2. Log into the codification database and perform a search on the following term

Question

2. Log into the codification database and perform a search on the following terms and answer the related questions: a. Warranty expense i. How many results did you get? ii. Click on “605 Revenue Recognition > 20 Services > 25 Recognition” and summarize what is said in subsection 25-3. b. Property, plant and equipment i. How many results did you get? ii. Click on “360 Property, Plant, and Equipment > 10 Overall > S50 Disclosure” and summarize what is said in subsection S50-1. c. Extinguishments of Liabilities i. How many results did you get? ii. Click on “405 Liabilities > 20 Extinguishments of Liabilities > 10 Objectives” and summarize what is said in subsection 10-1. Week 3 Homework Update It has come to our attention that the FASB deleted the tutorials from their website. Here are some good videos that will help you as well as the FASB’s Notice to Constituents which will also help. FASB Codification – Part I - http://www.youtube.com/watch?v=lLNPUDUWkSg FASB Codification – Part II - http://www.youtube.com/watch?v=h4jbdda0cnM FASB’s Notice to Constituents -https://asc.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175825416782&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs Good luck with your assignment!

Explanation / Answer

Hi below i have given the solution for your reference,

a.Warranty expense:

i.How many results did you get?

There are 26 results when this search is performed.

ii.Click on “605 Revenue Recognition > 20 Services > 25 Recognition”and summarize what is said in subsection 25-3.

It deals with the extended warranty orproduct maintenance. The seller of these products is obligated to provide servicesthroughout the contract. The revenue is separately priced and recognized in income basedon the straight line method.

b.Property, plant and equipment:

i.How many results did you get?

There are 210 results when this search is performed.

ii.Click on “360 Property, Plant, and Equipment > 10 Overall > S50Disclosure” and summarize what is said in subsection S50-1

This deals with the effects onfinancial position and operational results due to various depreciation methods.Disclosures are made in financial statements or in the notes section.

c)Extinguishments of Liabilities:

i. How many results did you get?

There are 34 results when this search is performed.

ii.Click on “405 Liabilities > 20 Extinguishments of Liabilities > 10 Objectives”

This paragraph has been superseded by Accounting Standards UpdateNo. 2009-16.The update is as follows:

The amendments in this Accounting Standards Update improvefinancial reporting by eliminating the exceptions for qualifyingspecial-purpose entities from the consolidation guidance and theexception that permitted sale accounting for certain mortgagesecuritizations when a transferor has not surrendered control over thetransferred financial assets. In addition, the amendments requireenhanced disclosures about the risks that a transferor continues to beexposed to because of its continuing involvement in transferredfinancial assets. Comparability and consistency in accounting fortransferred financial assets will also be improved throughclarifications of the requirements for isolation and limitations onportions of financial assets that are eligible for sale accounting.

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