Question

FASB codification research E 10-20 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles 1. Obtain the relevant authoritative literature on nonmonetary exchanges using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Identify the Codification topic number for nonmonetary transactions. What are the specific citations that list the disclosure requirements for nonmonetary transactions? Describe the disclosure requirements. 2. 3.

Answer 1

Step 1:

Requirement 1

FASB ASC 820 : "Fair Value Measurements and Disclosures"

Step 2:

Requirement 2

The Specific Citation that describes the information that companies must disclose about the use of fair value to measure assets and liabilities for recurring measurements is FASB ASC 820-10-50-2. "Fair Value Measurements and Disclosures-Overall-Disclosures.

Step 3

Requirement 3

The Disclosure requirements are

a. The fair value measurements at the reporting date

Step 4

b. The level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using any of the following.

1. Quoted prices in active markets for identical assets or liabilities (Level 1)

2. Significant other observable inputs (Level 2)

3. Significant unobservable inputs (Level 3)

Step 5

Step 6

Step 7

Step 8