Question: Number 6 please and also cite your sources Within the scope section of ASC 815-10 (Derivatives), which guidance comes first-the definition of a derivative, or
Number 6 please and also cite your sources Within the scope section of ASC 815-10 (Derivatives), which guidance comes first-the definition of a derivative, or scope exceptions to this topic? Explain. Guidance within the Overview section (-05) of ASC 810-10 provides a flowchart that entities should follow when evaluating whether to consolidate another entity. The flowchart is entitled "Consolidation Analysis in Subtopic 810-10." a. Using a bullet-point list, list the steps shown in this first flowchart. b. Next, navigate to the scope section of ASC 810-10. Within which scope section paragraph are variable interest entitles defined? Name one characteristic of a VIE from this paragraph. c. Within which paragraph are scope exceptions to the variable interest model listed? Name one of these scope exceptions. Name two examples of transactions to which the Principal Agent Considerations subtopic (of existing Revenue Recognition guidance. Topic 605) might apply. What is an example of a transaction that does not qualify as a lease (and is thus excluded from the scope of lease accounting)
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