CPA Far Quiz
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SELECT FINANCIAL STATEMENT ACCOUNTS
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A not-for-profit entity (Summit Museum) holds (1) publicly traded equity securities measured at fair value under ASC 321 with a December 31, 20X4 fair value of $4,500,000 and (2) available-for-sale debt securities with amortized cost of $3,000,000 and fair value of $2,880,000 at December 31, 20X4. Summit prepares GAAP financial statements under ASC 958 and ASC 820. What disclosures are required for these investments in Summit's 20X4 financial statements?
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