What type of pronouncements do ASUs include and how are they issued/designated?
> List and describe three common SEC forms.
> Describe the rule-making or due process procedures of the FASB in the establishment of a standard.
> What are the SEC accounting authorities? Where are they located?
> Where does the researcher find a. Authoritative sources? b. Nonauthoritative sources?
> Identify the advantages and disadvantages of rules-based versus principles-based accounting standards.
> How can the promulgation of an accounting standard impact economic behavior? Discuss a specific example.
> As an accountant for Microsoft, you are conducting accounting research related to pension accounting, would you utilize the standards of the AICPA, GAO, FASB, or the PCAOB? Why?
> What constitutes U.S. GAAP?
> If authoritative literature does not exist, what steps might the researcher take?
> What is the purpose of the GASB? Why should the public have an interest in governmental financial reporting?
> Explain the necessity of critical thinking in the research process.
> Your conclusion to the research is often presented to your boss or client in the form of a research memorandum. Identify the basic points to include in this memo. Also, identify at least two common errors to avoid in the drafting of the memo.
> What is an under lying reason for the establishment of accounting standards?
> Explain the overload of accounting standards. How is the FASB attempting to overcome this issue?
> How is a tax memo usually organized?
> Use EDGAR to find the most recent 10-K of a company of your choosing. Go to that company’s website and view the same document. How do the two documents differ?
> Discuss how research can support or refute a biased alternative
> Use the advanced search to locate code sections relating to not-for-profit revenue accounting. List the first three relevant code sections.
> If one is researching accounting standards related to a federal government agency, which standard setter would you focus your research on?
> Explain what is meant by problem distillation and its importance in the research process.
> Kyle: I heard you recently left public accounting for a new job. Matt: After 60- to 70-hour weeks, I decided to accept a fantastic offer from one of our clients. Kyle: What company did you decide to go with? Matt: American Insurance Company. I will be
> Jason: I did not realize that our company enters into barter transactions. Jill: I did not either. But I assume we remove the cost of the asset given up and replace it with the same value for the bartered item received. Jason: I wonder though, since so
> What are the functions or responsibilities of the policy committee and executive subcommittee in a multi office firm?
> As CFO of New Era Financing, you have requested staff to evaluate the appropriate method of recognizing revenue from finance charges. In applying data analytics utilizing character recognition software to read hundreds of loans, you determined that a sig
> Scientific Laboratories, Inc., is contemplating a sale of the business to an unrelated third party. During the current year, Scientific has incurred substantial amounts of research and development (R&D) costs related to some drugs with a very high probab
> Are ASUs authoritative?
> What are the typical contents of ASUs?
> Explain the difference in the revised Bloom’s Taxonomy between Understanding and Evaluating.
> Johnson Industries, which is having a very successful year, suggests to the Board of Directors that it issue a dividend to the stockholders. In the discussion with management, the members of the Board of Directors conclude that, in order to conserve cash
> Credit Financial often transfers its loans to other financial institutions with recourse in order to maintain a certain level of cash on hand. In the past, these transfers have been recorded as sales. However, Thrifty Cash is unable to collect on one of
> Use the master glossary in the Codification to research the disclosure requirements for postretirement benefits other than pensions. Explain these requirements.
> Indicate the needed capitalization in the following sentences: a. The auditor said, “we must have these work papers completed by tomorrow.” b. When do we have to file our taxes? c. Is the conference in dallas or austin, texas?
> Use the Codification to identify the accounting authority (location within the Codification) governing each of the following: (Hint: For most, must find very specific Codification references, e.g. xxx-xx-xx-x.) a. The accounting for prepaid advertising
> Utilizing any of the search methods, determine if capitalization of interest is required or optional when getting an asset ready for use.
> Utilizing your critical thinking skills, solve the following problem: Three auditors checked into a hotel under one reservation. After paying $100 each to the hotel manager, they went to their individual rooms. The manager, noting that thetotalrateforthe
> Use the master glossary to find the definition of cash. Then, use the printer-friendly version with sources to locate its associated archived standard.
> CompanyX-Cohasa$10,000,000 gain from exercising stock options. What topic and subtopics would the researcher highlight in the left navigation panel to discover the relevant authority to resolve the issue?
> Use the topical categories in the left navigation panel of the Codification to identify the first three subtopics within the general topic of Presentation.
> Explain the importance of identifying keywords when identifying relevant facts and issues.
> Below, find a modified partial property, plant and equipment footnote text for ABC Company. Property, plant and equipment are stated at cost. Depreciation is recorded principally by the straight-line method over the estimated useful lives of the assets
> If you were a new country setting up an agreement with the IASB to converge to IFRS, which organization would examine whether you were in compliance with your agreement or not?
> What is the Work Plan?
> What is the Norwalk Agreement?
> Can the IASB enforce the use of its standards? If not, what entities can?
> What level of authority does the Framework have?
> How are the IFRS Foundation and IASB funded?
> What are the main goals/objectives of the IFRS Foundation?
> Do all IFRS (IFRSs, IASs, SICs, IFRICs) have equal authority
> If a researcher could not find the answer to the research question in a specific IFRS, where should the researcher look next?
> What is the predecessor Board/committee to the IASB? How many standards did the predecessor issue? What are the standards called?
> How are secondary sources on U.S. GAAP used to help the researcher?
> Does the Codification contain all U.S. GAAP authorities? Explain
> Where can one find Original Pronouncements?
> What are the topical categories that the FASB Accounting Standards Codification Research System (the Codification) divides related guidance into?
> What are the topical categories that the FASB Accounting Standards Codification Research System (the Codification) divides related guidance into?
> What are the challenges to accounting research?
> What are some tools to help in using a database?
> What makes EDGAR different from other research tools?
> Does the Codification contain SEC authorities? If so, what authority does the Codification have over SEC content?
> What are the implications of U.S. GAAP and authoritative support to the researcher?
> What are the advantages of commercial databases compared to free Internet sources?
> Is the content within the Codification authoritative?
> Identify the authoritative publications of the AICPA.
> Discuss the authority of the Statements of Financial Accounting Concepts.
> Access the GASB website (www.gasb.org). List and summarize the GASB Concept Statements.
> How are FASB members chosen?
> Briefly explain the PCC Decision-Making Framework.
> What is the PCC?
> Access the FASB website (www.fasb.org), click the FASB Facts link, and name the current FASB Board members.
> What two governmental organizations were added to the list of sponsoring organizations of the FAF due to the establishment of the GASB’s authoritative status?
> What is the difference between the active voice and the passive voice? Give an example.
> Distinguish between primary authoritative support and secondary authoritative support.
> To conduct efficient research, where should one start in reviewing the accounting literature in search of a solution to a problem?
> Provide an example of structured and unstructured data.
> Define data analytics
> Briefly explain the distinction between qualitative and quantitative analysis in conducting data analytics.
> Access the IIA website (www.theiia.org).Listthreeupcoming training events along with the respective venues.
> Access the AICPA website (www.aicpa.org).UnderAccounting Standards, locate and list the three most recently issued exposure drafts of the Accounting Standards Executive Committee.
> Explain why plain English writing does not mean deleting complex information
> Why did the SEC bring an enforcement action against a CPA concerning research?
> What six principles of clear writing does SEC Release 33-7380 identify?
> Distinguish between a priori and a posteriori research. Which research is used more for planning work?
> Explain the difference in the revised Bloom’s Taxonomy between Understanding and Evaluating.
> What skills are important and tested in the CPA exam?
> How does writing a client letter differ from writing a memo to the file?
> What types of client letters are there?
> Explain the five basic steps in research.
> What are special concerns with e-mails?
> What consequences are considered in the standard-setting process?
> Explain how the research process adds value to the services offered by an accounting firm.
> Explain the analogy of the California court decision dealing with legal research as it relates to the accounting practitioner.
> Discuss how critical thinking relates to the term professional skepticism
> Provide an example of utilizing the research navigation guide.
> Define the term research.
> What are the three stages marketers use to measure brand loyalty?
> What steps do marketers take to make the introductory stage of the product lifecycle successful enough to reach the growth stage? What are some of the challenges they face?
> What is a line extension? Describe how one of the following might create a line extension. a. Angel Soft toilet tissue b. Kellogg’s Frosted Flakes c. Dunkin’ Donuts ground coffee d. Gain laundry detergent
> Describe briefly how L.L.Bean has achieved each of the objectives for developing a product line. Why do you think the firm has been successful?
> How do firms use benchmarking?
> How does marketing for installations and accessory equipment differ?
