Could you help me to find a relevant answer from FASB ASC standards? and Why?

ACCT 351 Spring 2017 Case Memo: Ocean Petroleum You are an in-house staff accountant at Ocean Petroleum, Inc. (OPI), a publicly traded company with a calendar year-end. OPI has recently expanded its land-based operations to include constructing and operating offshore oil platforms. OPI's first offshore platform began operating off the coast of Alaska on January 1, 2017. The total capitalized cost of constructing the platform was $100,000,000 and the deep water drilling rig will be depreciated using straight-line over its useful life of 10 years. As a result of legislation following the 2010 BP oil spill, OPI is required to dismantle and remove the platform at the end of its useful life. OPI currently estimates that it will cost approximately $2,158,932 to dismantle the platform in ten years. OPI's current cost of capital is 8%. Walt Grimwald, OPI's Chief Financial Officer (CFO), has extensive experience in retail auto dealerships but is new to the oil and gas industry. He is very familiar with car warranties but, as he told you in your meeting with him today, he is \"unsure how to handle this warranty to dismantle the drilling rig.\" He has requested you analyze whether OPI must account for this expected future cost in 2017 or at the end of 2026 when the platform will be dismantled. Grimwald has also expressed concern over making future estimates, especially labor. Even though these estimates are reasonable enough for accounting purposes, it has been Grimwald's experience with auto warranties that estimates are just that - estimates. He would prefer not to book any additional expenses in 2017 because OPI is just barely expected to meet Wall Street's earnings forecast. Therefore, he would like to wait until 2026 or some other future year and obtain a more accurate cost of dismantling and removing the platform. Grimwald strongly believes that this will result in more reliable financial statements. Grimwald would like you to write a \"short memo\" explaining your analysis of the issue he has presented to you. Grimwald is data-driven. He likes spreadsheets and is especially fond of journal entries. Therefore, you will need to support your advice with a schedule - for Accounting 351 only; the schedule can be excluded in your subsequent 351COM submission. Grimwald also likes his staff accountants to communicate their critical analysis of such financial accounting problems, so be sure to offer an analysis in which relevant FASB ASC standards are applied to facts to support your analysis.. Learning Objectives Research, analyze, interpret, and apply the relevant FASB ASC standards to a set of facts to offer supportable conclusions and recommendations. Effectively communicate analysis in a clear, concise, well-organized internal memorandum (\"memo\") containing proper citation. Writing Task: Memo to be submitted in both ACCT351 and ACCT 351COM Based on your research and analysis, prepare a one-page memo in your role as an Staff Accountant to Walt Grimwald, CFO, as he has requested. Along with the appropriate in-text citations, please list your references on a separate page attached to your memo (Page 2). ACCT 351 Spring 2017 Case Memo: Ocean Petroleum Your memo should offer your analysis supporting your conclusions and recommendation that Grimwald has requested (see above). Please remember to prepare a schedule for submission in Accounting 351 only. The memo, plus reference page, is to be submitted in both Accounting 351 and 351COM. Format and Submission Your memo must follow the CSUN Memo Format, available in Appendix B of the 351COM Student Manual available on the 351COM course Moodle page. Based on the facts given above, the heading should include the name and title of the recipient, your name and title, the date (memo's due date) and a subject that uses key words to accurately phrase the topic of your memo with sufficient specificity and conciseness. As noted above, please list your references on a separate page (Page 2) attached to your memo. For 351COM, please submit your memo both to the Case Memo Turnitin link on the 351COM course Moodle page, and in hard (paper) copy in class in ACCT 351COM on Monday, April 17 at 7 p.m. with the 351COM Case Assignment Rubric attached. In submitting your memo in ACCT 351 on the date set by your ACCT 351 professor, please follow any additional requirements set forth by your ACCT 351 professor