Accounting Standards Codification ( Asc ) 280-10-50-40

Publicly traded companies are subject to the reporting and disclosure requirements of the Securities Exchange Commission (SEC). The laws that govern the securities industry were established to provide transparency to investors, creditors and shareholders alike. According to Hoyle, Schaefer & Doupnik, (2015) there are seven major disclosure requirements, the first being a five-year summary of operations to encompass sales, assets, income from continuing operations. Followed by a description of business activities, a three year summary of industry segments to include foreign and domestic operations, a list of company directors and executives, quarterly market price of common stock for the last two years, restrictions on the company’s ability to continue paying dividends, and finally, an analysis of the company’s financial condition, changes in the conditions and results of operation.

2- The Financial statement disclosure is required when a company has two different segments, as is the case of the Sony Entertainment.

The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing and Accounting Guides, SOX Reporter, and GAAP Practice Manual. A summary of benefits and issues with the searches of each database will also be discussed.

Increasing pressures of cutting costs and improving the quality of care in health care services influences the management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow to determine the financial position of an organization. According to Finkler, Kovner, and Jones (2007) the most common and important GAAP are as follows: (a) Entity concept, (b) Going-concern concept, (c) Matching principle and cash versus

The purpose of convergence by the two boards is to create a common set of standards for use by both domestic and foreign entities to create internationally comparable statements. The boards initially met in 2002 for a meeting known as the Norwalk

The Board decided to require an entity to disclose the terms of any rights or privileges granted by a governmental entity directly to the reporting entity that have reduced, or may reduce, the entity’s income tax burden. The Board also made the decision to revise the carryforward disclosure requirement in Topic 740 for a public business entity. A public business entity would be required to disclose:

Under tax law, the Accounting Standards Codification (ASC) states four possible sources of taxable income. These four sources may realize a tax benefit for deductible temporary differences and carryforwards. The sources as stated directly in ASC 740-10-30-18 are:

Inventories, is similar to the US GAAP definition under Accounting Standards Codification, ASC 330. According to Ernst & Young (2013) article, they are both based on the principle that the primary basis of accounting for inventory is cost. Both define inventory as assets held for sale in the ordinary course of business, in the process of production for such sale or to be consumed in the production of goods or services (pg.71). This which lead to the entries above. Under U.S. GAAP, the company reports inventory on the balance sheet at the lower of expense or market, where business sector is characterized as replacement cost of$180,000, with net realizable value of $190,000 and net realizable value less a normal profit of $152,000. In this case, stock was composed down to replacement cost and provided details regarding the December 31, 2014 asset report at $180,000. A $70,000 loss was incorporated into 2014 income. The company would report inventory on the balance sheet at the lower of cost $250,000 as historical cost and net realizable value as $190,000. Inventory would have been accounted for on the December 31, 2014 asset report a net realizable estimation of $190,000 and a loss on write-down of inventory of $60,000 (the historical cost subtracted from net realizable expense) would have been reflected in net income. IFRS income would be $10,000 bigger than U.S. GAAP net pay. IFRS held earnings would bigger by the same amount.

The FASB Codification database is easy to use when researching the accounting standards once the basics are fully understood. The FASB Codification database can be accessed by logging in at http://aaahq.org/ascLogin.cfm and using the following codes (case sensitive):

The Financial Accounting Standards Board (FASB) writes the code that directs certified public accountants and accounting professionals in non-governmental environments. On occasions, the FASB proposes changes to those accounting standards. This process includes exposure drafts. The issuance of exposure drafts is for individual and business comments. The input from the respondents in comment letters is analyzed and considered by the board in the deliberations regarding the issue. "Proposed Accounting Standards Update – Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations," published on April 2, 2013, discusses changing the reports to be more useful and reduce costs for preparers. This report will discuss the exposure draft in depth and the comment letters accordingly.

Another critical requirement for users of financial statements is information, this is addressed through the disclosure of certain principles, policies and procedures to facilitate decision making, which current standards don’t adequately address, hence the issuing of AASB 15. (AASB,2014) Accordingly, a new standard is required to rectify the inconsistencies of revenue recognition and address the lack of consistent and useful information.

This paper will analyze these views as they apply to the discloser of segment information for public entities as required by topic 280 of the FASB accounting standards codification, and discussed in Statement of Financial Standards No. 131 (“SFAS 131). The paper is structured as follows: Section II provides an overview of the objective and general purpose of financial reporting and the qualitative characteristics off useful financial information as determined by the Financial Accounting Standards Board (“FASB”), section III introduces the concept of segment reporting and outlines the requirements for disclosures of segment information for public companies, section IV evaluates the relevance of

In order to help users of financial statements better understand the public entity 's operations and make more informed decisions about the public entity 's operating matters, publicly-held companies are required to disclose the segments and related information about the different types of activities in which the company engages and the different economic environments in which the company operates. According to FASB Accounting Standards Codification, public entity is a business entity or a not-for-profit entity that issues securities in public market or is required to files financial statements with SEC. FASB provides guidance regarding the disclosure in the notes to financial

The Financial Accounting Standards Board has issued for public comment two Exposure Drafts related to its disclosure framework project. The first exposure draft proposes amendments to Statement of Financial Accounting Concepts - Conceptual Framework for Financial Reporting, Chapter 3 – Qualitative Characteristics of Useful Financial Information. The purpose of this proposed amendment is to clarify the concept of “materiality”. FASB defines materiality as, information is material if omitting it or misstating it could influence decisions that users make on the basis of the financial information of a specific reporting entity. In other words, materiality is an entity-specific aspect of relevance based on the nature or magnitude or both of the items to which the information relates in the context of an individual entity’s financial report. Consequently, the Board cannot specify a uniform quantitative threshold for materiality or predetermine what could be material in a particular situation.

First, The International Accounting Standards Board (IASB) issues The International Financial Reporting Standards (IFRS) on U.S securities and exchange companies listed.