Identify the authoritative guidance discusses declining

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Reference no: EM133793116

Section 1. FASB Codification

REQUIRED
Listed below are 3 case scenarios involving accounting issues. For each one, you are to use the Accounting Standards Codification (ASC) database to determine the precise reference representing the most specific authoritative guidance in US GAAP. Your answers for each part should indicate one specific ASC reference.

Example: Your Company has asked you to prepare the footnotes for its 2023 annual report. Identify the authoritative guidance that indicates what information the footnote on accounting policies should present.
The appropriate ASC Reference is 235-10-50-3.

Case A: Your Company has purchased an equipment. You are considering declining -balance method of depreciation. Identify the authoritative guidance discusses declining -balance method of depreciation under GAAP.

Case B: Your Company speculates with small investments in other companies' equity securities and classifies them as trading securities. Identify the authoritative guidance that indicates unrealized holding gains for trading securities should be included in earnings.

Case C: Your Company purchased a patent. The company is determining whether to amortize the patent or not. It has a definite life of 20 years. Identify the authoritative guidance that indicates how your Company should report this amortization income statement.

Section 1 Format: Specify the reference number for each case. Explain why you chose the particular reference number. Your report should be less than or equal to one page.

Reference no: EM133793116

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