Succint: Gator Electronics Inc. (“Gator”) is an electronics manufacturer that sells electronic products to third-party retail centers in approximately 100 countries. Gator is an SEC registrant. You are planning to audit the current-year goodwill impairment analysis of Gator. Gator has performed its annual goodwill impairment analysis as of December 31‚ 20X3‚ with the assistance of an external valuation specialist‚ Management’s Expert. Gator elected not to perform the qualitative assessment
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knowledge that we as auditors are responsible for assuring that it is valued fairly and that it follows FASB ASC 450. To help organize and apply this practice‚ a supplement to the section is 337-B. This document is an excerpt from FASB ASC 450. Auditors can use this as the standard to be met in regards to the accounting for loss and gain contingencies and the proper way to disclosure the contingency. ASC 450 also directs auditors on how management should assess the probability of a contingency. Lastly
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References: FASB (2014) Presentation of Financial Statements—Going Concern (Subtopic 205-40) Retrieved from: http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176164329772&acceptedDisclaimer=true FASB (2014) Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) Retrieved from: http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176164282728&acceptedDisclaimer=true FASB (2014) Consolidation (Topic 810) Retrieved from:http://www.fasb.org/jsp/FASB/Document_C/DocumentPage
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the U.S. dollar‚ which was backed by gold reserves. 8. 4. Under International Accounting Standards Board rules‚ what method is required to account for foreign currency transactions? a. The two-transaction perspective must be used. 1. Under FASB ASC 830‚ Foreign Currency Matters‚ what is the definition of “functional currency?” a. the primary currency used by the subsidiary 2. A Danish subsidiary of a U.S. corporation recorded a building it purchased in 2010 for 100‚000‚000 krone‚ when the
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value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in FASB Concepts Statement No. 6‚ Elements of Financial Statements‚ at the acquisition
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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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nes Revenue Recognition Case Amanda Eng Alipasha Ziaee 1. Revenue Recognition for MultipleElement Arrangements The Case of Velocity Cellular a) According the ASC 60525255 there are two criteria that must be met in order to be considered a separate deliverable and a separate unit of accounting: i. The delivered item or items have value to the customer on a standalone basis. The item or items have value on a standalone
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instructor in class to motivate student discussion. Students should be encouraged to begin by defining the issue(s) in each case. Next‚ authoritative accounting literature (FASB ASC) or other relevant literature can be consulted as a preliminary step in arriving at logical actions. Frequently‚ the FASB Accounting Standards Codification will provide the necessary support. Unfortunately‚ in accounting‚ definitive resolutions to financial reporting questions are not always available. Students often
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CORPORATE FINANCIAL REPORTING: FINANCIAL TRANSACTIONS‚ ACCT 642-001 Fall Semester 2014 Faculty Name: Office Location: Faculty E-mail: Phone: Office Hours: Emily L. Lindsay‚ CPA‚ CGMA‚ MSA KSB‚ Room 14 Lindsay@american.edu (preferred contact) (202) 885-1902 (office); (240) 731-9764 (cell) M/TH 9:00 AM – 10:00 AM & 11:45 AM – 12:45 PM TH 3:15 PM – 5:15 PM and other days & times by appointment. Class Time & Location: TH 5:30 PM – 8:00 PM‚ KSB T-61 COURSE DESCRIPTION: With ACCT-641‚ this course is
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Often‚ the rules and regulations created by governing bodies are reactions to societal events and pressures. This pattern certainly holds true in regards to financial reporting. The first financial reporting regulations were set in place during the Great Depression in reaction to the stock market collapse of 1929. These regulations were The Securities Act of 1933 and The Securities Exchange Act of 1934‚ which established the Securities and Exchange Commission (SEC) and became the foundation for future
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