Industry-specific guidanceSome industries haveunique transactions that require specific guidance, so...

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Industry-specific guidanceSome industries haveunique transactions that require specific guidance, so the FASB createdindustry-focused topics. It is important to note that the industry-specificguidance...

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Industry-specific guidance

Some industries have
unique transactions that require specific guidance, so the FASB created
industry-focused topics. It is important to note that the industry-specific
guidance in the Codification is incremental – entities must also follow the
guidance in other Topics that do not conflict with the industry-specific
guidance. There are currently 15 industry topics in the ASC. To
complete this assignment, you must access the FASB Codification. Your assigned
industry is listed at the bottom.

As of 3/31, FASB changed the login process
to the following (with no username or password required):https://asc.fasb.org/Login

1.
Identify how many subtopics are in the industry
you selected.

2.
Identify four subtopics within your industry
that apply to the Balance Sheet. List by number and title. Explain what they
mean in your own words.

3.
Based on your review of your chosen industry,
identify what you think accountants in the industry might be focused on as an
area or areas (at least two) of concern.

Topic:

Financial Services

research-case-1-for-top-khipm1e4.docx research-case-1-for-top-1m2xjlwj-i4biig2f.docx

Answered 2 days After May 02, 2023

Prince · Accepted Answer

The Financial Accounting Standards Board (FASB) has developed industry-specific recommendations for a few industries to handle distinctive transactions and particular accounting difficulties. The finance services sector, which includes a number of financial organisations like banks, insurance companies, and investment businesses, is one such industry. In this context, it's crucial to remember that industry-specific guidance is gradual and that organisations must also abide by it in regards to other areas that don't contradict with it. The FASB Accounting Standards Codification (ASC) contains a number of subtopics that provide guidance on particular accounting difficulties for the Finance Services business.
1. The Finance Services industry has 6 subtopics in the FASB Codification: 
a. Topic 940 - Financial Services – Brokers and Dealers
b. Topic 942 - Financial Services –Depository and Lending
c. Topic 944 - Financial Services – Insurance
d. Topic 946 - Financial Services – Investment companies
e. Topic 948 - Financial Services – Mortgage Banking
f. Topic 950 - Financial Services – Title Plant
2. The four subtopics within the Finance Services industry that apply to the Balance Sheet are:
a. Subtopic 942-310:

Industry-specific guidanceSome industries haveunique transactions that require specific guidance, so the FASB createdindustry-focused topics. It is important to note that the industry-specificguidance...

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