Requirement | topic | subtopic | section | paragraph |
1 FASB ASC 606-10-32-8 |
revenue from contracts with customers FASB ASC 606 |
Overall 10 |
Measurement 32 |
Variable consideration 8 |
2 FASB ASC 606-10-32-34 |
Revenue from contracts with customers FASB ASC 606 |
Overall 10 |
Measurement 32 |
Allocation based on standalone selling prices 34 |
3 FASB ASC 606-10-55-58-60 |
Revenue from contracts with customers FASB ASC 606 |
Overall 10 |
Implementation guidance and illustrations 55 |
Determining the nature of entity's promise 58-60 |
4 FASB ASC 606-10-55-36 |
Revenue from contracts with customers FASB ASC 606 |
Overall 10 |
Implementation guidance and illustrations 55 |
Principal versus agent 36 |
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) Required: Determine the specific nine-digit...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items 1. The topic number for business combination 2.The topic number for related party disclosures The specific seven-digit Codification citation (xxx-xx-xx} for the initial measurement of internal software The specific seven-digit Codification citation (xxx-xx-xx} for the subsequent measurement of asset retirement obligation The specific seven-digit Codification citation (xxx-xx-xx} for the recognition of stock compensation
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: 1. On what basis is a contract's transaction price allocated to its performance obligations? 2. What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract? 3. Under what circumstances is an option viewed as a performance obligation?
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:1. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the meaning of cost as it applies to the initial measurement of inventory.2. The specific nine-digit Codification citation (XXX-XXX-XX-X) that describes the circumstances when it is appropriate to initially measure agricultural inventory at fair value.3. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the major objective of accounting for inventory.4. The specific eight-digit Codification citation (XXX-XX-XX-X)...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that describes each of the following Items: 1. The disclosure requirements in the notes to the financlal statements for depreciation on property, plant, and equipment. 2. The criteria for determining commerclal substance in a nonmonetary exchange. 3. The disclosure requirements for interest capitalization. 4. The elements of costs to be included as R&D activities.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that describes each of the following items: Required: 1. The basic principle for recording nonmonetary transactions at fair value. 2. Modifications of the basic principle for recording nonmonetary transactions when fair value is not determinable or the exchange lacks commercial substance. 3. The concept of commercial substance. 4. The required disclosures for nonmonetary transactions.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) for each of the following: 1. The balance sheet classification for a note payable due in six months that was used to purchase a building. 2. The assets that may be excluded from current assets. 3. Whether a note receivable from a related party would be included in the balance sheet with notes receivable or accounts receivable from customers. 4. The items that are nonrecognized subsequent...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The topic number (Topic XXX) that provides the accounting for earnings per share. 2. The specific eight-digit Codification citation (XXX-XX-XXX) that describes the additional information for earnings per share that must be included in the notes to the financial statements. 3. The specific eight-digit Codification citation (XXX-XX-XX-X) that requires disclosure of transactions affecting the number of common shares outstanding that occur after the most recent reporting...
Tran Technologies licenses its functional intellectual property to Lyon Industries. Terms of the arrangement require Lyon to pay Tran $630,000 on April 1, 2021, when Lyon first obtains access to Tran’s intellectual property, and then in the future to pay Tran a royalty of 3% of future sales of products that utilize that intellectual property. Tran anticipates receiving sales-based royalties of $1,130,000 during 2021 and $1,630,000/year for the years 2022–2026. Assume Tran accounts for the Lyon license as a right...
use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions in a written report. In the entire report, be sure to use “quotation marks” whenever you are not using your own words For the first set of questions (under the heading “Where in the Codification…”) your answer should include one or more search keywords if you used keywords rather than browsing and drilling down by topic and one or more references to the codification...
use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions in a written report. In the entire report, be sure to use “quotation marks” whenever you are not using your own words For the first set of questions (under the heading “Where in the Codification…”) your answer should include one or more search keywords if you used keywords rather than browsing and drilling down by topic and one or more references to the codification...