AC540 Week 3 Assignment

AC540

Week 3Assignment

Please complete the below problems and submit your answers in the Week 3 Dropbox. See "Syllabus/Due Dates for Assignments & Exams" for due date information.

1. In the Course Home tab of your course shell, click on “FASB Codification Access.” Scroll to the bottom of the page and click on “For tutorials please click on the link here.” Watch and listen to the four tutorial modules and answer the following questions with information you learned in the tutorial, your book and through Internet research:

a. Why was codification needed?

b. What is the goal of codification?

c. What authoritative literature does the codification supersede?

d. How is the codification structured? Include as discussion of the topic, subtopics, sections and subsections in your answer.

e. Describe the numerical indexing system.

f. What is a “landing page?”

g. What is the difference between the “general topics landing page,” the “industry topics landing page” and the “subtopics landing page?”

h. What is “pending content?”

i. How is SEC content differentiated from FASB content?

2. Log into the codification database and perform a search on the following terms and answer the related questions:

a. Warranty expense

i. How many results did you get?

ii. Click on “605 Revenue Recognition > 20 Services > 25 Recognition” and summarize what is said in subsection 25-3.

b. Property, plant and equipment

i. How many results did you get?

ii. Click on “360 Property, Plant, and Equipment> 10 Overall > S50 Disclosure”and summarize what is said in subsection S50-1.

c. Extinguishments of Liabilities

i. How many results did you get?

ii. Click on “405 Liabilities> 20 ExtinguishmentsofLiabilities> 10 Objectives” and summarize what is said in subsection 10-1.

https://devry.equella.ecollege.com/file/aa9aff7f-0fdc-4460-99b9-ed7140208a56/5/ZZZ_W2_CodificationAccessOnline.html

FASB Codification – Part I -http://www.youtube.com/watch?v=lLNPUDUWkSg

FASB Codification – Part II -http://www.youtube.com/watch?v=h4jbdda0cnM