1.List all the grandfathered items that are contained in the ASC.

2.Provide the following:

i.ASC citation(s) for the following financial statement element name:

AdjustmentForLongTermIntercompanyTransactionsNetOfTax

3.Use the FASBs ASC Learning Guide to answer the following (please include page numbers where relevant)

i.How many parts and lessons are in the FASBs ASC Learning Guide?

ii.What are the key differences regarding speed between Systematic Browsing and Searching?

iii.What is the first Tip for Success titled?

iv.How should a creditor recognize legal fees and other direct costs incurred to affect a troubled debt restructuring?

4.i. What are the criteria for arrangements with multiple deliverables to have any delivered item(s) to be considered a separate unit of accounting?

ii. What would support an entitys reassessment of the revenue recognition criteria established at contract inception?

iii. How frequently is the criteria evaluation to be performed by the responsible party?

5.J is an accounting student who is preparing a research paper on the history of accounting for general intangible assets other than Goodwill. During a lecture, J was told that defensive intangible assets, if not used in R&D activities, shall be accounted for as a separate unit of accounting. J would like to know if this treatment was prescribed by a pre-codification authoritative source, and if so, which one and the date of ratification. Please assist J by providing an answer.

6.Match the following definitions of Fair Value with the appropriate ASC topic content:

i.The amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

ii.The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

A.Relates to concept of a recoverable amount for purposes of supplemental disclosure per ASC 255-10-50-36

B.Relates to concept of a share-based payment transaction with employees classified as liabilities per ASC 718-30-30-2

6i = __________ 6ii = __________

(enter A or B) (enter A or B)