05 Dec Week 4 Discussion Post Topic 2 Response 1: Instructions:
Week 4 Discussion Post Topic 2 Response 1:
Instructions:
Responses must be substantial (several paragraphs each) Responses should have proper support
with at least 1 different source as applicable.
As part of your response, test the form presented by another student and discuss, if you think it provides the detail needed to meet the standard or some data could be added or eliminated.
For this discussion, I selected the ASC 720-15: Other Expenses-Startup Costs
ASC 720-15 provides guidance on financial reporting of start-up costs and organization costs and requires such costs to be expensed as incurred. Start-up costs are defined as one-time activities related to opening a new facility, introducing a new product or service, conducting activities in a new territory, pursuing a new class of customers, initiating a new process in an existing facility, or some new operation. Those costs are variously referred to as preopening costs, pre-operating costs, organization costs, and start-up costs. Routine ongoing efforts to improve the existing quality of products, services, or facilities are not start-up costs. (Bragg, 2011)
Other costs outside the scope are: store advertising, coupon giveaways, uniforms, furniture, cash registers, obtaining licenses, deferred financing costs, related to construction activities, such as security, property taxes, insurance, and utilities. (Flood, 2015)
The input form that I created was designed to track the start-up costs of a new store in a new territory.
The field enables in the form were designed according to the need to control this type of expense, keeping a detailed record of each cost incurred. This report facilitates the audit work, as well as the identification of deductible expenses in the tax return.
The form also contributes to the internal control of the entity by registering the reference number (receipt #, Invoice #, or Payroll Period), the employee who carried out the transaction and who authorized it, as well as the payment instrument used.
References:
Bragg, S. M., & Bragg, S. M. (2011). Wiley GAAP 2012: Interpretation and application of generally accepted accounting principles. ProQuest Ebook Central https://0634g30ut-mp01-y-https-ebookcentral-proquest-com.prx-keiser.lirn.net/lib/keiseruniversity-ebooks/reader.action?docID=818854&ppg=1&query=”720-15”
FASB. (n.d). 720 Other Expenses -15 Start-Up Costs. https://asc.fasb.org/subtopicviewall&trid=2122524?
Flood, J. M. (2015). Wiley GAAP 2016: Interpretation and application of generally accepted accounting principles. ProQuest Ebook Central https://0634g30ut-mp01-y-https-ebookcentral-proquest-com.prx-keiser.lirn.net/lib/keiseruniversity-ebooks/reader.action?docID=4107755&ppg=1&query=GAAP%202016%20Interpretation%20and%20Application%20of%20Generally%20Accepted%20Accounting%20Principles
Start-Up Costs
Track Form.xlsx
Sheet1
| Start-Up Costs Track Form | ||||||||||
| Date | Receipt/Invoice/Payroll Period | Payment Method | Credit Card #/ Check # | Paid to | Expenses Type | Amount | Reported by | Authorized by | Details/Notes | |
| 9/18/19 | V-1040-53 | Credit Card | 4320 5025 9082 2640 | Hilton Garden Inn | Hotel Charge | $ 3,558.00 | Ian Somerhalder | James Cameron | Hotel for the opening team | |
| 9/30/19 | 9/15/20 to 9/31/20 | Check | 1516 | Michael Cain | Salary | $ 4,500.00 | Emma Stone | Edward Norton | Salary paid to New Store’s |
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