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The Trueblood Case Studies

Uncovering complex accounting and auditing issues

Trueblood cases are available to everyone as PDFs. The solutions are password protected for faculty use only. There are more than 30 topics offered. Cases are reviewed annually and are updated to reflect changes in accounting literature or the evolution of practice. Ten new cases are added to the site annually in August.

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Overview

For more than 50 years, the Trueblood Seminars have served the profession by teaching new developments in auditing and accounting to select accounting educators and thought leaders from around the country. Named after Robert M. Trueblood, the Trueblood Seminars offer educators the opportunity to learn from and network with Deloitte professionals who share their experiences and institutional knowledge which professors can take back to the classroom to better prepare students for their future careers.

The Trueblood case studies prepared by Deloitte professionals are based on recent technical issues that often require significant research and judgment. The case topics highlight the “gray” areas of accounting and help prepare students for the types of questions likely to arise in professional practice. These seminars help professors enrich the accounting curriculum to reflect the necessary skills of the auditor of the future.

The Deloitte Foundation also offers case studies covering fraud related topics. Learn more about the Deloitte Foundation Forensic Accounting Case Studies

Access Trueblood case solutions

To obtain access to the case solutions, please e-mail us or mail a request on your school letterhead to:

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P.O. Box 10098
Stamford, CT 06901-2150 

The nonexclusive right to reproduce material contained in these cases without explicit written permission is hereby granted to faculty in connection with classroom use, academic research, and other educational endeavors of a not-for-profit nature.  

2016

Case: 16-1 The Audit of SSM
Download: Case | Solution
Type: Related Parties
Subject: Auditing procedures on related parties and the application of PCAOB AS. 18
Applicable Courses: Audit

Case: 16-2 The Cable Guys
Download: Case | Solution
Type: Revenue
Subject: Determine whether revenue recognition prior to delivery is appropriate in a bill-and-hold arrangement involving the electronic segregation of goods.
Applicable Courses: Intermediate

Case: 16-3 A Network of Ideas
Download: Case | Solution
Type: Revenue Recognition-Gross vs. Net
Subject: Application of the guidance in ASC 605-45 to determine gross versus net reporting on revenue transactions.
Applicable Courses: Intermediate

Case: 16-4 To Dilute or Not to Dilute 
Download: Case | Solution
Type: Earnings Per Share
Subject: ASC 260: Earnings per Share (EPS)
Applicable Courses: Intermediate

Case: 16-5 Skeptical Lens 
Download: Case | Solution | Handout
Type: Professional Skepticism
Subject: Journal entries/earnings management
Applicable Courses: Intermediate

Case: 16-6 Closely Associated Cars
Download: Case | Solution
Type: Consolidation
Subject: Determine the appropriate consolidation accounting when equity owners of an entity are related parties and share control over the decision making of the entity.
Applicable Courses: Advanced or Graduate

Case: 16-7 Show Me the Money 
Download: Case | Solution
Type: Income Taxes
Subject: Determine if the earnings of the foreign subsidiaries are considered to be indefinitely reinvested after unique events result in a cash distribution from the foreign subsidiaries to the US parent entity.
Applicable Courses: Intermediate

Case: 16-8 Frozen 
Download: Case | Solution
Type: Pension and Other Post-Retirement Employee Benefits
Subject: Accounting for a "soft freeze"-plan amendment vs. curtailment.
Applicable Courses: Intermediate

Case: 16-9 Commitment to Share 
Download: Case | Solution
Type: Business Combinations
Subject: Determine recognition, measurement, and subsequent accounting for contingent consideration in a business combination.
Applicable Courses: Advanced or Graduate

Case: 16-10 Spare The Rod
Download: Case | Solution
Type: Inventory
Subject: Accounting for spare parts.
Applicable Courses: Intermediate

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2015

Case: 15-1 Nearly There
Download: Case | Solution
Type: Financial Instruments
Subject: Evaluate embedded features for bifurcation using the guidance in ASC 815-15, Derivatives and Hedging–Embedded Derivatives.
Applicable courses: Advanced or Graduate

Case: 15-2 Burying the Hachet
Download: Case | Solution
Type: Revenue
Subject: Determine the accounting for a complex legal settlement related to price collusion between suppliers.
Applicable courses: Advanced or Graduate

Case: 15-3 Big Islands Amusement Park
Download: Case | Solution
Type: Segments
Subject: Identification of operating segments and assessment of whether operating segments can be aggregated.
Applicable courses: Intermediate

Case: 15-5 Trouble at the Resort
Download: Case | Solution
Type: Debt
Subject: Evaluation of a debt restructuring including troubled debt restructuring considerations, modification or extinguishment accounting, and treatment of fees related to the restructuring.
Applicable courses: Intermediate

Case: 15-6 Targeted for Termination
Download: Case | Solution
Type: Exit or Disposal Cost Obligations
Subject: Determine the accounting for restructuring costs under U.S. GAAP and IFRS.
Applicable courses: Intermediate

Case: 15-7 Ventura Company
Download: Case | Solution
Type: Share-Based Compensation
Subject: Accounting for a share based payment award with an implicit IPO performance condition.
Applicable courses: Graduate

Case: 15-8 Controlling Revenue
Download: Case | Solution | Handout 1
Type: Internal Controls
Subject: Evaluate a process narrative, identify relevant controls, and plan operating effectiveness testing for internal controls in accordance with the PCAOB and AICPA standards.
Applicable courses: Audit

Case: 15-9 Settled or Not Settled
Download: Case | Solution
Type: Income Taxes
Subject: recognition of retained FIN 48 liabilities associated with historical discontinued operations. Determine the main differences between U.S. GAAP and IFRSs.
Applicable courses: Graduate

Case: 15-10 Who's In Charge
Download: Case | Solution
Type: Business Combination
Subject: Determine whether a combination is a common control transaction or a business combination and evaluating which entity is the accounting acquirer.
Applicable courses: Advanced or Graduate

Case: 15-11 Deal for a Dozer
Download: Case | Solution
Type: Leases
Subject: Determine the classification and accounting for a lease transaction from the lessor perspective.
Applicable courses: Intermediate or Graduate 

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2014

Case: 14-1 Bringing Students Together
Download: Case | Solution
Type: Consolidation
Subject: Assess whether the various contractual arrangements (1) result in an entity meeting the definition of a VIE and (2) allow for a wholly-foreign owned subsidiary to consolidate a VIE structure.
Applicable courses: Advanced or Graduate

Case: 14-2 Trojan Stockpiles
Download: Case | Solution
Type: Financial instruments
Subject: Determine the accounting for stock retirements as well as exposure to accounting changes and error corrections.
Applicable courses: Advanced or Graduate

Case: 14-4 Spartan Casino
Download: Case | Solution
Type: Financial instruments
Subject: Application of the cash flow hedging requirements of ASC 815-20.
Applicable courses: Advanced or Graduate

Case: 14-5 Quality Waste Removal
Download: Case | Solution
Type: Qualitative goodwill impairment assessment
Subject: Evaluate the use  and application of the qualitative goodwill impairment assessment.
Applicable courses: Intermediate

Case: 14-6 Making Connections
Download: Case | Solution
Type: Earnings management
Subject: Evaluate a process narrative, identify relevant controls, and plan operating effectiveness testing for internal controls in accordance with the PCAOB and AICPA standards.
Applicable courses: Auditing

Case: 14-7 eVade Pays Up
Download: Case | Solution
Type: Contingencies
Subject: Apply the key concepts of derecognizing a liability and to distinguish the difference between a contractual or legal liability and a contingency.
Applicable courses: Intermediate

Case: 14-8 Tiger Pride Enterprises
Download: Case | Solution
Type: Group audits
Subject: Applying the requirements of the Statement on Auditing Standards Special Considerations—Audits of Group Financial Statements (Including the Work of Component.
Applicable courses: Auditing

Case: 14-9 O.T.T. Incorporated
Download: Case | Solution
Type: Financial instruments
Subject: Determining the accounting for other-than-temporary impairments on debt and equity financial instruments.
Applicable courses: Intermediate or Graduate

Case: 14-10 In-process Research and Development
Download: Case | Solution 
Type: Long-lived assets
Subject: Evaluating alternative accounting treatments for subsequent out-licensing of assets used for in-process research and development activities that were originally acquired in a business combination.
Applicable courses: Advanced or Graduate

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2013

Case: 13-1 Refer-a-friend gift card
Download: Case | Solution
Type: Revenue recognition
Subject: Determine the appropriate accounting for discounts provided to customers who refer new customers to a company, commonly known as “Refer-a-Friend” programs.
Applicable courses: Intermediate

Case: 13-2 Buck's Dilemma: Gross or Net?
Download: Case | Solution
Type: Cash flows
Subject: Determining when borrowings and payments under a revolving line of credit may be presented on a net (versus gross) basis within the statement of cash flows.
Applicable courses: Intermediate

Case: 13-3 Hearts ‘R Us Preferred Stock Classification
Download: Case | Solution
Type: Financial instruments
Subject: Determine the accounting for preferred shares with redemption features.
Applicable courses: Intermediate or Graduate

Case: 13-4 Gator Electronics
Download: Case | Solution | Handout 1 | Handout 2
Type: Audit fair value
Subject: Identifying the key assumptions used in a discounted cash flow analysis prepared in conjunction with a goodwill impairment analysis and determining what audit procedures could be performed on these assumptions.
Applicable courses: Auditing or Graduate course integrating Financial Reporting and Auditing

Case: 13-5 Occupy Mall Street
Download: Case | Solution
Type: Stock based compensation
Subject: Determine the accounting treatment for different aspects of a share-based payment awards.
Applicable courses: Intermediate or Graduate

Case: 13-6 Natural Irony
Download: Case | Solution
Type: Natural disaster
Subject: Application of considerations around lag reporting - instances in which a consolidated entity uses subsidiary financial information with different fiscal year-end dates.
Applicable courses: Advanced or Graduate

Case: 13-7 Definition of a Business
Download: Case | Solution
Type: Business Combinations
Subject: Determining whether a purchase transaction should be deemed as an acquisition of a business or a group of assets.
Applicable courses: Advanced or Graduate

Case: 13-8 Accounting for Loss Contingency for a Verdict Overturned on Appeal
Download: Case | Solution
Type: Contingencies
Subject: Apply the key concepts of accounting for contingencies pursuant to the guidance in ASC 450, Contingencies.
Applicable courses: Intermediate or Auditing

Case: 13-9 ZOU's Fencing Controls
Download: Case | Solution | Handout
Type: Internal Controls
Subject: Evaluate procedures to assess the design, implementation, and operating effectiveness of internal controls.
Applicable courses: Auditing

Case: 13-10 LOL – Income taxes
Download: Case | Solution | Handout
Type: Income Taxes
Subject: Determining the sources of taxable income to support whether a DTA will more likely than not be realized in the future and auditing management’s assertions on future taxable income and valuation of deferred tax assets.
Applicable courses: Intermediate or Graduate

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2012

Case: 12-2 To Recognize or Not to Recognize, That Is the Question
Download: Case | Solution
Type: Subsequent events
Subject: Determining whether subsequent events should be recognized and/or disclosed.
Applicable courses: Auditing

Case: 12-3 Provisions and Contingencies
Download: Case | Solution
Type: Contingencies
Subject: Determining the accounting for provisions and contingencies under IFRS and U.S. GAAP.
Applicable courses: Intermediate or Graduate

Case: 12-7 Claims, Litigation, Settlements, and More Claims!    
Download: Case | Solution
Type: Audit Fair Value/Environmental Liabilities
Subject: Apply the key concepts in ASC 450-20 to the accounting for claims-based litigation liabilities and evaluate the appropriateness of the audit engagement team’s procedures for testing the reasonableness of management’s reserve estimates.
Applicable courses: Auditing or Graduate Course Integrating Accounting and Auditing

Case: 12-8 Going, Going, Gone
Download: Case | Solution | Appendix 1 | Appendix 2 | Appendix 3 | Appendix 4 | Appendix 5
Type: Going Concern
Subject: Determining the appropriateness of an entity’s going concern assumption.
Applicable courses: Auditing

Case: 12-9 Rough Waters Ahead
Download: Case | Solution
Type: Fair Value
Subject: Determine the accounting for impairment of long-lived assets in accordance with ASC 360-10.
Applicable courses: Intermediate or Graduate

Case: 12-10 Acquisition of a Legal Subsidiary in Bankruptcy
Download: Case  | Solution
Type: Business Combinations
Subject: Determine the appropriate accounting for the acquisition of a former subsidiary in bankruptcy and the appropriateness of fresh start reporting or push down of new basis to the acquiree.
Applicable courses: Advanced or Graduate

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2011

Case: 11-1 Polluter
Download: Case | Solution
Type: Cash flows US and IFRS
Subject: Statement of Cashflows classification
Applicable courses: Intermediate

Case: 11-2(a) Fair Value Hierarchy 
Download: Case | Solution | Appendix
Type: Fair Value
Subject: Determining fair value hierarchy per ASC 820 and reconciliation of investments valued with Level 3 inputs.
Applicable courses: Graduate

Case: 11-2(b) Fair Value Disclosures
Download: Case | Solution 1 | Solution 2 | Appendix
Type: Fair Value
Subject: Determining quantitative and qualitative disclosures for assets and liabilities that are measured at fair value on a recurring basis under ASC 820.

Applicable courses: Graduate

Case: 11-8 Billy's Beats
Download: Case | Solution
Type:Professional judgement
Subject: Using professional judgment to evaluate the reserve estimates based on management representations.
Applicable courses: Undergraduate or Graduate Auditing

Case: 11-9 Goodwill Impairment Testing
Download: Case | Solution
Type: Goodwill Impairment
Subject: Determining if an interim goodwill impairment test should be performed and if the goodwill impairment analysis performed at the last annual testing date can be carried forward to the current year.
Applicable courses: Intermediate or Graduate

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2009

Case: 09-6 UpBeat, Inc.
Download: Case | Solution
Type: Transfers of financial assets
Subject: Accounting for the transfer and servicing of financial instruments. The case requires students to determine whether particular provisions preclude sales treatment.
Applicable courses: Advanced or Graduate

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