Example:

420-10-40

40 Derecognition

1 – this paragraph of “Reversal of Liability” provides guidance on if an event removes an entity's responsibility to settle a liability for a cost associated with an exit or disposal activity recognized in a prior period, the liability should be reversed.

Green highlight is the name of section.

Yellow highlight should be your OWN words summarize each section.

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Assignment:

420-10-15:

15 Scope and Scope Exceptions: (half page)

420-10-25:

25 Recognition: (equal space with 30, more than half page)

420-10-30

30 Initial Measurement: (equal space with 25, more than half page)

420-10-35

35 Subsequent Measurement (summarize section 35, 45, 50 in less than one page)

420-10-45

45 Other Presentation Matters (no need to summarize section 420-10-S45-1&2)

420-10-50

50 Disclosure (no need to summarize section 420-10-S50-1)