Researching GAAP
Situation
Middleton Company has operated a successful retail business for many years that has generated significant amounts of excess cash. Middleton invests this excess cash in equity and debt securities and has appropriately classified all of its investments as held-to-maturity. As Middleton prepares its financial statements for the current fiscal year, its auditors have questioned whether any of the investments are impaired. Middleton had never considered this issue before and needs guidance as to how to test these securities for impairment.
Directions
Research the related generally accepted accounting principles and prepare a short memo to Middleton that provides guidance as to how held-to-maturity investment securities should be evaluated for impairment.
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