Fasb Codification On Comprehensive Income On July 1 2009 The Financial Accounting St 2790812

1. FASB codification on Comprehensive Income On July 1, 2009, the Financial Accounting Standards Board (FASB) Accounting Standards Codification became the single official source of U.S. generally accepted accounting principles. The Codification became effective for interim and annual periods ending after September 15, 2009. You should become familiar with the Codification because it will be important in your career. As a student, you can access and use the Codification free by taking the following steps: 1. Go to the following web address: http://aaahq.org/ascLogin.cfm. 2. For Username enter: AAA52023 For Password enter: 9f2hXBB 3. In the middle of the new screen, click on “FASB Accounting Standards Codification”. Once you access the Codification, you might want to try the Learning Guide. As part of your research project this semester, you should read the Financial Accounting Standards Board (FASB) Accounting Standards Codification sections on comprehensive income. 2. Part I: Collecting financial statements of two companies You will gather data on two companies, one U.S. company and one non-US Company that are from the same industry which are News Corporation and Shaw Communications (Canada) For the U.S. companies, you MUST obtain the 10-K filing from SEC’s EDGAR system. For the foreign companies, you need to obtain their financial statements from the company’s website. Do not obtain the financial statements from a financial services web site, such as Google or Hoovers. The financial statements you are to gather for each company are the income statement, statement of comprehensive income (or its equivalent), balance sheet, and statement of changes in stockholders’ equity. Your data of both companies should be for the fiscal year of 2016. Data collection and cross-referencing (please read carefully): Fill in data in a table formatted as shown on pages 5 and 6. For each number you show in the table, please clearly state where you locate the number in the annual report. Note that you may not be able to find all the numbers you need from the financial statements because some of the numbers may be reported in the footnotes. Make sure you use “ctrl + F” to find out information you need. If you cannot find the information, you should use your judgment or research skills to determine whether this item is 0 (i.e., the account has zero balance) or it is missing (the account has non-zero balance, but the company did not report it). Write a note for any missing or zero balance and illustrate your judgment