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Within the scope section of ASC 815-10 (Derivatives), which guidance comes first-the
definition of a
derivative, or scope exceptions to this topic? Explain.
7. A company has entered into a forward contract for the purchase of gold, in 2 years, for
$1300/oz. Does this
a1rnngement meet the definition of a derivative? Analyze all required parts of the definition.
(You may simply
refer to the guidance excerpts included within this chapter to respond.)
Revenue Recognition Exercises
11. Within ASC 606-10 (the revised revenue model), where can a researcher find:
a. The core principle?
b. The five steps for applying the core principle?
c. The objective of the guidance in this topic?
d. Guidance on the incremental costs of obtaining a contract with a customer?