CodificationResearch Case As part of the year-end audit, you are discussing the disclosurechecklist with your client. Thechecklist identifies the items that must be disclosed in a set of...

Codification Research Case

As part of the year-end audit, you are discussing the
disclosure checklist
with your client. The checklist identifies the items that must be disclosed in a set of GAAP financial statements. The client is surprised by the
disclosure item related to accounting policies. Specifically, since the audit report will attest to the statements being prepared in accordance with GAAP, the client questions the accounting policy checklist item. The client has asked you to conduct some research to verify the accounting policy disclosures.

Instructions

If your school has a subscription to the FASB Codification, go to
http://aaahq.org/ascLogin.cfm
to log in and prepare responses to the following. Provide Codification references for your responses.

(a)

In general, what should disclosures of accounting policies encompass?

(b)

List some examples of the most commonly required accounting policy disclosures.