FASB codification research • LO19–2 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website ( www.fasb.org ). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans? 2. List the disclosure requirements.
FASB codification research • LO19–2 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website ( www.fasb.org ). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans? 2. List the disclosure requirements.
Solution Summary: The author explains that the Financial Accounting Standards Board (FASB) creates, develops and approves accounting standards and administers GAAP.
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted
accounting principles.
Required:
1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans?
Q23
Which of the following instruments are types of derivative instruments?
(i) Treasury bills
(ii) Debtors listings
(iii) Patents
(iv) Swaps
(v) Options
Select one:
a. (iv) and (v) only
b. (i) and (v) only
c. (iii) and (iv) only
d. (i), (iii) and (v) only
Q12. The following are commonly used plug items, except
a. cash and marketable securities
b. equity
c. short-term debt
d. long-term debt
e. all of the choices
AP7.10 (LO 6) As discussed in the chapter, the results of tests of controls should ultimately influence the auditor’s audit strategy.RequiredExplain the differences between an audit of internal controls as required by AS 2201 and the testing of internal controls for the purposes of expressing an opinion on the financial statements as mandated by AU-C 315. Refer to the standards in your answer.
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