Acct 525 Week 3 Assignment

Week 3 Assignment

ACCT525

July 21, 2016

Week 3 Assignment

ASC 830-230-55-1

        Accounting Standards Codification for section 830-230-55-1 pertains to (830) Foreign Currency Matters, (230) Statement of Cash Flows, (55) Implementation Guidance and Illustrations, (1) Example Statement of Cash Flows for a manufacturing entity with foreign operations.  The main point of the statement is all levels of detail should be appropriate for the circumstances.  Section (1) illustrates an example regarding the statement of cash flow using the direct method for a manufacturing company that has foreign operations

ASC 926-330-35-1

        Accounting Standards Codification for section 926-330-35-1 pertains to (926) Entertainment – Films, (330) Inventory, (35) Subsequent Measurement, (1) Products Held for Sale.  The main point of the statement is that companies should evaluate inventories of videocassettes and digital video disks for net realizable value and obsolescence exposures at each balance sheet date.  Obsolescence exposures in this instance would refer to a loss of usefulness of the product because videocassettes and/or video disks are no longer desired due to the availability of other digital formats.

ASC 954-440-25-2

        Accounting Standards Codification for section 955-440-25-1 pertains to (954) Health Care Entities, (440) Commitments, (25) Recognition, (1) Continuing Care Retirement Community.  The main point of this statement continuing care retirement facilities assume their own risk when projecting costs associated with future services and the usage of their facility.  The retirement community is responsible for following contractual agreements regarding increases and continuing future services without additional compensation.