Provide the appropriate FASB codification references for the following questions In certain situations, more than one reference is required Your high tech client buys two new pieces of equipment Both of which are going to be used for research and development for the next three years After using machine A for the three years, the firm will then be able to use that piece of equipment for a future alternative use Machine B, will not be able to be used for a future alternative use The decision about whether to elect the fair value option of financial instruments is usually applied instrument by instrument, except in certain situations Where would you find those certain situations We have learned this semester that companies are required to report comprehensive income in one of two ways If your company decides to report it in two separate financial statements, where would you find the guidance for this option A new farmer does not know how he should classify his poultry and livestock for financial reporting purposes Where would he find the guidance What was the first official pronouncement of the Financial Accounting Standards Board in the year 2019 Briefly describe the pronouncement What is the effective date of the change After graduating from BSU, you take a job at Brady Incorporated which is in a technology intensive industry Recently, one of its competitors introduced a new product with technology that might render obsolete some of Bradys inventory You, nor any of the accounting staff know how to account for this significant market event You have a meeting next week with the entire accounting department, including the CFO and CEO to discuss this matter Answer the following four questions so you can be well prepared for the meeting and perhaps be promoted Identify the primary authoritative guidance for the accounting for inventories List three types of goods that are classified as inventory What characteristic will automatically exclude an item from being classified as inventory Define market as used in, lower of cost or market Explain when it is acceptable to state inventory above cost and which industries allow this practice

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Provide the appropriate FASB codification references for the following questions. In certain situations, more than one reference is required. Your high-tech client buys two new

Provide the appropriate FASB codification references for the following questions. In certain situations, more than one reference is required.
1. Your high-tech client buys two new pieces of equipment. Both of which are going to be used for research and development for the next three years. After using machine A for the three years, the firm will then be able to use that piece of equipment for a future alternative use. Machine B, will not be able to be used for a future alternative use.
2. The decision about whether to elect the fair value option of financial instruments is usually applied instrument by instrument, except in certain situations. Where would you find those certain situations?
3. We have learned this semester that companies are required to report comprehensive income in one of two ways. If your company decides to report it in two separate financial statements, where would you find the guidance for this option?
4. A new farmer does not know how he should classify his poultry and livestock for financial reporting purposes. Where would he find the guidance?
What was the first official pronouncement of the Financial Accounting Standards Board in the year 2019? Briefly describe the pronouncement. What is the effective date of the change?
After graduating from BSU, you take a job at Brady Incorporated which is in a technology-intensive industry. Recently, one of its competitors introduced a new product with technology that might render obsolete some of Bradys inventory. You, nor any of the accounting staff know how to account for this significant market event. You have a meeting next week with the entire accounting department, including the CFO and CEO to discuss this matter. Answer the following four questions so you can be well prepared for the meeting and perhaps be promoted.
Identify the primary authoritative guidance for the accounting for inventories.
List three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?
Define market as used in, lower of cost or market
Explain when it is acceptable to state inventory above cost and which industries allow this practice