Question

Access the FASB Accounting Standards Codificationat the FASB website(asc.fasb.org).Required: 1.Identify the Codification topic number that provides guidance on fair value measurements.2.What is the specific citation that lists the disclosures required in the notes to the financial statements for each major category of assets and liabilities measured at fair value?3.List the disclosure requirements

Answer 1

Answer to question 1: FASB ASC 820 : The topic tile is "Fair value measurement and disclosure"

The answer to question 2: FASB ASC 820 - 10 - 50 - 2 : Fair Value Measurement And Disclosure As Regards To Overall Disclosure

Step-by-step explanation:

To fully understand the concept of the answers aforementioned, let us define the abbreviated terms.

FASB: This stands for Financial Accounting Standard Board

This is a a private and non-profit organization whose purpose is to set standards and regulate the financil industry in respect to codes and conduct. Part of the body primary objective is to also establish and improve Generally Accepted Accounting Principles within the United States in the interest of the general public.