ACCT 5311, Fall, 2015

Codification Project
Project due date: In class, Monday, December 7, 2015
Access website: http://aaahq.org/ascLogin.cfm
Username: AAA51997
Password: t2f9ZBY

The purpose of this project is to familiarize you with the FASB Codification data base. I do not
intent for you to spend a great deal of time on this project. I want you to simply learn what the
data base is and something about how to use the system.
I have placed two documents concerning the Codification on Blackboard. One of the
documents is a user guide that explains how to access and retain information on whatever topic
you choose to research. The second document discusses the reasons that led to the
development of the data base. It is important that you read this second document so that you
will have some understanding what the FASB was attempting to accomplish when they
undertook this project. You should read the entire document. On your final exam, I will include
several questions from the information included in the first 10 or 12 pages of the document. So
read at least that much very carefully.
Since the data base is intended to be a research aid and tool, you will need to select a topic
which you will research using the Codification. I suggest that you simply leaf through you
textbook and find a topic or concept that we have covered this semester that you would like to
pursue. Perhaps you could choose a topic that you do not feel that you completely understood
when we covered it and would like to revisit. Perhaps you could look ahead to the chapters
that you will cover next semester (in ACCT 5312) and find a topic about which you are curious.
Below are examples of some topics you might like to explorethere are many, many more.
Please dont all of you choose one of the topics below.try to find one on your own.
Examples:

extraordinary itemsincome statement

discontinued operationsincome statement
contra asset or contra liability accounts
restricted cash balances
s-t investmentsheld to maturity, trading securities,
available for sale securities
impairment of limited life intangible assets
allowance method of accounting for bad debts
non-controlling interests

After you have familiarized yourself with the use of the Codification data base (see User Guide)
and selected your topic, then you will begin your research on the system.

Your deliverable for this project: I would like to have a report of no more than 2 paragraphs
(one page or less) describing or defining you topic. Give me the data base reference at which
you found your information and tell me about the current accounting for this concept. Tell me
something about the history of the evolution of the accounting process for your topic. Assume
that I know nothing about your topic and you must tell me in your paper all that I need to know
in order to understand the subject. If possible give me the reference for the original document
which first dealt with this topic (example: Ref. FASB ASC 820-10, Fair Value Measurement.
Predecessor literature, Statement of Financial Accounting Standards No. 157: FASB,
September, 2006.)
At the end of each chapter in our textbook there is a heading called FASB Codification.
Generally you will find this heading immediately following the Demonstration Problem for that
chapter. If you cannot decide upon a topic in which you are interested, choose a chapter that
you struggled with, find the FASB Codification heading at the end of the chapter, and find a
topic to research. Some chapters have more items than others so look at a number of different
chapters.
I do not want this assignment to be long and drawn out. I do not expect you to write a multipage document on your topic. However, I want to have an understanding of the topic after I
have read your paper. You cannot do that in a couple of sentences. Papers that are too lengthy
will not be viewed favorably. Likewise papers that are too brief and do not provide sufficient
information about your topic will also not be viewed favorably.
Good luck with this assignment. Let me know should you have questions.