Unit 2 Case Study Access the FASB Codification and prepare responses to the following questions‚ providing Codification references as support for your answers. 1. Access the glossary and give the definition for: a. Firm Fixed-Price Contract This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the
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Intermediate Accounting Research Assignment Questions Directions: Type your answer starting on the line after each question. 1. FASB Accounting Standards Codification FASC a. When did the FASC Codification become effective? According to the Notice to Constituents (v4.7)‚ the FASC Codification was released on July 1‚ 2009 and became effective for interim and annual periods ending after September 15‚ 2009. b. Did the FASC change prior GAAP? According to the Notice to Constituents (v4.7)‚ the
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Introduction & Intent of Project The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) have undertaken a joint revenue recognition project that clarifies the principles for recognizing revenue that can be applied consistently across various transactions‚ industries‚ and capital markets. This project will apply to all contracts with customers except leases‚ financial instruments and insurance contracts. The joint project will attempt to remove
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For this assignment‚ I have analyzed and set my major goals and values‚ thus giving me a better understanding about what I want to achieve in my future and how I should achieve them. The values that I discovered from my evaluation of myself have also helped me to know myself better in terms of what kind of person I am and what kinds of decision I will most likely make. When I am making important decisions such as choosing my courses or the post-secondary institution I want to go to‚ the knowledge
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2014-09 "Revenue from Contracts with Customers” Jade Nelson ACCT 4111-01 10/28/2014 Over the past few years‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working closely together to develop a new set of revenue recognition standards in an effort to merge the standards of FASB and IASB‚ lessen the amount of industry-specific differences in the standards‚ and make the standards more principles-based. Because revenue is very important
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usual. Reform of the Australian sports system – both at elite and community level – can be put off no longer. Over the past decade there have been many reports into sport – the Oakley report‚ the Senate’s inquiry into women in sport‚ a review of the ASC act‚ an unreleased plan for disabled sport – and yet very few of the recommendations have been acted upon. It is clear that we need new directions
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In order for the ASC salesperson to fully understand the broader scope of the project for seating‚ they need to know for what purpose and why the renovation is taking place. They need to know the specifications of the space‚ flow of traffic‚ and the types of shows that the venue will be booking. The salesperson needs to know what is important to the Seattle Music Arts Association. They need to know to what level of comfort they want the seats to encompass and if they have customized preference
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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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are “7” members for the FASB and they function as full time along with being obligated to break their links to firms and institutions that they have been affiliated with in previous time frames. This is all prior to them linking up as board members for the FASB‚ 2014. The present executive members are Golden‚ Kroeker‚ Buck Linsmeier‚ Schroeder‚ Siegel and Smith. 1. Golden started his duration as the 7th chairman of the FASB as of 7/1/2013. He began his duties to the FASB back in 2010. At that
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and maintained by the Financial Accounting Standards Board (FASB)‚ while international standards‚ known as International Financial Reporting Standards (IFRS)‚ are issued by the International Accounting Standards Board (IASB). Citing the detrimental effects of accounting fraud by several large publicly owned firms‚ the subsequent passage of the Sarbanes-Oxley Act of 2002‚ and pressure from foreign governments and investors‚ the IASB and FASB begun work on a collaborative framework intended to merge
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