Answer the following Financial Accounting Standards Board(FASB) and Codification questions
Answer the following Financial Accounting Standards Board(FASB) and Codification questions.
Assignment 4: ( 5 points)
Financial Accounting Standards Board(FASB) www.fasb.org
- Describe the mission of the FASB.
- How are topics added to the FASB technical agenda?
Assignment 5: (6 points)
Codification asc.fasb.org
What is the specific citation that requires a company to identify and describe in the notes to the financial statements the accounting principles and methods used to prepare the financial statements? (This can be highlighted, copy, and paste into your document)
- Which assets can be excluded from current assets?
- What conditions must be met for a transfer of receivables to be accounted for as a sale (or in accounting terms, “derecognized”)? What is the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is “in substance” a financing arrangement?
- What is the specific citation that addresses the recognition of a product financing arrangement?
- What is the specific citation that addresses the use of the retail method to value inventory.
- What is the specific citation that addresses the accounting treatment required for a correction of an inventory error in previously issued financial statements.
Answer preview for Answer the following Financial Accounting Standards Board(FASB) and Codification questions
Access the full answer containing 530 words by clicking the below purchase button.