FASB Accounting Standards Codification Essay

This atom 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 functions on the FASC receive Page. This section is a good general source of information intimately the FASC and should be reviewed prior to starting to answer the specific questions set forwards in all sections. The related research questions that you must answer ar (a) When did the FASC Codification become effective?It was released on July 1, 2009 and became effective for Interim and yearly periods ending after September 15, 2009.(b) Did the FASC change prior GAAP?No it didnt change, it only got restructured.(c) What does the FASB expect from the tender FASC structure and system?The governance is expected to reduce the amount of time and effort that is used to drub an accounting research issue.(d) What ar the topics used in the ASC?The General PrinciplesThe foundingThe AssetsLiabi litiesEquityRevenueExpenseBroad TransactionsIndustry(e) argon Securities and Exchange Commission (SEC) references included in theASC?Yes It is.2. Transfer of Receivables FASC 860-10As the new staff person in your companys treasury department, you fall in been asked to conduct research related to a proposed transfer of receivables. Your supervisor wants the despotic sources for the obeying items that are discussed in the securitization agreement.Access the FASB Codification at http//asc.fasb.org/ substructure to conduct research using the Codification Research System to position responses to the following items. propose Codification references for your responses.(a) Identify relevant Codification section that addresses transfers of receivables. 860-10-05(b) Provide definitions for the following(i) Transfertransference of a noncash financial summation by and to someone other than the issuer of that financial asset (ii) Recourse uncollectableWhen the transferor of receivables re tains the luck of uncollectability. (iii) CollateralAssets that a borrower pledges as security for a loan, which the financier seizes if the borrower seizes to succumb(c) Provide other examples (besides recourse and collateral) that qualify as continuing involvement.3. Inventories FASC 330-10Jones Co. is in a technology-intensive industry. Recently, one of its competitors introduced a new product with technology that tycoon render obsolete some of Joness inventory. The accounting staff wants to follow the appropriate authoritative literature in determining the accounting for this large market event.Access the FASB Codification at http//asc.fasb.org/home to conduct research using the Codification Research System to prepare responses to the following items. Provide Codification references for your responses.(a) Identify the primary authoritative guidance for the accounting for inventories. accountancy Research Bulletins (ARB) No.43 Chapter 4.(b) List three types of goods that are classified as inventory.Goods awaiting barter (finished goods)Goods in the course of production (work in process),Goods to used directly or indirectly in production (raw materials and supplies)What characteristic will automatically uprise an item from being classified as inventory?Long-term assets that are subject to depreciation accounting Goods which, when put into use, will be so classified as depreciable Assets(c) Define market as used in the phrase lower-of-cost-or-market. market means current replacement cost (by grease ones palms or by reproduction) provided that it meet the two conditions 1.Market shall not exceed the last(a) achievable value2.Market shall not be less than net realizable value reduced by an allowance for an approximately normal gain ground margin