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ACC 423 WEEK 2 Signature Assignment Codification Research
Paper
ACC 423 WEEK 2 Signature Assignment Codification Research Paper
ACC 423 WEEK 2 Signature Assignment Codification Research Paper
What is a Signature Assignment?
A signature
assignment is designed to align with specific program student learning
outcome(s) for a program. Program Student Learning Outcomes are broad
statements that describe what students should know and be able to do upon
completion of their degree. The signature assignments are graded with an
automated rubric that allows the University to collect data that can be
aggregated across a location or college/school and used for program improvements.
Resource: FASB Codification Link.
Write a 700- to 1,050-word paper.
Your
client, Cascade Company, is planning to invest some of its excess cash in
5-year revenue bonds issued by the county and in the stock of one of its
suppliers, Teton Co. Teton’s shares trade on the over-the-counter market. The
company would like you to conduct some research on the accounting for these
investments.
Instructions:
Access the FASB Codification.
Once you
login using the username and password provided from the link above “login
instructions” click on Education (from the menu across the top) > select
FASB & GARS > click on FASB User Login and use the same credentials
given for the initial login page. That will get you to the FASB
Accounting Standards Codification (professional view) page.
Review the log-in instructions.
Provide Codification references for your responses below.
Incorporate your review of the FASB link to determine when the fair value of
a security “readily determinable”.
Since the
Teton shares do not trade on one of the large stock markets, Cascade argues that
the fair value of this investment is not readily available.
Describe how an impairment of a security is accounted for.
Determine how close to maturity Cascade could sell an investment and still
classify it as held-to-maturity.
To avoid
volatility in their financial statements due to fair value adjustments, Cascade
debated whether the bond investment could be classified as held-to-maturity;
Cascade is pretty sure it will hold the bonds for five years.
List disclosures that must be made for any sale or transfer from
securities classified as held-to-maturity.
Format your paper consistent with APA standards.
Submit your assignment to the Assignment Files tab.
Assignment
Deliverables Summary:
1. How can
the shares investment in Teton Inc. fair value be determined according to GAAP,
provide FASB codification reference?
2. How
should the bond investment in a County Government be classified if Cascade
Company does not plan to hold the bond to its maturity? can the management
change its intention in later years?
3. Under
what condition and factors for an equity investment to be considered as
“impaired”, provide FASB codification reference?
4. What are
the disclosure requirements for reclassification of sale or transfer of
security from one category to another?
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