Provide the codification references to support your answers

Scope Questions

1. Which entities are subject to the Interim Reporting guidance within the Codification?

2. Does the Foreign Currency guidance relate to foreign-based ownership interests accounted for using the equity method?

3. Does the Income Taxes topic apply to an entity's state sales taxes? Explain.

Recognition Questions

1. Within ASC 606-10 (the revised revenue model), where can a researcher find:

a. The core principle?

b. The five steps for applying the core principle?

c. The objective of the guidance in this topic?

d. Guidance on the incremental costs of obtaining a contract with a customer?

2. A company has sued a competitor over a patent infringement violation. Although there has not been a formal ruling, the outcome is likely to go in the company's favor and the proceeds received are reasonably estimated to be at minimum $20M. Can the company record the $20M on its year-end financial statements? Why or Why not?

3. How is the term "probable" different for asset retirement obligations than for contingencies under Topic 450?

Answer rating: 100% (QA)

Scope Questions Interim Reporting guidance Look for guidance within ASC Topic 815 Earnings per Share This topic contains a subtopic on interim reporti... View the full answer