Accounting Standard Codification Essay

696 words - 3 pages

ACCT 495 Section 2: CASE STUDIES IN ACCOUNTING Research Assignment One

Erin M. Bordwell September 29, 2012


ACCT 495: Bordwell RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1) Simplify user access by codifying all authoritative U.S. GAAP 2) Ensure that the codification content accurately represented authoritative US GAAP 3) Mitigate the risk of noncompliance with standards through improved usability of the literature 4) Provide codification research system that is accurate with real-time updates as new standards are released
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A liability has been extinguished if either of the following conditions is met: a. the debtor pays the creditor and is relieved of its obligation for the liability. Paying the creditor includes the following: (1) Delivery of cash (2) Delivery of other financial assets (3) Delivery of goods or services (4) Reacquisition by the debtor of its outstanding debt securities whether the securities are cancelled or held as so-called treasury bonds; b. The debtor is legally released from being the primary obligor under the liability, either judicially or by the creditor. For purposes of applying this Subtopic, a sale and related assumption effectively accomplish a legal release if nonrecourse debt 9such as certain mortgage loans) is assumed by a third party in conjunction with the sale of an asset that serves as sole collateral for that debt.

FASB ASC 605-20-25-1: Some products include warranty obligations that are incurred in connection with the sale of the product, that is obligations that are not separately priced or sold but are included in the sale of the product. the accounting of these is described in Topic 450. Separately priced contracts for extended warranty and product maintenance contracts...

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