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How to cite fasb asc

22/11/2021 Client: muhammad11 Deadline: 2 Day

Background:

In an effort to simplify research, the Financial Accounting Standards Board (FASB) organized and consolidated authoritative generally accepted accounting principles (GAAP) for nongovernmental entities into the FASB Accounting Standards Codification (“ASC” or the “Codification”). This process, which took over 5 years to complete, changed a standards-based model (with thousands of individual standards) to a topically based model (with roughly 90 topics). The intent of the Codification was to reduce the amount of time and effort required to solve an accounting research issue, mitigate the risk of noncompliance through improved usability of the literature, and provide accurate information with real-time updates as Accounting Standards Updates are released. (FASB ASC, About the Codification )

Required Reading and Assignment Goals:

As a prerequisite for being able to complete this assignment, Accounting 382 students were required on an individual basis to read Chapters 1 and 2 of Shelby Collins’ Guide to Intermediate Accounting Research . Goals of this assignment are to:

· Continue to practice navigating the Codification

· Allow you to practice the research process steps to a specific case

FASB Codification Access:

You may access the FASB Codification database through the American Accounting Association by logging in at http://www2.aaahq.org/ascLogin.cfm using the following:

Student Access: Username - AAA51686 Password – zWT6b9X

Chapter 1 Questions: Goal – Continue to practice navigating the Codification (10 pts)

For this set of four questions, identify the ASC reference – down to the paragraph level of detail – that you would look to for guidance on each issue. You may list more than one ASC reference per question, but if you do so, please indicate which one you think is the most relevant.

1. An airline has incurred significant cost to update the interior of its aircraft, changing the configuration of seats and overhead storage space (these parts are considered part of the airframe). The airline must determine whether these costs should be expensed or capitalized. For this question only, after citing the relevant guidance, also briefly state the conclusion that you reach and why. (4 points)

Chapter 2 Questions: Goal – Practice applying the research process steps to a case (30 points)

Case Facts

Utilize The Sun (“UTS”) is a business that contracts to develop, construct, and operate solar power plants.

UTS entered into a contract to support the Blue Skies solar power plant. According to the contract terms, UTS is responsible for the day-to-day operations of Blue Skies as well as for general maintenance and repairs. Blue Skies expects UTS to provide routine maintenance for continued operation of the plant and respond to equipment breakdowns and failures by providing immediate repairs. In addition, the terms of the contract require UTS to procure necessary materials to operate, maintain, and repair the plant. To comply with this requirement, UTS must maintain a certain level of materials and supplies (the “spare parts”) at all times.

On a regular basis, UTS reviews a listing provided by Blue Skies of recommended spare parts for various components of the solar power plant and procures the necessary parts. Vendors deliver the parts to UTS along with a complete listing describing the quantity and cost of the parts provided. UTS maintains this listing, uses it to track expected usage of the spare parts, and to determine their expected useful lives.

The spare parts consist of customized and generic parts that vary in cost, procurement time, expected usage (i.e., emergency replacement, standard replacement), and expected useful life. UTS uses the composite depreciation method for substantially all of the plant, and it expenses all major plant maintenance.

Case Question: How should UTS classify the spare parts that it expects to use within one year: as inventory or as a prepaid / other current asset? Specific requirements follow on the next page.

Case Requirements: Follow and document all the research process steps from Chapter 2 as you work towards an answer to the Case Question (which you will provide in Step 6 below).

Steps from Chapter 2:

1. Understand the facts / background of the transaction. (6 points)

a. Who are the parties to the transaction and why are they entering into it?

b. What are the cash flows associated with the transaction, from UTS’s perspective?

c. What questions, if any, might you like to ask about this transaction?

2. What is one researchable question related to this problem, based on the information you have? (Do not restate the bolded “case question” on the previous page.) (2 points)

3. Stop and think: what accounting treatment will likely be appropriate, based on your accounting knowledge? Explain your intuition prior to searching the Codification. (3 points)

4. Search potentially relevant sources of guidance, documenting your process (i.e., show the path searched or search terms you used to find each piece of guidance) and copying and pasting guidance into a Word document. Include this Word file as an Appendix rather than in the body of your response. (5 points)

5. Using the accounting guidance you found in Step 4…

a. Provide definitions for the two alternatives (inventory vs. prepaid / other current asset), citing the Codification. (4 points)

b. State arguments for and against each alternative, documenting how the accounting guidance for each alternative does or doesn’t fit with the case facts.* (8 points)

6. Finally, briefly state your conclusion regarding which accounting treatment appears to be more appropriate given the circumstances. If you must make any assumptions in reaching this conclusion, state these. (2 points)**

* Optional tips for 5(b), if you are struggling with what to say:

· You may include in this section, if desired, questions that you would ask the client to help you match the case circumstances to the accounting guidance.

· Industry-specific guidance within the Codification (including industries other than the solar industry) may help to expand your arguments. If you use industry-specific guidance, document your search for this guidance as part of your Step 4 Appendix.

** As indicated by the point breakdown, your response to Step 5 should be fairly long. Your response to Step 6 should be short, because it will simply reference arguments you already made in Step 5 and conclude which alternative has the most support.

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