Must be an EXPERT in GAAP research with great knowledge of FASB, that is why I am offering a high price, I want someone who is really skilled in this please. This grade will make or break me. Answer below SEVEN multi-part questions!! I do have the login info for FASB codification but I wanted someone who already has that info so they already know how to navigate and research and cite with full/complete answers in ones own words ancd please cite everything! I’ll provide more info don’t worry.
The FASB Accounting Standards Codification ® represents the single source of authoritative accounting principles in the United States of America. It is crucial for all current and future accountants to be familiar with the Codification and how to perform basic research.
Student access to the FASB Codification, as well as Accounting Standards Updates (ASU’s), Proposed Accounting Standards Updates, Exposure Drafts, and Concepts Statements is available through our subscription to the American Accounting Association (AAA).Please answer the following questions based on your readings, lecture materials, and research of the FASB Accounting Standards Codification. Responses should be in your own words. You are allowed to quote language from other sources, but please do not plagiarize. Any information used from other sources must be cited. There is no requirement to utilize any specific citation format, so long as the author is given credit.
1) In your own words, describe the FASB’s Conceptual Framework. (No need to discuss
each item, just describe generally what the Conceptual Framework is for and why it is
needed.) 10 pts
2) Discuss how a new GAAP pronouncement comes to be. What process does the FASB
take in creating new GAAP? (It may be helpful to review information in Chapter 1 of
your text) 10 pts
3) In your own words, describe how the codification is organized, and why you think it is
organized this way. Discuss both the organization of the code, and the organization of
each pronouncement (the numbering system). 10 pts
4) Locate the FASB Concept Statement that discusses the elements of the financial
statements.
a) Provide the three essential characteristics of assets (provide paragraph
citations) 5 pts
b) Discuss the difference between realization and recognition on financial
statements. 5 pts
5) Locate the FASB Codification Standard that addresses Comprehensive Income and
answer the following questions (use paragraph citations) 25 pts
a) What is the code section number that addresses comprehensive income?
b) Provide the definition of comprehensive income.
c) What items are generally included in comprehensive income.
d) What are reclassification adjustments?
e) Provide the definition of accumulated other comprehensive income.
6) Locate the FASB Codification Standard that addresses revenue recognition when a right
of return exists and answer the following questions (use paragraph citations). 20 pts
a) What is the code section number that addresses revenue recognition when a right
of return exists?
b) What step(s) in the revenue recognition model does the right of return impact?
c) Does the FASB literature provide an example of the accounting for a right of
return? If so, summarize the example.
d) What are the general guidelines for constraining estimates of the transaction price
(variable consideration)
7) Locate the FASB Codification Standard that addresses accounting for losses from
uncollectible receivables and answer the following questions (use paragraph citations) 15
pts
a) What is the code section number that addresses accounting for losses from
uncollectible receivables?
b) When should an accrual for losses from uncollectible receivables be made?
c) What happens if a company cannot make an estimate of potentially uncollectible
receivables?
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