IRCA for one issue and Retained Earnings statement.

The assignment

5-1: Issue and Rule Research - BAM Year 2

Overview

This assignment will form the basis for the preparation of corrected financial statements in the Year Two Group Paper. This present assignment is necessary to form the "I" (Issues) and "R" (Research) and "A" (Analysis) and "C" (Conclusion) that combine to form the IRAC methodology.

Action Items

1. Reflect upon the financial information in Requirement 3.

2. Research number 13 identified issue in Requirement 4.

3. Develop a 1 – 2 pages, double-spaced paper for issue number 13 that does the following:

a. Explains in your own words the accounting rule(s) and treatment of the issue

b. Do the Retained Earnings financial statement.

Notes:

1. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification databases. Accounting research data can be accessed either through the:

a. RIA Checkpoint database

b. American Accounting Association (AAA) FASB