1. What is the liquidation of companies. What advantages and disadvantages are there in forming or iquidating a company?
2. ASC 280 is focused on providing information to users of financial statements that can help them determine both the risks and the potential benefits that the entity may have. ASC 280 also discusses the concept of "enterprisewide disclosure" standards in order to aggregate information for end users of financial statements. Using the FASB Codification System as your reference, research ASC 280 and explain how it can be helpful to present information that may be relevant to the end user. From an ethical point of view, what would be the result if this type of information is omitted?