Acct564 Week 3 Codification Exercise-Kaddy Vei

ACCT564

Week 3 Assignment-Kaddy Vei

1. Watch the FASB Codification Tutorial – Available through the course shell http://asc.fasb.org/media/1615_Codification_MainMenu_Web/launcher.html

2. Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references:

a. ASC 210-10-01

The link provided does not work so please find the research found regarding the references

There is no record of ASC 210-10-01 but ASC 210-10 basically provides some kind of overview regarding the balance sheet, which is also commonly referred to as a statement of financial position. General guidance is provided on the classification of current assets and current liabilities and the determination of working capital is developed. It is also stated that the balance sheets of most entities show separate classifications of current assets and current liabilities (commonly referred to as classified balance sheets) permitting ready determination of working capital. On the other hand, financial position, as it is reflected by the records and accounts from which the statement is prepared, is revealed in a presentation of the assets and liabilities of the entity

b. ASC 505-20-25

ASC 505-20 is about Stock Dividends and Stock Splits and ASC 505-20-25 is about recognition. In fact,

guidance is provided as far as determining whether stock dividends and stock splits are to be accounted for in accordance with their actual form or whether their substance requires different accounting. In addition, Paragraph 505-20-25-2 identifies a situation in which a stock dividend in form is a stock split in substance. In cases like that, the use of the word dividend must be avoided in related corporate resolutions, notices, and announcements.

c. ASC 908-360-25-Airlines-Property, Plant and equipment-Recognition

This section underlines the fact that the costs associated with any type modifications of interior...