White Cloud Corporation was started by Lisa Kelton. Ms. Kelton recently passed away and was still owed $375,000 by the company at the time of her death. The executives at the corporation have been unable to locate any heirs to her assets. They have requested your assistance in determining whether it would be appropriate to derecognize the liability from the financial statements.
- Respond to the executives, describing the applicable guidance requirements including any excerpts required to support your conclusion.
- Describe how you located the relevant guidance, including the search method used and which section you searched within the appropriate topic.
NOTE: THIS DOES NOT HAVE TO BE A FORMALLY WRITTEN RESEARCH MEMO.