Question

For each of the following research cases, search the FASB ASC database for information to address the issues. Copy and paste the FASB ASC paragraphs that support your responses. Then summarize briefly what your responses are, citing the paragraphs used to support your responses.

FASB ASC 1-2 Status of Accounting Research Bulletins Portions of ARB No. 43 are still considered GAAP. Three of the most important issues covered in ARB No. 43 are revenue recognition, treasury stock, and comparative financial statements. Find the appropriate sections of the FASB ASC, originally contained in ARB No. 43, that address these issues.

Answer 1

For each of the following FASB ASC research cases, search the FASB ASC database for information to address the issues. Cut and paste the FASB paragraphs that support your responses. Then summarize briefly what your responses are, citing the pronouncements and paragraphs used to support your responses.

FASB ASC 7-1 Classification of Savings Accounts by Credit Unions

If you have a savings account, it is an asset. In the past, some credit unions reported savings accounts (often called member share accounts) as equity and others reported them as liabilities. Search the FASB ASC database to see whether the Emerging Issues Task Force (EITF) has responded to this issue, and if so, what their conclusion is. Cut and paste what you find, and write in your own words a summary of what it means.

FASB ASC 7-2 Statement of Cash FlowsSeveral

FASB pronouncements and the EITF addressed the presentation of the statement of cash flows. Identify the pronouncements that addressed the preparation of the statement of cash flows,and summarize your findings.

FASB ASC 7-3 Historical Cost

Historical cost has been the most commonly used measurement attribute for assets. Find the places in the FASB ASC that cite historical cost.

FASB ASC 7-4 Current Cost

The concept of current cost is discussed in the FASB ASC. Find three references to current cost in the FASB ASC. Cite and copy these references.

FASB ASC 7-5 Fair Value.

-->> FASB ASC 1-2 Status of Accounting Research Bulletins Portions of ARB No. 43 are still considered GAAP. Three of the most important issues covered in ARB No. 43 are revenue recognition, treasury stock, and comparative financial statements. Find the appropriate sections of the FASB ASC, originally contained in ARB No. 43, that address these issues.

FASB ASC 1-1 Variable Interest Entities

In this chapter, we discuss how Enron and other companies use variable interest entities (VIEs) to keep the effects of transactions and events off corporate balance sheets.

1.How does the FASB define a VIE? In other words, how does an entity qualify to be a VIE?

2.Is a company that meets the definition of a VIE required to consolidate the VIE?

FASB ASC 1-2 Status of Accounting Research Bulletins Portions of ARB No. 43 are still considered GAAP. Three of the most important issues covered in ARB No. 43are revenue recognition, treasury stock, and comparative financial statements. Find the appropriate sections of the FASB ASC, originally contained in ARB No. 43, that address theseissues. Cite the sources and copy the relevant information.

FASB ASC 1-3 Accounting for the Investment Tax CreditThe accounting alternative treatments for the investment tax credit originally outlined in APB Opinions 2 and 4 are still considered GAAP. Find and cite the FASB ASC paragraphs and copy the relevant information.

FASB ASC 1-4 Securities and Exchange Commission Comments SEC observers often provide comments at EITF meetings. Find, cite, and copy the observer comments on

1.Revenue recognition—customer payments and incentives.

2.Debt with conversions and other options.

3.software cost of sales ans services.