Required: Determine the specific eight- or nine-digit Codification citation (XXX-XX-XX-XX) that describes the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.

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Parrain Parrain · Answer 1 · 2021-04-13T05:46:13+02:00

Answer:

The codes for the Financial Accounting Standards Board (FASB) Accounting Standards Codification can be found on the FASB website.

The format is (XXX-XX-XX-XX).

The first XXX is the Topic.

The first XX is the Subtopic

The second XX is the Section

The third XX or X is the Paragraph.

The Codes for the following are:

1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 450-20-50-3

Topic ⇒ Contingencies

Subtopic ⇒ Loss Contingencies

Section ⇒ Disclosure

2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 470-10-45-14

Topic ⇒ Debt

Subtopic ⇒ Overall

Section ⇒ Other Presentation Matters

3. Accounting for the revenue from separately priced extended warranty contracts. 605-20-25-3

Topic ⇒ Revenue Recognition

Subtopic ⇒ Services

Section ⇒ Recognition

4. The criteria to determine if an employer must accrue a liability for vacation pay. 710-10-25-1.

Topic ⇒ Compensation - General

Subtopic ⇒ General

Section ⇒ Recognition