ACC 442 Lecture Notes - Lecture 12: Xbrl, Conceptual Framework, Law Enforcement Agency
Codification Topics
1. General Principles
2. Presentation
3. Assets
4. Liabilities
5. Equity
6. Revenue
7. Expenses
8. Broad Transactions
9. Industry
10. Master Glossary
Section Numbers and Titles
00 - Status
05 - Overview and Background
10 - Objectives
15 - Scope and Scope Exceptions
20 - Glossary
25 - Recognition
30 - Initial Measurement
35 - Subsequent Measurement
40 - Derecognition
45 - Other Presentation Matters
50 - Disclosure
55 - Implementation Guidance and Illustrations
60 - Relationships
65 - Transition and Open Effective Date Information
70 - Grandfathered Guidance
75 - XBRL Elements
S-00 - "S" Sections
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Steps of the Research Process
1. Understand the facts
2. Define the problem
3. Stop and think
4. Search for guidance
5. Analyze and document alternatives
6. Justify and document conclusion
Non-Authoritative sources
FASB Conceptual framework
Accounting standard updates and pre-codification standards
Accounting firm resources
AICPA resources
Peer benchmarking
IFRS
Scope
Information within the scope is commonly presented in two ways:
1. The guidance may list specific transactions that are, or are not, within scope
2. The guidance may contain tests to determine what transactions should be included within the scope
of the guidance
Accounting Measurement
Describes at what value (how much) a financial statement item should be recognized.
Valuation - the value of assets and liabilities both initially and subsequently
Measurement Methods
Measurement methods including historical cost, current cost, current market value, net realizable value,
and present value
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