Assume that your entire class is a CPA firm and the accounting staff of your client company is not sure about the disclosure requirements as recommended by FASB. Assume that each one of you is assigned to explain the disclosure requirement of at least one financial item either from the income statement or balance sheet. You may follow the below steps while discussing the disclosure requirement of a financial item. Please remember not to explain a financial item that is already explained by another student.

1. Pick up a financial item and briefly explain it.

2. Go over the financial statement of a real company to show how the financial item selected by you is reported and disclosed.

3. Explain the FASB Codification topic related to disclosure requirement of the selected financial item.

4. Write a brief disclosure note on the selected financial item.

Please use AT&T for the company.