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A comprehensive overview of the accounting standards codification (asc), a single authoritative source for all u.s. Accounting standards. It explores the reasons behind its creation, its structure, and its key features, including landing pages and search functionality. The document also includes practical examples of how to use the asc to research specific accounting topics, such as warranty expense, property, plant, and equipment, and loss contingencies.
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Tina Skinner DeVry University ACCT Professional Research for Accountants Week 3 Team 2 Week 3 Homework Professor Nwaogu November 18, 2024
Week 3 Team 2 Week 3 Homework
Week 3 Team 2 Week 3 Homework b. Property, Plant, and Equipment i. How many results did you get? I got 163 results in four categories. ii. Click on 360 Property, Plant, and Equipment > 10 Overall > 30 Initial Measurement, and summarize what is said in subsection 30-1. Subsection 30-1 discusses the historical cost of acquiring an asset, which includes the purchase price and any additional costs essential for preparing the asset for its intended use regarding its physical condition and location. Suppose the asset requires a specific preparation period. In that case, interest costs incurred on funds used during that time are also included in the asset’s historical cost, ensuring it reflects the total financial commitment required to operationalize the asset (FASB, 2024). c. Loss Contingencies i. How many results did you get? I got 163 results in three categories. ii. Click on 450 Contingencies > 20 Loss Contingencies > 25 Recognition and summarize how to account for loss contingencies. To account for loss contingencies, an estimated loss should be accrued as an expense if: (1) evidence before issuing financial statements indicates it is probable a loss occurred as of the statement date, and (2) the loss amount can be reasonably estimated. Disclosure is recommended rather than accrual if a loss is probable but cannot be estimated. Also, even if a loss is estimable, it should not be accrued for future periods rather than the current or prior period. The FASB provides examples to clarify these guidelines (FASB, 2024).
Week 3 Team 2 Week 3 Homework Reference FASB. (2009). ASB Accounting Standards CodificationTM https://www.fasb.org/page/getarticle? uid=fasb_NEWS_RELEASE_12_04_08Body_ FASB. (2023). About the Codification. https://asc.fasb.org/layoutComponents/getPdf? isSitesBucket=true&fileName=FASB_About_the_Codification.pdf FASB. (2024). FASB: Financial Accounting Standards Board. Fasb.org. https://fasb.org FASB. (2024). Accounting Standards Codification. https://asc.fasb.org FASB. (2024). ASC 360: Property, Plant, and Equipment. https://asc.fasb.org/1943274/2147477647/932-360-05- FASB. (2024). ASC 450: Contingencies. https://asc.fasb.org/1943274/2147482952/450-10-05- FASB. (2024). ASC 605: Revenue Recognition. https://asc.fasb.org/1943274/2147481255/605-10-05- FASB ASC 605-20-25-6 Revenue Recognition - Services – Recognition https://asc.fasb.org/Home FASB ASC 360-10-30-6 Property, Plant, and Equipment https://asc.fasb.org/Home FASB ASC 450-20-25 Loss Contingencies https://asc.fasb.org/Home