spec: ASC paragraphs read directly (360, 340, 210, 230, 606); all confirm the rules

Read in the ASC basic view and vendored as short quotes with paragraph
numbers (docs/spec/sources/fasb-asc.md). Depreciation: any systematic and
rational allocation of cost less salvage (360-10-35-4); prepaids are
current assets with no prescribed expensing method (340-10-05-4,
210-10-45-1/2); cash flows gross and classified three ways, owners'
advances financing (230-10-45-7/10/14(b)/15(b)); a principal's revenue
is gross (606-10-55-37B). Citation fixed: 230-10-45-14(b), not (2).

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01GWVo7x3UHw5kwCUaWxiejX

docs/spec/sources/fasb-asc.md

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+# FASB Accounting Standards Codification: paragraphs read directly
+
+Read 2026-10-14 in the ASC's basic view (asc.fasb.org, Stephen's login).
+The Codification is copyrighted by the Financial Accounting Foundation,
+so this file keeps only short quotes and paraphrase, with the paragraph
+numbers to look up. Earlier ASC paragraphs were read through Deloitte's
+DART roadmaps (see README).
+
+## 360-10-35-4 (Property, plant, and equipment: depreciation)
+
+A productive facility's cost is spread over its expected useful life,
+allocated "as equitably as possible" to the periods that get its
+services. Depreciation distributes cost, "less salvage (if any)", over
+the estimated useful life "in a systematic and rational manner"; it is
+"a process of allocation, not of valuation." No method is prescribed.
+→ B-15: straight line, salvage never depreciated, partial months by
+days (each day of service bears the same cost) is one systematic and
+rational allocation.
+
+## 340-10-05-2, -05-4, -05-5 (Other assets and deferred costs: prepaids)
+
+Prepaid expenses are assets "typically used up or expire within the
+normal operating cycle," paid "in advance of their use or consumption"
+(05-4); examples include insurance, interest, rents, taxes, and
+advertising not yet received (05-5). The Subtopic covers only their
+nature (05-2): it prescribes no expensing method.
+→ B-16: a prepaid is an asset, expensed over the months it covers
+(a convention; the ASC is silent on the method).
+
+## 210-10-45-1, -45-2, -45-5 (Balance sheet: current assets and liabilities)
+
+Prepaid expenses are among current assets (45-1(g)), not because they
+become cash but because they would otherwise use current assets in the
+operating cycle (45-2). A total of current liabilities "shall be
+presented in classified balance sheets" (45-5): the rule applies when a
+balance sheet is classified.
+→ wanderbooks' balance sheet is unclassified (by element), which this
+Subtopic permits; a classified layout would need current/noncurrent
+account roles.
+
+## 230-10-45-7, -10, -12(a), -13(a), -14(b), -15(b) (Statement of cash flows)
+
+Gross amounts are "more relevant" than net (45-7). Cash receipts and
+payments are classified "as resulting from investing, financing, or
+operating activities" (45-10). Collections on, and disbursements for,
+loans the entity makes are investing (45-12(a), 45-13(a)). Proceeds of
+"other short- or long-term borrowing" are financing inflows (45-14(b));
+"repayments of amounts borrowed" are financing outflows (45-15(b)).
+→ B-14: money owners advance (Due to Shareholders) is borrowing, so
+financing, gross; a loan the company makes is investing, gross.
+
+## 606-10-55-36 through 55-38 (Revenue: principal or agent)
+
+An entity controlling the specified good or service before transfer is
+the principal (55-37) and recognizes revenue "in the gross amount of
+consideration" it expects (55-37B); an agent recognizes only its fee or
+commission (55-38).
+→ B-17: an app seller is the principal for its app, so its revenue is
+the gross price; the platform's commission is an expense.