FASB Codification/ARO Case 1. According to FASB the asset retirement obligation should be recorded in the period in which the liability meets FASB’s definition of a “probable future sacrifice of economic benefits arising from a present obligation‚” and in which its amount can be reasonably measured. Uncertainty with respect to the timing or method of settlement that is conditional on future occurrences does not affect the recognition of the liability but may be factored into its measurement.
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Acct2241 (a) What authoritative literature addresses comprehensive income? When was issued? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Statement of Financial Accounting Standards No. 130 Reporting Comprehensive Income Issued: June 1997 (b) Provide the definition of
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FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
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FASB ASC CITATION: Adjustments to Lower of Cost or Market 330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods‚ in their disposal in the ordinary course of business‚ will be less than cost The inventory has a financial importance as it is purchased and recorded at its historical cost or original cost. With respect to a perpetual inventory system
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ACC 497 Individual Assignment - FASB System Orientation Week 1 Individual Assignment FASB Codification System Orientation Paper Name ACC 497 Date Instructor ------------------------------------------------- Feedback from Instructor (Published: Mon 11/12/2012 07:00 AM MST) ------------------------------------------------- Earned Points: 5/5 ------------------------------------------------- Comments: GREAT JOB FASB Codification System Orientation Paper The purpose of this paper
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Content-Based Second Language Instruction: What is it? Origins and Definitions • Although it is most often associated with the genesis of language immersion education in Canada in 1965‚ content-based instruction is hardly a new phenomenon. We know that "until the rise of nationalism‚ few languages other than those of the great empires‚ religions‚ and civilizations were considered competent or worthy to carry the content of a formal curriculum" (Swain & Johnson‚ 1997‚ p. 1). • CBI is ".
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Tenzin Sonam Acct 5102 W Codification Research System Written Assignment Engagement Letter for Accounting Services: February 19th‚ 2015 This letter is meant to state the responsibility of services that will be provided to your organization‚ City of Lakes‚ a public non-profit: The services provided to your organization consist of a Summary of General Accepted Accounting Procedures (GAAP). This will outline the basic principles of GAAP that relates to public non-profits and how it may differ from
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codification [Type the company address] [Type the phone number] [Type the fax number] 3/15/2013 [Type the author name] MLM assignment CODIFICATION 1. It is one of the functions of stores management. Codification is a process of representing each item by a number‚ the digit of which indicates the group‚ the sub group‚ the type and the dimension of the item. 2. Codification in an industry is the systematic concise representation of equipment‚ raw materials‚ tools‚ spares‚ supplies etc
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the way teachers think of Content literacy‚ and more importantly‚ it is changing their classroom practice. Teachers across the globe are beginning to realize that they are responsible for producing learners who possess the literacy skills needed for the 21st century. Therefore‚ one should know that Content area literacy is the ability to use all the literacy skills (reading‚ writing‚ listening‚ speaking‚ viewing‚ questioning and thinking) for the acquisition of new content in a given discipline. It
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Codification #10 The codification that addresses Goodwill is 350-20 and the codification that addresses the other intangible assets is 350-30. To continue‚ according to codification 350-20-20 goodwill is‚ “an asset representing the future economic benefits arising from other assets acquired in a business combination or an acquisition by a not-for-profit entity that are not individually identified and separately recognized”. In addition‚ according to codification 350-20-35-1‚ “Goodwill shall not
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