Answer: FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.
Explanation:
For the purposes of establishing standard frame of referencing for for items such as articles, textbooks, and other similar items, the FASB uses an 8 digit codification cititation format that works in the following way.
i. Topics — FASB ASC 310 to access the Receivables Topic
ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310
iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10
iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"
The specific eight-digit Codification citation that describes the information about loans and trade receivables that is to be disclosed in the summary of significant accounting policies is,
FASB ACS 310-10-50-2: “Receivables—Overall—Disclosure—Accounting Policies for Loans and Trade Receivables.
The specific eight-digit codification citation should be FASB ACS 310-10-50-2.
Here FASB applied an 8 digit codification citation format that works in the following way.
i. Topics — FASB ASC 310 to access the Receivables Topic
ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310
iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10
iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"
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