Intermediate Accounting 1 -- Spring 2012
Financial Accounting Standards Codification Research Assignment Questions
In order to complete this assignment, you will need to access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (FASC) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the one and only source of the technical GAAP standards. Other sources are no longer accepted as GAAP.
The student log in information is: Username: AAA51654 / Password: NpDRBXt. After you sign in – click on “FASB Accounting Standards Codification” on the screen and the database will open. There is a “search” box in the top right of the screen. If you scroll over the topics (Assets, Liabilities etc.) on the left side of the welcome page you will see the subtopics and contents – click on the subtopic and it will take you to the related Codification content.
The class assignment/project that you are responsible for is comprised of researching several of the more current technical topics in accounting and responding to several specific related technical standard questions about the topics. For some of the topics (see below) you will also be asked and responsible for interpreting how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address or other questions as set forth under each topic.
You can access each topic by either scrolling over the topics and subtopics until you find the related content or topic or by using the search box. The required topics and related questions are listed below.
Students will submit BOTH an electronic copy and a hard copy of their assignments:
1) Electronic Copy: The assignment will be submitted online through the UH Blackboard Learn system, and all submissions will be checked for plagiarism (copying other students’ work) using specific software developed to perform this task. If you cut and paste or copy another student’s work, it will be detected, and you will receive a zero on this assignment and be subject to the UH Policy on Academic Dishonesty. Also, you cannot “cut & paste” the answer from the FASC database – use your own words. The electronic copy should be in an MS Word format and submitted on Blackboard Learn through “FASB Codification Project” link under Assessments. The system will not allow submissions after the deadline, and any project that is not in the system will get a grade of zero.
2) Hard Copy: A hard copy of the assignment will be submitted before the deadline stated below. Failure to submit the hard copy before due date will result in a grade of zero in the project.
Submission deadline for BOTH electronic and hard copies is APRIL 25, 2013 (by 5 PM)
1. FASB Accounting Standards Codification (FASC)
This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must answer are:
(a) When did the FASC Codification become effective? (b) Did the FASC change prior GAAP?
(c) What does the FASB expect from the new FASC structure and system? (d) What are the “topics” used in the ASC?
(e) Are Securities and Exchange Commission (SEC) references included in the ASC?
2. Transfer of Receivables FASC 860-10
|As the new staff person in your company's treasury department, you have been asked to conduct research related to a proposed transfer of |...