This assignment will expose you to the FASB Codification. (The FASB statements still exist, and we will make reference to them in the course; however, as of September 15, 2009, reference to the FASB pronouncements should be made using the codification system. This method of finding and referencing the pronouncements is similar to the system used to reference the Internal Revenue Code.) Your assignment is to spend some time looking at the FASB Codification and answering some questions about it. Start by going to FASB.org website and go from there.

Questions:

1. XXX YY ZZ is an example of a Codification reference. Describe briefly what each part of the reference means.

2. What is XBRL? A CPA exam question.

3. Find and report the code cites and/or descriptions of the following; A) What does 105-10-10-1 refer to? 105 - 10 - 10 - 1-

B) Where would you find the definition of a Not-for-Profit entity?

C) Oil and Gas Inventory Subsequent Measurement, what is the codification cite?

D) You have a job interview next week with a music recording company. If you wanted to learn more about music industry accounting, where would you look?

E) Should a contingency that might result in a gain generally be reflected in the financial statements? What is your source?

F) What do you find under 932-740-05? 932 - 740 - 05 -

G) If you wanted to better understand "Gains and Losses from the Derecognition of Nonfinancial Assets" where would be the best place to look?

H) What section deals with R&D expenses?