The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required:

Question:

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required:
1. Obtain the relevant authoritative literature on nonmonetary exchanges using the FASB's Codification Research System at the FASB website (www.fasb.org). Identify the Codification topic number for nonmonetary transactions.
2. What are the specific citations that list the disclosure requirements for nonmonetary transactions?
3. Describe the disclosure requirements.