Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic View. Determine the specific seven-digit (XXX-XX-XX) or eight-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following items:Definition of initial direct costs.When a modification to a contract is reported as a separate contract (that is, separate from the original contract).The disclosures required in the notes to the financial statements for a lessor.The classification criteria for when a lessee classifies a lease as a finance lease and a lessor classifies a lease as a sales-type lease.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic View. Determine the specific seven-digit (XXX-XX-XX) or eight-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following items:

Definition of initial direct costs.
When a modification to a contract is reported as a separate contract (that is, separate from the original contract).
The disclosures required in the notes to the financial statements for a lessor.
The classification criteria for when a lessee classifies a lease as a finance lease and a lessor classifies a lease as a sales-type lease.

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