Find a company's financial statements, using the EDGAR database. Use Excel tocreate an applicable supporting schedule and financial statement(s) that would provide an example of the information attached

Introduction The FASB accounting standards codification develops and implements generally accounting principles (GAAP), mainly for no-governmental entities. It is worth noting that an accounting update is not authoritative but is rather a communication of how the FASB codification shall be amended. It also educates the users on GAAP, changes and reasons for the change.[FAS16] Extinguishments of Liabilities Recognition of Breakage for Certain Prepaid Stored-Value Products Summary of the provision Prepaid stored-value products are goods either in digital or physical form that carries stored monetary value commonly used and accepted as payments in purchasing goods and services. Prepaid stored-value products are not only permitted to be redeemed for cash and but also other through other means by the holder of the product. When a business entity makes a sale of a prepaid stored-value product which can be redeemed at a third party dealers or merchant, the liability for the underlying obligation is recognized to provide the holder with power to purchase items at the dealer's. [FAS16] When the product is redeemed, the firm's liability, wholly or partially, is extinguished and a new liability is by the firm to the merchant arises. The new liability is extinguished fundamentally with cash through a liability settlement or extinguishment process. The new amendment is applicable to firms that offer prepaid stored-value products e.g. gift cards that are issued by and on specific payment networks which are redeemable at dealer locations that accept the cards. [FAS16] Main Provisions The nature of the liabilities arising from selling of prepaid stored-value products within the bounds of the updated are financial in nature. The scope provided offers a rather narrow exception to the guidance in the pre-existing subtopic 405-20 to allow for breakage of the liabilities to allow the products be accounted for differently to comply and be in consistency with the guidance for breakage in topic 606. Under the current GAAP and topic 606, there is no preexisting provision on recognition of prepaid stored-value product liabilities. The update is an improvement to GAAP as it specifically addressed how prepaid stored-value product liabilities should be accounted for and recognized in the financial statements and books of account. Also, the update provides for de recognition process to extinguish the liabilities.[FAS16] Application The amendment targets public business entities, certain employee benefit schemes and some notfor-profit organizations for all financial statements published by the entities commencing Dec 15 2017, and the interim statements for the target periods. The amendments will be effective after Dec 15 2018 for other types of entities for final financial statements and Dec 15 2019 for interim financial statements. However, entities are at liberty to apply the changes earlier which includes adoption in interim periods. Only after the said dates does the amendment become mandatory for entities reporting outcomes of their prepaid stored-value products transactions[FAS16] REFERENCES FASB. (2016, March). Recognition of Breakage for Certain Prepaid Stored-Value Products . Retrieved November 28, 2016, from LiabilitiesExtinguishments of Liabilities: http://www.fasb.org/jsp/FASB/Document_C/DocumentPage? cid=1176167948708&acceptedDisclaimer=true