Question 2: Use Word for all parts of this question. Using the FASB Accounting S

Question

Question 2: Use Word for all parts of this question.

Using the FASB Accounting Standards Codification, locate “Accounting Standards Update No. 2014-09, which is dated May 28, 2014. Answer the following questions related to that Update. Write in complete sentences in proper English (i.e., include punctuation, properly use upper-case and lower-case lettering, etc.). Do not copy and paste unless the instructions direct you to do so. If you do copy and paste, make sure the pasted materials are then re-formatted to be consistent with each other using one font. You may use bold, italics, and underlining if you deem it appropriate, but do not use colors. Make sure you restate each question within each answer.

1. What is the title of this update, including the Topic Number?

2. The Summary of the update provides five objectives of the FASB and the International Accounting Standards Board for initiating this joint project. What are they? You may copy and paste them as part of complete sentences in your answer.

3. The Main Provisions of this update provide a five-step process for achieving the core goal of the update. Provide the five steps. You may copy and paste them after as part of complete sentences in your answer.

4. What is the effective date of these amendments to the Codification for (1) public entities, and (2) non-public entities?

5. For purposes of this update, how is a public entity defined?

Explanation / Answer

1)

IASB and FASB issue new, converged revenue standards

2)

3)

he five steps are:

4)

The ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016, for public entities. Early application is not permitted; however, early adoption is optional for entities reporting under IFRSs.

The 2017 effective date has been chosen, in part, to allow time for entities to make changes to systems and processes that may be needed in order to comply with the new Standard.

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