PLEASE MAKE SURE TO ANSWER ALL! THERE IS MORE THEN ONE QUESTION.1. Go to fasb.org and locate (under Latest News on the bottom left side of the homepage) a recent news release. Describe the subject matter of the news release then identify two parties (such as parties depicted in Figure 1-1) who would be interested in this issue. Be as specific as possible, describing why the parties might be monitoring this issue2. Go to fasb.org and look up pre-Codification standards (located under the tab Reference Library, then Superseded Standards). Identify and summarize the subject of one standard issued by the CAP and one issued by the APB. What is the current status of these standards3. Using www.sec.gov, go to Divisions, then Division of Corporate Finance. Under Statutes, Rules, and Forms, go to Rules then to Regulation S-K. What is the requirement described within Item 308 (Sec. 229.308), and what are 3 of the disclosure elements required to satisfy this requirement?4. Go to sec.gov, then Divisions, then Division of Enforcement. Under Federal Court Actions, locate the March 19, 2018, enforcement action brought against Elizabeth Holmes and Ramesh Balwani. Summarize the charges brought by the SEC against these individuals and the actions of their company, Theranos, Inc. Describe how this enforcement action fits with the SECs mission5. For those question: identify the ASC reference down at the paragraph level of detail would you will look for the guidance of each issue 5.1For the next set of questions, identify the ASC referencedown to the paragraph level of detailthat you would look to for guidance on each issue5.2 Guidance on whether equity spinoff transaction guidance in the Codification applies to nonpublic entities.5.3 Criteria for determining whether a lease should be classified as a finance lease or an operating lease.5.4 Criteria for determining whether information about an operating segment should be reported separately (i.e., as a reportable segment) in the notes to a companys financial statements.5.5 SEC guidance describing required disclosures in the event of a LIFO liquidation, an inventory concept.5.6 Guidance stating that the issuance of stock after the balance sheet date should be treated as an nonrecognized subsequent event5.7 For number (5.6) above, describe the browse path you used (or would use) to locate this guidance.
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