You don’t need to write anything in your own words, just copy and paste the information that you found from the cite attached.
I. FASB Accounting Standards Codification (FASC)
This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must answer are:
II. Topic-Specific Research
You have been hired at an audit firm as a first year staff. This firm requires that all references to generally accepted accounting principles in the audit workpapers include the corresponding FASC citation (topic and subtopics). Below are three independent situations found at your clients that require research and documentation.
For each question, (1) provide the citation number (topic and subtopic) that addresses the question and (2) answer the question. Document this under the question, indenting your answer.
1. Transfer of Receivables
Your client transferred receivables this fiscal year. Discuss the authoritative literature for the following items that are discussed in the securitization agreement.
(a) Identify the primary authoritative guidance for the accounting for transfers of receivables.
2. Comprehensive Income
3. Income Taxes
You can access the Financial Accounting Standards Board (FASB) Financial Accounting Standards Codification database at: http://aaahq.org/ascLogin.cfm. Type in the following:
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