1. Watch the FASB Codification Tutorial 2. Access the codification database and give a summary (1 paragraph) of each of the below references: See attachment
ACCT525 Week 3 Assignment 1. Watch the FASB Codification Tutorial - Available through the course shell https://asc.fasb.org/help&cid=1175804733759 2. Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references: a. ASC 830-230-55-1 Example 1: Statement of Cash Flows for Manufacturing Entity with Foreign Operations 55-1 This Example illustrates a statement of cash flows under the direct method for a manufacturing entity with foreign operations. The illustrations of the reconciliation of net income to net cash provided by operating activities may provide detailed information in excess of that required for a meaningful presentation. Other formats or levels of detail may be appropriate for particular circumstances. b. ASC 926-330-35-1 Products Held for Sale 35-1 An entity shall, at each balance sheet date, evaluate inventories of products held for sale, such as videocassettes and digital video discs, for net realizable value and obsolescence exposures, with appropriate adjustments recorded as necessary. c. ASC 954-440-25-2 Paragraph 954440351 requires that the obligation of a continuing care retirement community to provide future services and the use of facilities to current residents be calculated annually to determine whether a liability shall be recognized in the financial statements. 954440351 The obligation of a continuing care retirement community to provide future services and the use of facilities to current residents shall be subsequently measured annually in order to determine whether a liability shall be reported in the financial statements. d. ASC 505-20-50-1 50-1 Paragraph 505-20-25-2 identifies a situation in which a stock dividend in form is a stock split in substance. In such instances every effort shall be made to avoid the use of the word dividend in related corporate resolutions, notices, and announcements and that, in those cases in which because of legal requirements this cannot be done, the transaction be described, for example, as a stock split effected in the form of a dividend. 505-20-25-2 The number of additional shares issued as a stock dividend may be so great that it has, or may reasonably be expected to have, the effect of materially reducing the share market value. In such a situation, because the implications and possible shareholder belief discussed in paragraph 505-20-30-3 are not likely to exist, the substance of the transaction is clearly that of a stock split. e. ASC 710-10-05-6 Deferred Compensation Arrangements 05-6 The General Subsections of this Subtopic provide guidance on deferred compensation arrangements that are individual employment contracts and are not in substance a pension or other postretirement benefit plan as described in paragraph 715-10-15-3. 715-10-15-3 The guidance in the CompensationRetirement Benefits Topic applies to the following types of benefit arrangements: a. Any arrangement that is in substance a pension or other postretirement benefit plan, regardless of its form or the means or timing of its funding b. Written plans and unwritten plans whose existence is discernible either from a practice of paying pension or other postretirement benefits or from oral representations made to current or former employees c. Deferred compensation contracts with individual employees if those contracts, taken together, are equivalent to a plan that provides pension or other postretirement benefits d. Health and other welfare benefits expected to be provided to employees deemed to be on a disability retirement. Please put it in your own words
