CODIFICATION PROJECT TEMPLATE

Company NameCompany: Wayfair

Trading Symbol

Financial Statement - 10K

Date of Financial Statement: For the fiscal year ended December 31, 2020.

1)ASC Number and Title Inventory 330

a) Descrbe the ASC:

* What was the issue date

* Explain the guidance and how the guidance works

* Discuss how this guidance is disclosed

b) How does the company apply the guidance.

* What effect does it have on the financail results

* If there was judgement allowed in the application of the guidance what decisions were made

2) ASC Number and Title: Receivable 310

a) Descrbe the ASC:

* What was the issue date

* Explain the guidance and how the guidance works

* Discuss how this guidance is disclosed

b) How does the company apply the guidance.

* What effect does it have on the financail results

* If there was judgement allowed in the application of the guidance what decisions were made,

STANDARD CODIFCATION PROJECT
Overview:
	- Your paper will be a detailed analysis of a companys application of two ASC standards. You must utilize the US GAAP handbook as well as read the ASC itself.
Specifics:
	- Identify a US publicly traded company of your liking. Be forewarned to choose a company that is not over complex as to confuse the accounting.
	- Use the SEC website as shown in class to look up the company's financail filing. You will use only their 10-K filings
	- Read the financial statements and notes. Identify two significant accounting policies preferably ones that we studied this semester.
	- Identify the ASC associated with each of the policies, down to the subsections of the ASC.
	- Read the ASC in conjunction with the US GAAP handbook. For example. If you choose inventory you should identify the proper subsections within ASC 330 and become expert with that ASC.
	- Understand how the company you selected has applied that ASC. For example, the company uses ASC 330 for inventory and choose the FIFO method. Explain the application of the ASC and why the company elected that method.
	- Include a copy of Note 1 from your company's fiancial statement. This note should be the significant company accounting policies. Your selection of ASC will most likely come from here.
	- The format of your paper should be concise and to the point. The paper should not be longer than 4 pages.
Goal:
	- Convey your understanding of the ASC and how the company applied it. Superficial or obvious observations are not acceptable. You need to show your understanding of the subject and the company.
Dates:
	- The project is due one week before the final. Only hardcopies are acceptable. They should be typed and in a clear and understandable format. Again, bullet points are acceptable if properly presented. Papers will not be accepted after the due date.