3. Briefly summarize, then explain the significance of par. 15-1 (scope) of ASC 820-10 (Fair Value Measurement). 5. Briefly summarize par. 30-3 (initial measurement) of ASC 820-10 and provide one e

3. Briefly summarize, then explain the significance of par. 15-1 (scope) of ASC 820-10 (Fair Value Measurement). 5. Briefly summarize par. 30-3 (initial measurement) of ASC 820-10 and provide one example listed in par. 30-3A of an instance when transaction price may not be reflective of fair value 7. Identify one disclosure requirement that is unique to level 3 fair value measurements. 11. Using EY’s Financial Reporting Developments publication, Fair Value Measurement, look for the discussion of market participants, in the context of understanding broad fair value concepts. What is the role of market participants in measuring fair value, and is it necessary for an entity to identify specific market participants when forming fair value assumptions? 12. Explain when an impairment loss should be recognized for intangible assets other than goodwill. 13. How could the unit of account selected affect whether an item of PP&E is impaired? For example, consider whether impairment is more likely if just one asset is tested versus whether multiple assets are grouped into a unit of account then tested. 14. Can the carrying value of PP&E held for sale ever be “written up” (increased)? 15. Name two circumstances in which the carrying amount of property, plant, and equipment (PP&E) may not be recoverable and should be tested for impairment16. In Section 35 (Subsequent Measurement) of ASC 820, what guidance is offered for determining the implied fair value of goodwill? What does this mean8.1   Spoiled Cheese? Recall Frankie’s Homemade Cheese Shop from the Chapter 7 cases. Assume now that Frankie’s has finished construction of the new cheese superstore along Route 5 and capitalized $1.9 million related to the proj-ect as of the store’s opening on 1/1/20X1. As of 12/31/X1, the current carrying value of the shop is $1.805 million (assuming a 20-year life for the store and straight-line depreciation). As of 12/31/X1, Frankie’s notices that a few negative factors are at play and asks you whether it is required to test the superstore for impairment: 1. A key stock market index (the Dow) has slid 1,500 points, or 6%, since the store was opened. 2. Monthly sales have slid by 10% since the store was opened, partially due to a construction project on Route 5 that has reduced traffic flow to the area. 3. As a result of the slide in monthly sales, the store operated at a deficit in October, November, and December of 20X1.8.6Comparing Corporate Fair Value Disclosures Locate the most recent 10-K filings for two companies of your choice, but which are in the same industry. Compare their fair value disclosures. What are some differences between the categories of assets and liabilities the companies measure at fair value on a recurring basis? What are some differences in the hierarchy levels used by these companies? Explain these differences, using a tabular format with footnotes as necessary to summarize and explain differences noted.