ASC Framework of Topic 420 Sub-Topic 10: Exit or Disposal Cost Obligations 05 Overview and Background 10 Objectives 15 Scope and Scope Exceptions 25 Recognition 30 Initial Measurement 35 Subsequent Measurement 40 Derecognition 45 Other Presentation Matters 50 Disclosure REQUIRED: -In your OWN words Summarize each Section -DO NOT SUMMARIZE Sections NOT listed above. -You should be able to summarize sections 05, 10 and 15 in less than a page. -More and equal space should be allocated to sections 25 and 30. - You should be able to summarize sections 35, 45 and 50 in less than a page. -Minimum 3 pages and maximum 4 pages. -Single space, 12 Font, Calibri! As you read the sup-topic, please pay close attention to: A. The Following DATES: -Commitment Date (Initiation date, announcement date) vs. -Communication date or Cease-use date. B. When is the Liability for Associated Costs recognized FOR, 1. Termination benefits provided to current employees that are involuntarily terminated and: -Employees are entitled to receive the benefits if they will not be retained beyond a minimum retention period? -Employees are required to render services beyond the minimum retention period to receive termination benefits. 2. Costs to terminate a contract that is NOT a Finance lease. 3. Costs to consolidate facilities or relocate employees.