FASB codification research
Response to the following problem:
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 the disclosure of accounting policies using the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ).
2. What is the specific citation that describes the disclosure requirements that must be made by publicly traded companies for a LIFO liquidation?
3. Describe the disclosure requirements.