Cases Essay

1101 Words Jun 5th, 2010 5 Pages
CASE: Reporting Comprehensive Income: IFRS vs. US GAAP

a) Messrs. Cope and Foster dissent from this Statement because it permits an enterprise to display the items of other comprehensive income identified in this Statement with less prominence and to characterize them differently from other items of comprehensive income that are currently included in net income. Messrs. Cope and Foster believe that a primary objective in undertaking a project on reporting comprehensive income was to significantly enhance the visibility of items of other comprehensive income. They also believe that the Board inappropriately failed to respond to the clear and unequivocal call from users of financial statements for the transparent presentation of all
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RESEARCH: Accounting Standard Codification (ASC)

1. FASB had three primary goals in developing the codification. List these three goals:
1) Simplify user access by codifying all authoritative US GAAP in one spot.
2) Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.
3) Create a codification research system that is up to date for the released results of standard-setting activity.
2. List three SEC authoritative guidance, standard and interpretations included in the codification:
1) Regulation S-X (SX)
2) Financial Reporting Releases (FRR)/Accounting Series Releases (ASR)
3) Interpretive Releases (IR)
3. The accounting literature replaced by the FASB Codification includes (list five):
FASB Financial Accounting Standards (FASs), FASB Interpretations (FINs), FASB Technical Bulletins (FTBs), FASB Staff Positions (FSPs), FASB Staff Implementation Guidelines (Q&As).
4. For the following five FASB standards (FAS), provide the corresponding ASC Topic#: FAS 141(R): 805 FAS 52: 830, 205, 440, 815 FAS 13: 840, 410, 460, 958, 450, 470, 980, 360 FAS 133: 815, 440, 310, 220 FAS 115: 320, 942
5. Explain the following ASC references:
FASB ASC 310-10-05-2:
Receivables-overall-overview and background, paragraph 2. The overall subtopic established general guidance for receivables.
FASB ASC 405-20-40-1:

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