ACG 3141 – Writing Assignment – Software Costs Creative Software is a firm that recently completed

ACG 3141 – Writing Assignment – Software CostsCreative Software is a firm that recently completed the development and testing of a new softwareprogram that provides the ability to transfer data to and from a variety of operating systems. Thefirm believes this product will be quite successful and has capitalized all of the costs of designing,developing, coding, and testing the software. Michael Leon, the President of Creative Software,located at 3200 Tech Avenue, Davie FL 33314 is your client. You are a newly hired staff memberof FAU, Inc., an accounting firm located at 777 Glades Road, Boca Raton, FL 33431. BecauseMichael is unfamiliar with the proper accounting treatment of software costs according to UnitedStates Generally Accepted Accounting Principles (US GAAP) he has hired FAU, Inc. to explain theaccounting treatments specified by US GAAP. (Adapted & Modified from SST 4 Edition)thYour firm has delegated to you the task of determining the treatment of software costs, and hasasked that you prepare a four (4) page typed memo (not handwritten, 1.5 spacing — not doublespaced), including a works cited page (the 4th page of your memo should be designated as the workscited page; use MLA Format for your works cited page) to the client explaining1. The standards that govern US GAAP treatment of software costs.2. Whether Creative Software was correct in its treatment of the software development costsand why Creative Software’s treatment was correct or incorrect.3. Explain the appropriate methods for determining the amount of periodic amortization forany capitalized software development costs.4. Explain how software costs should be presented and disclosed in the financial statements.In addition, you are to formulate a question to ask the client that would help you determine thedifferent types of software transaction(s) it is involved in, and include that in the conclusion ofyour memo.This memo is expected to be professional and informative. Remember the purpose of the memo andthe audience that it is addressing.Follow the proper format for a memo, as presented in May & May, Effective Writing: AHandbook for Accountants. 10th ed. I will allow sub-headings in your memo.Hint: I suggest you start by reading pages 559-562 (Chapter 10) in your textbook to help guide youon how to conduct your research.Remember to include headings, a proper introduction that previews your headings, and a conclusion.When citing sources within your memo and preparing a works cited page, please follow the formatsillustrated in the May & May text on pages 162-164. Please be sure to prepare your memoaccording to the proper format for a memo, as presented in May & May, Effective Writing: AHandbook for Accountants. You may include tables and / or vertical enumerated points to illustratethe information you are providing to your client.1IMPORTANT WARNING: If your writing assignment score includes 3 or more of the studentlearning outcomes in the Developing category, most likely you will fail this assignment.Research HintsEffective July 1, 2009, the Financial Accounting Standards Board (FASB) Accounting StandardsCodification (ASC) is the official guidance regarding GAAP. You can locate the Codification at You will be required to enter the following User Name and password to gain access to theCodification.User Name:Password:AAA51093ZVb3K9UNote: You are to use the Financial Accounting Standards Board (FASB) AccountingStandards Codification (ASC) as one of your main source(s) for this writing assignment.Failure to use the FASB ASC will result in you not being awarded full points on your writingassignment, which may result in your failing the assignment. See FASB ASC Citing Hints onthe next page.Continued on Next Page2FASB ASC Citing HintsThe FASB ASC system is broken down as follows:TopicSubtopicSectionParagraphXXXXXXXXXSo if you were to reference 410-20-25-5, Asset Retirement and Environmental Obligations, you aretelling the reader that you located your information in the FASB ASC under:TopicSubtopicSectionParagraph41020255The following example is acceptable when citing the FASB ASC in my class.The initial recording of an asset retirement obligation (ARO) requires the capitalization of assetretirement costs, by increasing the book value of the related asset by the same amount of the AROliability recorded (FASB ASC 410-20-25-5).When preparing your Works Cited page, the following is acceptable for my class when referencingthe FASB ASC.Example:Financial Accounting Standards Board (FASB), XXXX. Accounting Standards Codification™.Stamford, Conn.: FASB.Note: The XXXX above represents the Year you consulted/accessed the FASB AccountingStandards Codification (ASC). On your memo since you are consulting the FASB ASC in 2014your reference on your Works Cited page would be as follows:Financial Accounting Standards Board (FASB), 2014. Accounting Standards Codification™.Stamford, Conn.: FASB.3

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