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yukagin
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| Posted: 26 Jan 2011 at 19:45 | IP Logged
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question about F2 simulation Becker 2011
If you'll notice on the Becker 2011 F2 sim, on the 4th
tab, there is a research question asking you to put
in the FASB codification for development stage
enterprise.
Question states: "Start up Inc. is issuing its financial
statements for year ended 12/31/01. The owners of the
company want to classify Start up inc. as a development
stage enterprise and specifically identify the company as
a development stage enterprise to alert investors as to
the reasons for the organization's financial performance.
Find the proper citation that provides guidance for
identifying a development stage enterprise."
they say the answer is FASB ASC 915-10-20 Glossary
but I keep getting 915-10-05-1 which says "the
development stage entities topic specifies the guidelines
for identifying an entity within the development
stage..."
__________________
REG82,BEC79,FAR 5/31/11 (waiting)
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yukagin
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| Posted: 26 Jan 2011 at 19:48 | IP Logged
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The other tough thing with the F2 simulation is that 1st
tab where you have to make debits and credits to correct
incorrect entries already made. The difficulty with this is
you may know what they should have done, but you have to
figure out what they did wrong also and then net the two,
if you know what i mean.
The Becker solution says that it's unlikely this 1st tab
would be part of a SIM though because of how lengthy and
time consuming it is. What do you think? I really hate
reading the problem on tab1 and trying to figure out what
the WRONG entries were in the first place...
__________________
REG82,BEC79,FAR 5/31/11 (waiting)
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marcus3485
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| Posted: 29 Jan 2011 at 14:30 | IP Logged
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Here is what my professor for the online class wrote
because I had the same exact question. I think it is
completely retarded.
"As it turns out, Becker's solution does answer the
research question. In essence, the research question is
that we need to find the citation of the authoritative
literature that helps us identify what a development
stage enterprise is. Becker's solution cites the
glossary, and in the glossary there IS a definition of
what a development stage enterprise is (thus allowing us
to identify a development stage enterprise). The cite
that you provided actually gets more into what must be
DISCLOSED once a development stage enterprise is
identified. The disclosure requirements are relevant,
but in answering this particular research question I
think Becker's answer is a little more on point (in that
Becker's answer helps us IDENTIFY a development stage
enterprise)."
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rsoxtim
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| Posted: 10 Sep 2012 at 20:03 | IP Logged
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This simulation is an absolute beast, especially the first two parts. I
definitely need to go back later and reread, retry, and understand some of
those answers.
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Topic: Question about F2 simulation Becker 2011
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