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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:

695 East Main Street
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.  

2019

Case: 19-1 The Terminator
Download: Case | Solution
Type: Leases
Subject: Highlights the accounting for renewal options in accordance with ASC 842 to determine the lease term.
Applicable courses: Intermediate Financial Accounting and Graduate Financial Accounting

Case: 19-2 Quit While You're Ahead
Download: Case | Solution
Type: Discontinued Operations
Subject: Apply the guidance in ASC 205-20 on when to report a disposal of a component of an entity or a group of components of an entity in discontinued operations.
Applicable courses: Intermediate Financial Accounting, and Graduate Financial Accounting

Case: 19-3 Yeah, Science
Download: Case | Solution
Type: Revenue
Subject: Determine whether an entity is a principal or an agent in a transaction, and thus whether the entity should present revenue on a gross or a net basis.
Applicable courses: Graduate Financial Accounting

Case: 19-4 Giant Manufacturing    
Download: Case | Solution | Handout 1Handout 2
Type: Derivatives and Hedging
Subject: Determine whether the two net investment hedges in the case appropriately qualify for hedge designation in accordance with the requirements in ASC 815-20.
Applicable courses: Intermediate Financial Accounting and Graduate Financial Accounting

Case: 19-5 Coffee Co.
Download: Case | Solution
Type: Income Taxes
Subject: Evaluate the implications of the new global intangible low-taxed income (GILTI) tax provisions included the Tax Cuts and Jobs Act (the “Tax Act”) on the realizability of deferred tax assets in accordance with ASC 740.
Applicable courses: Intermediate Financial Accounting, Graduate Financial Accounting, and Income Tax

Case: 19-6 Classification of Cryptocurrency Holdings
Download: Case | Solution
Type: Cryptocurrency
Subject: Learn basic terminology related to cryptocurrencies and to determine the classification of cryptocurrency holdings in the statement of financial position when an entity accepts cryptocurrencies as payment for its goods and services.
Applicable courses: Intermediate Financial Accounting and Graduate Financial Accounting

Case: 19-7 Contingent Payments
Download: Case | Solution
Type: Contingencies
Subject: Accounting for a contingent payments to employees or selling shareholders in a business combination.
Applicable courses: Advanced Accounting and Graduate Financial Accounting

Case: 19-8 Excel Data
Download: Case | Solution | Handout 1 | Handout 2 | Handout 3 | Handout 4 | Handout 5 | Handout 6 | Handout 7
Type: Excel
Subject: Determine characteristics of clean Excel data files that are often used in performing audit procedures. Also provides an opportunity to practice cleaning Excel data files using basic Excel functions to prepare data for use in audit procedures.
Applicable courses: Auditing and Graudate Auditing

Case: 19-9 Dandelion Company
Download: Case | Solution | Handout 1 | Handout 2 | Appendix
Type: Data Analytics
Subject: Use of data analytics in performing risk assessment and to learn how data analytics may be used to analyze patterns that might not be evident just from observing the data in a tabular format. It also provides students with an opportunity to evaluate how the data analytics may affect or change the risk assessment.
Applicable courses: Accounting Information Systems, Intermediate Financial Accounting, Graduate Financial Accounting, and Accounting Data Analytics

Case: 19-10 Auditing the Terminator
Download: Case | Solution | Handout 1 | Handout 2
Type: Leases
Subject: Provide the opportunity to understand how auditors will design audit procedures for leases accounted for under ASC 842, Leases (the new leasing standard).
Applicable courses: Intermediate Financial Accounting and Graduate Financial Accounting

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2018

Case: 18-1 Coffee Co.
Download: Case | Solution
Type: Financial
Subject: Definition of a business—Evaluating whether an entity is acquiring a business or an asset.
Applicable courses: Advanced Financial Accounting

Case: 18-2 Transfer of Financial Assets
Download: Case | Solution
Type: Financial
Subject: Transfer of financial assets-Criteria for meeting sale accounting/derecognition.
Applicable courses: Intermediate Accounting/Advanced Financial Accounting

Case: 18-3 Nailed It
Download: Case | Solution
Type: Financial
Subject: Evaluating the criteria for recognizing revenue over time versus a point in time in accordance with ASC 606.
Applicable courses: Intermediate Accounting/Graduate Financial Accounting

Case: 18-4 EZ Clean Up Inc.    
Download: Case | Solution
Type: Financial
Subject: Contract acquisition costs under ASC 606/340.
Applicable courses: Intermediate Financial Accounting

Case: 18-5 Ride Along
Download: Case | Solution
Type: Financial
Subject: Evaluating the criteria regarding accounting for goodwill and assessing goodwill for impairment.
Applicable courses: Intermediate Accounting/Graduate Financial Accounting

Case: 18-6 Logistical Logistics, Inc.
Download: Case | Solution
Type: Financial
Subject: Identifying a lease under ASC 842.
Applicable courses: Intermediate Accounting/Graduate Financial Accounting

Case: 18-7 Fashion Inc
Download: Case | Solution
Type: Financial
Subject: Evaluating share-based compensation with market and performance conditions.
Applicable courses: Intermediate Accounting/Graduate Financial Accounting

Case: 18-8 Fuel Pro
Download: Case | Solution
Type: Audit
Subject: Applying the practical aspects of sampling and evaluating the sampling options available.
Applicable courses: Auditing

Case: 18-9 Auditing Mesmerizing Marketers
Download: Case | Solution | Handout 1 | Handout 2
Type: Audit
Subject: Auditing Under FASB Accounting Standards Codification (ASC) Topic 606, Revenue From Contracts With Customers.
Applicable courses: Auditing/Intermediate Accounting

Case: 18-10 Antelope Run Inc.
Download: Case | Solution | Handout 1 | Handout 2
Type: Audit
Subject: Internal controls—Controls with a review element.
Applicable courses: Auditing/Accounting Information Systems

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2017

Case: 17-1 You Tell Me: Am I a Lease?
Download: Case | Solution
Type: Leases
Subject: Identifying whether an arrangement contains a lease under ASC 842 (new leases standard)
Applicable Courses: Intermediate/Graduate

Case: 17-2 Patriot, Inc.
Download: Case | Solution
Type: Not-for-profit (Revenue & Consolidations)
Subject: Applying various not-for-profit accounting guidance.
Applicable Courses: NFP/Intermediate/Graduate

Case: 17-3 Cool Care
Download: Case | Solution
Type: Business Combinations
Subject: Determining whether a transaction is part of the exchange for an acquiree or is separate from the business combination.
Applicable Courses: Advanced/Graduate

Case: 17-4 Big City
Download: Case | Solution
Type: Governmental
Subject: Accounting for subsequent events under the governmental accounting standards.
Applicable Courses: Government and NFP/Advanced

Case: 17-6 CoolNewSchool
Download: Case | Solution
Type: Not-for-profit (Revenue & Consolidations)
Subject: Applying various not-for-profit accounting guidance.
Applicable Courses: Government and NFP/Advanced

Case: 17-7 Mesmerizing Marketers
Download: Case | Solution
Type: Revenue Recognition
Subject: Recognizing revenue from contracts with customers.
Applicable Courses: Intermediate/Graduate

Case: 17-8 Justified Wages
Download: Case | Solution
Type: Cash Flow Presentation
Subject: Presenting payments to employees within the statement of cash flows.
Applicable Courses: Intermediate/Graduate

Case: 17-9 Contradictory Evidence
Download: Case | Solution
Type: Audit Evidence
Subject: Understanding how to apply professional skepticism when audit evidence exists that contradicts other audit evidence.
Applicable Courses: Audit

Case: 17-10 ABC Retailers
Download: Case | Solution | Handout
Type: Internal Controls
Subject: Understanding and evaluating control deficiencies during an audit.
Applicable Courses: Audit/Graduate

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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: 16-4 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: 16-8 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: 16-10 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: 15-3 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

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2014

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: 14-10 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: 13-3 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: 13-8 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: 12-8 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

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