Industry-specific guidance
Some industries have
unique transactions that require specific guidance, so the FASB created
industry-focused topics. It is important to note that the industry-specific
guidance in the Codification is incremental – entities must also follow the
guidance in other Topics that do not conflict with the industry-specific
guidance. There are currently 15 industry topics in the ASC.
To
complete this assignment, you must access the FASB Codification. Your assigned
industry is listed at the bottom.
As of 3/31, FASB changed the login process
to the following (with no username or password required):
https://asc.fasb.org/Login
1.
Identify how many subtopics are in the industry
you selected.
2.
Identify four subtopics within your industry
that apply to the Balance Sheet. List by number and title. Explain what they
mean in your own words.
3.
Based on your review of your chosen industry,
identify what you think accountants in the industry might be focused on as an
area or areas (at least two) of concern.
Topic:
Industry-specific guidance Some industries have unique transactions that require specific guidance, so the FASB created industry-focused topics. It is important to note that the industry-specific guidance in the Codification is incremental – entities must also follow the guidance in other Topics that do not conflict with the industry-specific guidance. There are currently 15 industry topics in the ASC. To complete this assignment, you must access the FASB Codification. Your assigned industry is listed at the bottom. As of 3/31, FASB changed the login process to the following (with no username or password required): https://asc.fasb.org/Login 1. Identify how many subtopics are in the industry you selected. 2. Identify four subtopics within your industry that apply to the Balance Sheet. List by number and title. Explain what they mean in your own words. 3. Based on your review of your chosen industry, identify what you think accountants in the industry might be focused on as an area or areas (at least two) of concern. Topic: Financial Services Industry-specific guidance Some industries have unique transactions that require specific guidance, so the FASB created industry-focused topics. It is important to note that the industry-specific guidance in the Codification is incremental – entities must also follow the guidance in other Topics that do not conflict with the industry-specific guidance. There are currently 15 industry topics in the ASC. To complete this assignment, you must access the FASB Codification. Your assigned industry is listed at the bottom. As of 3/31, FASB changed the login process to the following (with no username or password required): https://asc.fasb.org/Login 1. Identify how many subtopics are in the industry you selected. 2. Identify four subtopics within your industry that apply to the Balance Sheet. List by number and title. Explain what they mean in your own words. 3. Based on your review of your chosen industry, identify what you think accountants in the industry might be focused on as an area or areas (at least two) of concern. Topic: Financial Services