ASU 2016-13 GAAP
Order ID: 89JHGSJE83839 Style: APA/MLA/Harvard/Chicago Pages: 5-10 Instructions:
14. Locate ASU 2016-13.
a. What is the title of this standard, and what are the main provisions of this standard? (Use the summary
pages at the beginning of the ASU to respond.)
b. Also using the Summary, describe how the provisions of this ASU differ from existing GAAP.
c. Now look at the amendments to the Codification that will result from this ASU. What glossary term does
this ASU add to the Codification? In what subtopic will this new term be included? Provide the subtopic
number and topic description.
Performing research using company filings
17. Using the SEC website, locate MGM Resorts International’s most recent Form 10-K. Describe:
a. How you went about locating the 10-K. (Describe your search path.)
b. When was this form filed?
c. In what footnote can investors read about the company’s loyalty program obligations?
d. Brainstorm: In what circumstances might a peer company (accounting researcher) want to review this
footnote containing information about the company’s loyalty program obligations?
Consideration of IFRS
18. Using ifrs.org (under IFRS then Standards):
a. Identify the international accounting standard that co1Tesponds to the FASB’s ASC 820, Fair Value
Measurement.
b. Next, compare the definition of fair value used in that standard to the definition of fair value in ASC 820-
10-35-2. (You may have to create a no-cost login to view this file.)
c. Explain, broadly, a circumstance in which a researcher might look to the IASB’s fair value guidance.3.11
You Create the Case (Applying the Accounting Research Process)
On your own, create a fictitious fact pattern (accounting problem/business issue) to which you can apply the accounting research process. If you can, use a fact
pattern based on a real situation that you’ve encountered professionally. Alternatively, the following sources may help
you generate ideas: ( l) The Codification: browse for guidance, then “back into” a fact pattern; (2) recent business news
articles (e.g., from the Wall Street Journal); (3) discussions with small-business owners; or (4) corporate annual repo1ts.
Required:
1. Describe the fact pattern.
2. Identify at least l researchable question for this fact pattern.
3. Brainstorm the likely answer to the question.
4. Locate the applicable Codification reference. Describe the requirements, plus any alternatives available.
5. Briefly describe your conclusion.
# Please check the sample memo. Book is attached as well
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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ASU 2016-13 GAAP