• March 4th, 2016

Case:The Supply of Accounting Information (Codification)

Paper, Order, or Assignment Requirements

The Supply of Accounting Information (Codification)
You are conducting an accounting research project for your manager. Your manager has asked you to determine the appropriate U.S. GAAP that specifies how your company should recognize and value a newly purchased piece of equipment on the company’s balance sheet. Your manager also wants you to determine the GAAP guidance for how the equipment should be depreciated. Your manager has a lot of knowledge and experience in accounting, and has heard about, but has never used, the FASB Accounting Standards Codification (ASC) system.
Directions
Use the FASB Accounting Standards Codification system to conduct the research your manager has assigned to you. Use the Codification to determine how to recognize, value, and depreciate a piece of equipment. Be prepared to show your manager the specific FASB ASC references that provide the appropriate guidance. Also, prepare a brief memo explaining to your manager the different levels of the Codification and how to use the Codification system.

Reading and FASB Accounting Standards Codification Information
You will find the reading in Intermediate Accounting, Wahlen et al, chapter 1: 1-12 through1-16 useful for this assignment (1st edition) [this is one of the two e-chapters you have been asked to purchase for this course].

Present your information in a 2-3 page essay using Microsoft Word format. Use the American Psychological Association (APA) style (6th edition) for writing your assignment. Be sure to check your work and correct any spelling or grammatical errors before you post it.

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