ACFI 340 PROJECT #1 FALL 2017 Projects are due October 19th at the start of class. Please ensure you have included your name on the project and it is stapled. I will not accept late projects. For the following six questions, provide the complete codification reference. You do not need to explain your answer, ASC reference only. What guidance does the Codification provide on the classification of current liabilities? 2. 1. Due to rising fuel costs, your client, Amazon.com, is considering adding a charge for shipping and handling costs on products sold through its website. What is the authoritative guidance for reporting these costs? cost? What guidance does the Codification provide concerning reporting inventories above Identify the authoritative literature that addresses disclosure information about capital structure? You and your friend, who took one accounting class, are discussing accounting (what else is there to talk about?). He believes that depreciation is something done based on past practices not on the basis of any authoritative guidance. Provide the reference to 3. 4. 5. the authoritative literature to support the practice of fixed-asset depreciation. 6. Under what condition must an employer accrue a liability for employees' compensation for future absences? What is the most recent Accounting Standards Update? Provide the number of the update, date issued, a brief summary and in which topic (number) that update is for? 7