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This problem requires you to research the disclosure requirements for fixed assets using the FASB...

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Accounting

This problem requires you to research the disclosure requirements for fixed assets using the FASB Codification at www.fasb.org. Access to the FASB Codification requires that your educational institution be enrolled in the FASB academic access program or provides access through a third-party provider.

a. Identify the section in the FASB Codification that addresses property, plant and equipment, and the sub- section that provides disclosure requirements

b. Indicate the disclosures for fixed assets that should be made in the financial statements or footnotes to the statements.

c. The section on disclosure also includes requirements for impairment or disposal of long-lived assets. What is the definition of impairment. (Hover your cursor over the highlighted term to see the glossary definition).

d. Identify the information that must be disclosed in the notes to the financial statements for the period in which an impairment loss is recognized.

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