Summarizing FASB Concepts

E 14-20

FASB codification research

● LO2 LO3 LO4

Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

1.

Disclosure requirements for maturities of long-term debt.

2.

How to estimate the value of a note when a note having no ready market and no interest rate is exchanged for a noncash asset without a readily available fair value.

3.

When the straight-line method can be used as an alternative to the interest method of determining interest.