Which search method does the FASB suggest that researchers use as a starting point when conducting research?
Browse Search
: This method provides the researcher with context regarding the topic researches as well as the observed topic’s relationships with other parts of the code.
Which section might you read first if you are unfamiliar with a topic and need general information but what caution was provided regarding this section explain?
To gain a general understanding of a topic you are unfamiliar with, read
the Overview and Background section
. However, avoid citing directly from this section because it will not be as impactful as citing the actual requirement in the guidance.
Which search method does the FASB suggest that researchers use as a starting point when conducting research?
Which search method does the FASB suggest that researchers use as a starting point when conducting research?
Browse Search
: This method provides the researcher with context regarding the topic researches as well as the observed topic’s relationships with other parts of the code.
At what point during your research should you consult scope guidance?
When, in the research process, should scope guidance be consulted? The scope guidance should initially be
addressed prior to evaluating the recognition and measurement sections to determine if the transaction is within the topic
.
Where should a researcher go first to find guidance on present value measurements?
Researchers should first consult the measurement guidance in
the individual Codification topics
. Specific measurement guidance is included within section 30 (Initial Measurement) and section 35 (Subsequent Measurement) for certain topics.
The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards
are recognized as authoritative by many other organizations
, including state Boards of Accountancy and the American Institute of CPAs (AICPA).
Is it acceptable to cite from accounting firm guide books in your technical documentation?
Is it acceptable to cite from accounting firm guide books, in your technical documentation? –
Yes
, but only if used to supplement authoritative resources, such as to offer additional interpretation.
How do I get FASB Codification?
The FASB Accounting Standards Codification
®
Research System website
inlcudes a “Go To” function that allows experienced users to enter a desired location in the Codification – Topic, Subtopic, Section, or paragraph number – and jump directly to the location without the need to browse or search.
What are contingencies in financial statements?
Contingencies exist
when a company has an existing circumstance as of the date of the financial statements that may cause a gain or loss in the future
, depending on events that haven’t yet happened and, indeed, may never happen.
What are the 4 principles of GAAP?
Four Constraints
The four basic constraints associated with GAAP include
objectivity, materiality, consistency and prudence
.
What are the 5 basic accounting principles?
- Revenue Recognition Principle,
- Historical Cost Principle,
- Matching Principle,
- Full Disclosure Principle, and.
- Objectivity Principle.
What are the 12 principles of GAAP?
- Accrual principle. …
- Conservatism principle. …
- Consistency principle. …
- Cost principle. …
- Economic entity principle. …
- Full disclosure principle. …
- Going concern principle. …
- Matching principle.
What is fair value hierarchy?
The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
(Level 1), and the lowest priority to unobservable inputs (Level 3).
What is SFAS 117?
Statement of Financial Accounting Standards
(SFAS) No. 117 was issued to establish consistency in financial reporting among not-for-profit organizations, which are subject to various American Institute of Certified Public Accountants (AICPA) audit guides.
What is asc820?
ASC 820 is an accounting standard that requires investments to be reported at fair value. ASC 820 stands for
Accounting Standards Codification 820
and is part of the Financial Accounting Standards Board’s (FASB) Generally Accepted Accounting Principles (GAAP) guidance.
