STANDARD CODIFCATION PROJECT

Overview:

-    Your paper will be a detailed analysis of a company’s application of two ASC standards. You must utilize the US GAAP handbook as well as read the ASC itself. It must be concise and deal with the accounting standard and its application only. Bullet point format is acceptable provided it is clear. There should be little to no extraneous discussion of the business or its profitability.

Specifics:

-          Identify a US publicly traded company of your liking.  Be forewarned to choose a company that is not over complex as to confuse the accounting.

-          Use the SEC website as shown in class to look up the company's financail filing. You will use only their 10-K filings

-          Read the financial statements and notes.  Identify two significant accounting policies preferably ones that we studied this semester.  

-          Identify the ASC associated with each of the policies, down to the subsections of the ASC. 

-          Read the ASC in conjunction with the US GAAP handbook.  For example.  If you choose inventory you should identify the proper subsections within ASC 330 and become expert with that ASC.

-          Understand how the company you selected has applied that ASC.  For example, the company uses ASC 330 for inventory and choose the FIFO method.  Explain the application of the ASC and why the company elected that method.

-          Include a copy of Note 1 from your company's fiancial statement.  This note should be the significant company  accounting policies.  Your selection of ASC will most likely come from here.

Goal:

-          Convey your understanding of the ASC and how the company applied it.  Superficial or obvious observations are not acceptable.  You need to show your understanding of the subject and the company.