trading (FASB ASC 320-10-25-1) (IFRS provides for classification as trading‚ available-for-sale‚ or held-to-maturity for all types of financial assets‚ whereas US GAAP applies these classification only to securities.). To focus on the first two classifications‚ their treatment in the accounting process differs slightly. First‚ bonds categorized as available-for-sale are located in the final section of the balance sheet known as stockholders’ equity and reported at fair market value (FASB ASC 820: Fair
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Inc. Date: February 18‚ 2014 Introduction Upon your request for suggestions on the exchange of debt‚ I examined and analyzed related events and current accounting codification regarding debt exchange. After performing analysis of the Accounting Standards Codification established by the Financial Accounting Standards Board (FASB)‚ I have determined that New World should treat the exchange as a debt extinguishment instead of conversion of debt to equity during the year of 2013. Possible Accounting
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Presentation Area 3. The Assets‚ Liabilities‚ and Equity Area 4. The Revenue and Expenses Area 5. The Broad Transactions Area 6. The Industry Area 2. In the master glossary‚ determine if the FASB considers options as securities or cash. Explain your position. The FASB considers options as securities. This is evident by the definition provided by the master glossary that states “unless otherwise stated‚ a call option that gives the holder the right to purchase shares of common
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expensive and detrimental to a company’s image. The decision to understand the implications of a lawsuit to the company is the first step in minimizing risk and potential loss to the organization. Research was conducted based on the guidelines of the FASB to answer the client’s questions pertaining to the lawsuit. The memo provided to the client will answer the following questions: How are requirements for contingencies reported? What would happen to the financial statements if the client loses the
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and efficiently. Specifically‚ students will be able to: Understand the application of the guidance in ASC 605-25‚ as amended by ASU 2009-13‚ to complex multiple-deliverable arrangements. Understand the application of the guidance in SAB Topic 13. A p p l i c a b l e P r of essi on a l P r onou n c e m e n ts ASC 605-25‚ Revenue Re cogni t ion : Mul t ipl e- E l ement A r r angements (ASC 605-25) (formerly EITF Issue No. 00-21‚ Revenue Arrangements With Multiple Deliverables (Issue 00-21))
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Kayla Johnson Intermediate Financial Accounting I AC321 A Chapter 1: CE 1-1: Describe the main elements of the link labeled “Help‚ FAQ‚ Learning Guide‚ and About the Codification.” The “Help‚ FAQ‚ Learning Guide‚ and About the Codification” link describes how to navigate the website and answers questions about changing or updating your profile. CE 1-2: Describe the procedures for providing feedback. In the bottom right hand of the home page‚ you can select a link that will lead you to a
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to the resource provider. The term contribution revenue is used to apply to transactions that are part of the entity’s ongoing major or central activities (revenues)‚ or are peripheral or incidental to the entity (gains). CE 10-2 According to FASB ASC 835-20-15-8 (Capitalization of Land Expenditures)‚ it
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Accounting 381 Reading Assignment 1: Accounting and Professionalism Due: Tuesday‚ January 12‚ 2010 (at beginning of class). Please be prepared to discuss the questions and your responses in class on this date. Required: Answer the following questions based on your examination of the readings listed below. This should be completed on an individual basis. Your discussion should be no more than 2 pages in length‚ single-spaced. You do not need to use a particular format to prepare your
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IAS 37‚ a provision is recognized for a legal or constructive obligation arising from a past event‚ if there is a probable (more likely than not) outflow of resources and the amount can be estimated reliably (IAS 37.14). In contrast‚ according to FASB ASC 450-20-25-2‚ a contingency (provision) is recognized if it is probable (likely) that a liability has been incurred and the amount is reasonably estimated. Scenario 1 (1) Under IFRSs: According to IAS 37.22‚ the contamination of the land gives rise
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disclosure in 2010 that there might be a change in liability in the near term. However‚ recording the reduction should be done in 2011. AUTHORITATIVE AND INTERPRETIVE GUIDANCE CONSIDERED Refer to FASB no. 5 Refer to ASC 275-10-50 (Use of estimates in the preparation of financial statements) Refer to ASC 450-20-05 (Overview and background of loss
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