Question

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) for each of the following:

 1. The balance sheet classification for a note payable due in six months that was used to purchase a building.

 2. The assets that may be excluded from current assets.

 3. Whether a note receivable from a related party would be included in the balance sheet with notes receivable or accounts receivable from customers.

 4. The items that are nonrecognized subsequent events that require a disclosure in the notes to the financial statements.

Answer 1

1	FASB ASC 210–10–45–9: “Notes to Financial Statements–Overall–Other Presentation' Matters–Other Liabilities.”
2	FASB ASC 210–10–45–4: “Notes to Financial Statements–Overall–Other Presentation' Matters.”
3	FASB ASC 850–10–50–2: “Related Party Disclosures–Overall–Disclosure'
4	FASB ASC 855–10–55–2: “Subsequent Events–Overall–Implementation Guidance and Illustrations–Non-recognized Subsequent Events.”