INTERMEDIATE ACCOUNTING ACCESS 540 DAY
10th Edition
ISBN: 9781264706327
Author: SPICELAND
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 6, Problem 6.18E
FASB codification research
• LO5–8
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).
Required:
Determine the specific citation for accounting for each of the following items:
1. What disclosures are required with respect to performance obligations that the seller is committed to satisfying but that are not yet satisfied?
2. What disclosures are required with respect to uncollectible
3. What disclosures are required with respect to significant changes in contract assets and contract liabilities?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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Superceded Guidance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
IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
Case Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…
Chapter 6 Solutions
INTERMEDIATE ACCOUNTING ACCESS 540 DAY
Ch. 6 - What are the five key steps a company follows to...Ch. 6 - What indicators suggest that a performance...Ch. 6 - What criteria determine whether a company can...Ch. 6 - We recognize service revenue either at one point...Ch. 6 - What characteristics make a good or service a...Ch. 6 - Prob. 6.6QCh. 6 - What must a contract include for the contract to...Ch. 6 - How might the definition of probable affect...Ch. 6 - When a contract includes an option to buy...Ch. 6 - Prob. 6.10Q
Ch. 6 - Prob. 6.11QCh. 6 - Is a customers right to return merchandise a...Ch. 6 - Prob. 6.13QCh. 6 - Under what circumstances should sellers consider...Ch. 6 - When should a seller view a payment to its...Ch. 6 - What are three methods for estimating stand-alone...Ch. 6 - When is revenue recognized with respect to...Ch. 6 - In a franchise arrangement, what are a franchisors...Ch. 6 - When does a company typically recognize revenue...Ch. 6 - Prob. 6.20QCh. 6 - Prob. 6.21QCh. 6 - Prob. 6.22QCh. 6 - Must bad debt expense be reported on its own line...Ch. 6 - Explain the difference between contract assets,...Ch. 6 - Explain how to account for revenue on a long-term...Ch. 6 - Prob. 6.26QCh. 6 - Prob. 6.27QCh. 6 - Timing of revenue recognition LO53 Estate...Ch. 6 - Allocating the transaction price LO54 Sarjit...Ch. 6 - Existence of a contract LO5-5 Tulane Tires wrote...Ch. 6 - Prob. 6.6BECh. 6 - Prob. 6.7BECh. 6 - Performance obligations; warranties LO55 Vroom...Ch. 6 - Prob. 6.9BECh. 6 - Prob. 6.10BECh. 6 - Variable consideration LO56 Leo Consulting enters...Ch. 6 - Prob. 6.16BECh. 6 - Prob. 6.17BECh. 6 - Prob. 6.18BECh. 6 - Prob. 6.19BECh. 6 - Prob. 6.20BECh. 6 - Prob. 6.21BECh. 6 - Estimating stand-alone selling prices: expected...Ch. 6 - Estimating stand-alone selling prices; residual...Ch. 6 - Prob. 6.24BECh. 6 - Prob. 6.25BECh. 6 - Contract assets and contract liabilities LO58...Ch. 6 - Long-term contract; revenue recognition over time;...Ch. 6 - Prob. 6.34BECh. 6 - Long-term contract; revenue recognition upon...Ch. 6 - Long-term contract; revenue recognition; loss on...Ch. 6 - Prob. 6.1ECh. 6 - Allocating transaction price LO54 Video Planet...Ch. 6 - Prob. 6.4ECh. 6 - Prob. 6.6ECh. 6 - Prob. 6.7ECh. 6 - Prob. 6.9ECh. 6 - Variable considerationmost likely amount; change...Ch. 6 - Variable considerationexpected value; change in...Ch. 6 - Prob. 6.12ECh. 6 - Prob. 6.13ECh. 6 - Prob. 6.14ECh. 6 - Approaches for estimating stand-alone selling...Ch. 6 - FASB codification research LO56, LO57 Access the...Ch. 6 - FASB codification research LO58 Access the FASB...Ch. 6 - Long-term contract; revenue recognition over time;...Ch. 6 - Prob. 6.1PCh. 6 - Prob. 6.2PCh. 6 - Prob. 6.3PCh. 6 - Prob. 6.5PCh. 6 - Variable consideration; change of estimate LO53,...Ch. 6 - Prob. 6.7PCh. 6 - Prob. 6.8PCh. 6 - Prob. 6.10PCh. 6 - Long-term contract; revenue recognition over time...Ch. 6 - Prob. 6.1DMPCh. 6 - Judgment Case 52 Satisfaction of performance...Ch. 6 - Judgment Case 53 Satisfaction of performance...Ch. 6 - Prob. 6.5DMPCh. 6 - Prob. 6.7DMPCh. 6 - Prob. 6.9DMPCh. 6 - Prob. 6.10DMPCh. 6 - Prob. 6.12DMPCh. 6 - Prob. 6.13DMPCh. 6 - Prob. 6.14DMPCh. 6 - Prob. 6.15DMPCh. 6 - Prob. 1CCTC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?arrow_forwardccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:1. Obtain the relevant authoritative literature on recognition of contingent losses. What is the specific citationthat describes the guidelines for determining when an expense and liability should be accrued for a contingentloss?2. List the guidelines.arrow_forwardExplanation on the disclosure requirements for the accounting treatment of the MFRS 138. Clear explanation, with examples, covering on recognition, measurement and disclosure requirements for the accounting treatmentarrow_forward
- 4arrow_forwardAccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items: Circumstances indicating when theinstallment method or cost recovery method is appropriate for revenue recognition.arrow_forwardQuestion 34 Two assertions for which confirmation of accounts receivable balances provide primary evidence are Group of answer choices Completeness and valuation. Valuation and rights and obligations. Rights and obligations and existence. Existence and completeness.arrow_forward
- What are accounting errors and how they are reported. What are the disclosure requirements for correction of errors. Please see FASB codification to discuss the disclosure requirements.arrow_forwardNZ IFRS 15 identifies the seven important elements of a contract with a customer that need to be carefully reviewed by a reporting entity in relation to the recognition of revenue. These seven steps must be applied to each contract with a customer in a sequential manner. a. True b. False Please Introduction and explanation step by step without plagiarism pleasearrow_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
- Write the definition, recognition, measurement and derecognition of Provision PAS 37 Financial instruments- Presentation PAS 32arrow_forward4. What is the specific citation that describes the disclosure requirements in the notes to the financial statementsfor exit or disposal obligations?arrow_forwardWith r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?arrow_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
Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubBusiness/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage
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
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
US GAAP vs IFRS; Author: The Finance Storyteller;https://www.youtube.com/watch?v=7B96MhOGaqE;License: Standard Youtube License