I need a lot of help on this, I am completely lost. Thank you.
Preferred language style: English (U.S.) In memo format: answer the question from "Professional Research: FASB Codification". On each written assignment, students should follow the APA guide for referencing and citations. 3-5 pages Three-four references per question. I am looking for: 1) Grammar, 2) Content, 3) Quality of sources (do not use wikipedia.). Professional Research: FASB Codification In light of the Full Disclosure Principle, investors and creditors need to know the balances for assets, liabilities, and equity as well as the accounting policies adopted by management to measure the items reported in the balance sheet. INSTRUCTION: Access the FASB Codification at http://asc.fasb.org/home to conduct research using the Codification Research System to prepare responses to the following items. Provide Codification references for your responses. a.) Identify the literature that addresses the disclosure of accounting policies. b.) How are accounting policies defined in the literature? c.) What are the three scenarios that would result in detailed disclosure of the accounting methods used? d.) What are examples of common disclosures that are required under this statement?
When you get to the website go to the "Basic View" because that is the one that is free.
In a memo, the more headings and paragraphs the better. Business people want to be able to read the memo quickly.
Summary of answers:
Date : March 1, 2010
To : [Recipient]
From : [Name]
Subject : Financial Accounting Standards Board Accounting Standards Codification (FASB ASC)
The FASB ASC is the single source of generally accepted accounting principles for non governmental United States reporting entities and effective for all interim and annual period reporting requirements after September 15, 2009 .
In this memorandum about the FASB ASC, the following questions are discussed:
- Identify the literature that addresses the disclosure of accounting policies
- How are accounting policies defined in the literature?
- What are the three scenarios that would result in detailed disclosure of the accounting methods used?
- What are examples of common disclosures that are required under this statement?
Summary of answers
The FASB's full disclosure principle requires that all information needed by financial report users in making decisions regarding the organizations must be included ...
This solution provides a memo for FASB codification.