What is the title of this standard, and what are the main provisions of this standard? (Use the summary pages at the beginning of the ASU to respond.)

14. Locate ASU 2016-13.

a. What is the title of this standard, and what are the main provisions of this standard? (Use the summary

pages at the beginning of the ASU to respond.)

b. Also using the Summary, describe how the provisions of this ASU differ from existing GAAP.

c. Now look at the amendments to the Codification that will result from this ASU. What glossary term does

this ASU add to the Codification? In what subtopic will this new term be included? Provide the subtopic

number and topic description.

Performing research using company filings

17. Using the SEC website, locate MGM Resorts International’s most recent Form 10-K. Describe:

a. How you went about locating the 10-K. (Describe your search path.)

b. When was this form filed?

c. In what footnote can investors read about the company’s loyalty program obligations?

d. Brainstorm: In what circumstances might a peer company (accounting researcher) want to review this

footnote containing information about the company’s loyalty program obligations?

Consideration of IFRS

18. Using ifrs.org (under IFRS then Standards):

a. Identify the international accounting standard that co1Tesponds to the FASB’s ASC 820, Fair Value

Measurement.

b. Next, compare the definition of fair value used in that standard to the definition of fair value in ASC 820-

10-35-2. (You may have to create a no-cost login to view this file.)

c. Explain, broadly, a circumstance in which a researcher might look to the IASB’s fair value guidance.

3.11

You Create the Case (Applying the Accounting Research Process)

On your own, create a fictitious fact pattern (accounting problem/business issue) to which you can apply the accounting research process. If you can, use a fact

pattern based on a real situation that you’ve encountered professionally. Alternatively, the following sources may help

you generate ideas: ( l) The Codification: browse for guidance, then “back into” a fact pattern; (2) recent business news

articles (e.g., from the Wall Street Journal); (3) discussions with small-business owners; or (4) corporate annual repo1ts.

Required:

1. Describe the fact pattern.

2. Identify at least l researchable question for this fact pattern.

3. Brainstorm the likely answer to the question.

4. Locate the applicable Codification reference. Describe the requirements, plus any alternatives available.

5. Briefly describe your conclusion.

# Please check the sample memo. Book is attached as well

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