Assignment is attached. For most questions you can copy/paste the answer directly from the codification.Do not copy/paste from any other sources,such as the textbook or google search.

ACG4111 Intermediate Financial Accounting II Version 5 Financial Accounting Standards Codification Research Assignment This assignment is comprised of researching several of the more current technical topics in accounting and responding to several specific technical standard questions about the topics. You may be asked to interpret how the technical standard is applied or what the objective(s) of the related GAAP rules are attempting to address. Note that the FASC is now the one and only source of the technical GAAP standards; other sources are no longer accepted as GAAP. You can access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database at: http://aaahq.org/ascLogin.cfm. Type in the following: Username: AAA52092 Password: Z5u6ECd Click on \"FASB Accounting Standards Codification\" and the database will open. The topics are found on the left side of the welcome page. Clicking on the topic will return the subtopics and contents. You can access each topic by either scrolling over the topics and subtopics until you find the related content or topic or by using the search box found in the top right of the screen. Submission: Electronic copies of this assignment should be attached to a Blackboard Message to your professor. I. FASB Accounting Standards Codification (FASC) This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the \"About the Codification\" and \"Notice to Constituents\" sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must answer are: (a) When did the FASC Codification become effective? (b) Did the FASC change prior GAAP? (c) What does the FASB expect from the new FASC structure and system? (d) What are the \"topics\" used in the ASC? (e) Are Securities and Exchange Commission (SEC) references included in the ASC? II. Topic-Specific Research You have been hired at an audit firm as a first year staff. This firm requires that all references to generally accepted accounting principles in the audit workpapers include the corresponding FASC citation (topic and subtopics). Below are three independent situations found at your clients that require research and documentation. For each question, (1) provide the citation number (topic and subtopic) that addresses the question and (2) answer the question. Document this under the question, indenting your answer. 1. Asset Impairments Your client provides warehousing services for companies in several midwestern cities. The client has not been performing well due to increased competition and the loss of several customers that have recently gone out of business. Your client suspects that the plant and equipment may be impaired and wonders whether those assets should be written down. Given the company's prior success, this issue has never arisen in the past. Your client has asked you to assist researching this issue. (a) What is the primary authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies). (b) Give several examples of events that would cause an asset to be tested for impairment. (c) What is the best evidence of fair value? Describe alternate methods of estimating fair value? (d) Does it appear that ABC should perform an impairment test? Explain. 2. Goodwill King Company is contemplating the purchase of a smaller company, which is a distributor of King's products. Top management of King is convinced that the acquisition will result in significant synergies in its selling and distribution functions. You audit senior asked you to document the effects of the acquisition on the combined company's financial statements. (a) Identify the primary authoritative guidance that addresses goodwill and other intangible assets. (b) Define goodwill. (c) Is goodwill subject to amortization? If not, would it ever be reflected in the income statement? Explain. (d) When goodwill is recognized by a subsidiary, should it be tested for impairment at the consolidated level or the subsidiary level? Discuss. 3. Stock Based Compensation Richardson Company is contemplating the establishment of a sharebased compensation plan to provide longrun incentives for its top management. However, members of the compensation committee of the board of directors have voiced some concerns about adopting these plans, based on news accounts related to a recent accounting standard in this area. They have asked you to conduct some research on this recent standard so they can be better informed about the accounting for these plans. (a) Identify the primary authoritative guidance that addresses the accounting for share based payment compensation plans. (b) Briefly discuss the objectives for the accounting for stock compensation. What is the role of fair value measurement? (c) The Richardson Company board is also considering an employee sharepurchase plan, but the Board does not want to record expense related to the plan. What criteria must be met to avoid recording expense on an employee stockpurchase plan