Considering the section descriptions provided in the chapter, identify the section that you would consult to determine: a. Whether lease guidance applies to natural resources, such as land with mineral deposits. b. How entities should present basic EPS for continuing operations on the income statement. c. What disclosures are required for companies preparing consolidated financial statements? d. How to measure the effects of inventory obsolescence.
below Section Number (xxx-yy-00) 00 05 Section Name Description Status Provides references and links to Accounting Standards Updates that have changed the content of the subtopic. Overview and Provides general overview and background information for subtopics. Background Describes in general terms what transactions the subtopic is intended to address. Objectives States the high-level objectives of the subtopic. Scope and Scope Answers the question: Does this guidance apply to my transaction? It Exceptions is assumed that all transactions and entities are subject to guidance unless granted a scope exception. Glossary Defines all glossary terms used in a subtopic. The Codification also includes a Master Glossary, which includes all glossary terms used within the Codification. 10 15 20 25 Recognition Describes what items can be recorded in the financial statements, when an item can be recorded, and how an item should be recorded. 30* Initial Measurement Describes at what value (i.e., how much?) a financial statement item should be initially recognized. Also known as "day 1" measurement. Continued Provides guidance on how to change the value of an item after it is Section Number (XXX-Yy-00) Section Name Description 350 Subsequent Measurement initially recorded. Also known as day 2" measurement. 40 Derecognition Describes when and how a recorded item should be removed from the financial statements. 45 Other Provides additional guidance on how the transaction should be Presentation presented in the financial statements. Matters 50 Disclosure Provides disclosure requirements for a particular transaction or financial statement item. 55 Implementation Guidance and Illustrations Includes (1) interpretive guidance describing how the guidance should be applied to specific scenarios and (2) illustrative examples. 60 Relationships Provides references to other subtopics containing related guidance. Provides transition guidance for content that has not yet become fully effective. 65 Transition and Open Effective Date Information 70 Grandfathered Guidance 75 XBRL Elements Not generally relevant, but applies to practices that are no longer acceptable for new transactions but that some practitioners continue to apply to transactions that occurred prior to 2009 (when the Codification became effective). Contains the XBRL-related elements for this subtopic. XBRL is a reporting format, for the benefit of financial statement users, in which companies "tag" certain financial statement data and information, allowing users to easily compile and compare information across companies. S-00 "S" sections Provides select SEC guidance, generally organized into sections similar to those described above. S-sections do not contain the full population of SEC guidance; limited guidance is provided for the convenience of Codification users. *Note that the revised revenue topic (ASC 606) combines the Initial Measurement and Subsequent Measurement sections and refers to this combined section as Section 32: Measurement
