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Mini-Case 1 (75 Points) BUS1 121B-001/2 Intermediate Accounting II Due: Wednesday October 10, 2018 at the beginning of class Respond to the following prompts.Please type using a word processing program and bring a printed copy to class.Write as much or as little as you feel necessary to answer each question to the best of your ability.You may use all available resources to complete this case – e.g., lecture slides, notes, your book, and the Accounting Standards Codification.Collaboration with others in your group is allowed to the extent that it is helpful.How you work together is up to you – however, I encourage everyone in the group to take at least some part for every question. Please turn in only one finished assignment for each group.Group sizes should be made up of two to four students. Please e-mail me with your groups so that I can create the groups on Canvas for you to submit your assignments electronically.Please also bring a physical copy to class on the due date. Use appropriate citations where relevant and according to your professional judgment.For questions requiring use of the codification, please use the following style: Cite the ASC down to the Paragraph.For example, (ASC 330-10-05-01)Copy-paste the paragraph you cite from the codification into the word document.This is what I demonstrated in class.Interpret the codification paragraph into ‘plain English’ as best you can.In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting?You may (and are encouraged to) use debits and credits or t-accounts to illustrate the accounting if appropriate. For grading, I will focus primarily on the interpretation and communication of the content in the codification section(s).Do not cite the textbook and do not expect that repeating what can be found in your textbook will earn you full credit.I expect to see you contribute something new and interesting to the accounting for a given topic. Question 1 (20 points): In class, we are covering the accounting for leases under new accounting standards.Find and interpret the standards under the new GAAP and the old GAAP. Question 2 (20 points): In class, we are beginning to discuss how companies should account for various long-term and current liabilities.However, when doing financial statement analysis for another class, you decide to look at some of the airline companies and discover that many of them have booked very large liabilities for their frequent flier programs.Using the ASC (and any other sources you deem useful), determine how these companies have to account for frequent flier programs. Question 3 (35 points): Choose a topic covered in this course (either already covered or which we will cover) and find and interpret the appropriate section(s) in the codification.Interpretation here will be particularly important, as I expect to see more than simply what you could find in your textbook. For full credit, I expect to see the application of this topic to unique or special industries (for example, special guidance for leasing in the airline industry, how casinos have to book various assets and liabilities, or the estimation for liabilities in financial services firms).
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