue‚ any financial information should be presented to the public with integrity and objectivity
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Mountain has violated three rules from the FASB accounting standards codification: inventory measurement‚ revenue recognition and multi element revenue recognition. Although the SEC had found more problems than just three‚ the issues at Green Mountain can be classified into these three areas. The SEC did conduct an 18 month inquiry only‚ into the financial statements of Green Mountain‚ costing the company about $4 million dollars (10-k form‚ 2011) . The first FASB code violated is 330-10-35 or Topic-inventory
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comments on Danle’s notes to 10-Q for the 1st quarter of 2010; 3) SEC’s comments on Danle’s notes to 10-K for year 2010. 1) The conclusion reached by Danle to omit disclosure relating to the class-action litigation is not appropriate. According to ASC 450-20-50-5‚ “Disclosure shall be made of those contingencies for which there is a reasonable possibility that a loss may have been incurred even though information may not indicate that it is probable that an asset had been impaired or a liability
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As of today‚ for accountants to determine whether an accounting principle is generally accepted or not‚ an accountant would research FASB ASC. In 2009‚ the main source of authoritative nongovernmental GAAP resides in the FASB codification. The codification contains up-to-date accounting authoritative literature from several difference sources such as: AICPA‚ APB‚ FASB‚ and SEC and is now provided in one location for accountants to research GAAP literature. In addition‚ nonauthoritative sources that
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