The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on the impairment or disposal of long-lived assets using the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Indicate the Codification topic number that provides guidance on accounting for the impairment of long-lived assets. 2. What is the specific citation that discusses the disclosures required in the notes to the financial statements for the impairment of long-lived assets classified as held and used? 3. Describe the disclosure requirements.

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Asked Jan 27, 2020
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The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on the impairment or disposal of long-lived assets using the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Indicate the Codification topic number that provides guidance on accounting for the impairment of long-lived assets. 2. What is the specific citation that discusses the disclosures required in the notes to the financial statements for the impairment of long-lived assets classified as held and used? 3. Describe the disclosure requirements.

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Expert Answer

Step 1

Financial Accounting Standards Board (FASB):

 

FASB is an independent seven member board of accounting professionals overseeing the creation of financial statement. FASB standards are generally known as Generally Accepted Accounting Principles (GAAP).

 

1.

The codification topic number that provides guidance on accounting for the impairment of long-lived assets is FASB ASC 360: “Property, Plant, and Equipment.”

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