FASB Codification Research Assignment

$$ For the next set of questions, identify the ASC reference $$ down to the paragraph level of detail $$ that you would look to for guidance on each issue and briefly describe the answer or quote the relevant FASB Codification paragraphs.

Describe the circumstances when it is appropriate to initially measure agricultural inventory at fair value.

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Describe the abnormal freight charges included in the cost of inventory.

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Describe the disclosure requirements that must be made by publicly traded companies for a LIFO liquidation $($hint: look in the SEC Materials section$)$

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Whether a note receivable from a related party would be included in the balance sheet with notes receivable or accounts receivable from customer.

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The basic principle for recording nonmonetary transaction at fair value.

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The alternative formats permissible for reporting comprehensive income.

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The disclosure requirements in the notes to the financial statements for depreciation on property, plant, and equipment.

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Describe the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies.