Discuss the Key Features of Section 302 of the Sarbanes-Oxley

question 53

Essay

Discuss the key features of Section 302 of the Sarbanes-Oxley Act.

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Definitions:

Initial Impairment Assessment

The first step in evaluating whether an asset's carrying amount exceeds its recoverable amount, indicating a potential impairment loss.

Intangible Asset

An asset that lacks physical substance but is identifiable and provides economic benefits to the owner, such as patents, trademarks, and copyrights.

Internal Recordkeeping

The process of maintaining all company records, including financial documents, employee information, and operational logs, primarily for internal use.

Business Combination

A transaction in which an acquirer gains control over one or more businesses.