1.) Cite the ASC down to the Paragraph. For example, (ASC 330-10-05-01) 2.)...
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Accounting
Cite the ASC down to the Paragraph. For example, ASC
Interpret the codification paragraph into plain English as best you can. In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting? You may and are encouraged to use debits and credits or taccounts to illustrate the accounting if appropriate.
Eventually, the macroeconomic environment changes and the publicly traded corporation you are working for decides that it is necessary to change its business model dramatically. This will require a significant drawdown in number of employees and closure of a number of retail outlets, along with potentially discontinuing a number of less profitable segments of the entity. This will entail a number of costs, including compensationseverance for these employees and various costs to close stores and segments.
How will the corporation need to account for this situation, including the special onetime costs related to this series of events?
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