Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3.13E
a)
To determine
FASB Accounting Standards Codification:
It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.
To provide: Topic number that provides guidance on information contained in the notes to the financial statements.
b)
To determine
To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.
c)
To determine
To describe: Disclosure requirement
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Case Study: Navigating the FASB Accounting Standards Codification (ASC)**
*Introduction:*
The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC.
*Components of FASB ASC:*
1. **AICPA Statements of Position (SOP):**
- SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion.
2. **FASB Statements:**
- FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting.
3. **Accounting Research Bulletins (ARB):**
- ARBs were issued by…
A8
In the FASB Accounting Standards Codification some of the sections may have the letter "S" next to it. What does the "S" indicate?
Question 24 options:
a)
Superceded Guidance
b)
SEC Guidance
c)
SME Guidance
d)
Simplified Guidance
Chapter 3 Solutions
Intermediate Accounting
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
Knowledge Booster
Similar questions
- h6arrow_forwardMatch the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsarrow_forward(a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor’s report. This report should contain a number of consistent elements so that users are able to understand what the auditor's report means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determinesand communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.arrow_forward
- Sh11arrow_forward11 Which of the following organizations issue standards that focus on both internal and external financial reporting? Multiple Choice Federal Accounting Standards Advisory Board. Governmental Accounting Standards Board. Financial Accounting Standards Board. American Institute of CPAs.arrow_forwardCan I get some help here ?arrow_forward
- ISA 250 paragraph 10 covers the aspects of ________ a. General principles and responsibilities of auditor b. Audit evidence and audit risk c. Audit conclusion and reporting d. Laws and regulations governing accounting and auditingarrow_forwardISA 250 paragraph 10 cover the aspects of a. Law and regulation governing accounting and auditing b. General Principles and Responsibilities of auditor c. Audit Evidence and audit risk d. Audit Conclusion and Reportingarrow_forwardISA 250 paragraph 10 cover the aspects of ________ a. Audit Conclusion and Reporting b. General Principles and Responsibilities of auditor c. Law and regulation governing accounting and auditing d. Audit Evidence and audit riskarrow_forward
- Q21 The Conceptual Framework_________. Select one: a. does not define standards for any particular measurement or disclosure issue b. overrides all other IFRS requirements c. is an IFRS d. is in the hierarchy that management must in the absence of a specific IFRS requirement apply in developing an accounting policy that results in information that is relevantarrow_forwardMFRS108: Accounting Policies, Changes in Accounting Estimates andErrors contains guidance on the use of accounting policies and accountingestimates.Explain the basis on which the management of an entity must select its accounting policies in the absence of a Standard or Interpretation.arrow_forwardDiscuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stanarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning