Under longstanding US GAAP, assets, liabilities, and equity are measured and presented on a reporting entity's balance sheet by applying a disjointed, inconsistent assortment of accounting methods. This current state of affairs is sometimes referred to as the “mixed attribute model.” The following table summarizes the current state of the mixed‐attribute model and the effects of FAS 157 and FAS 159 (if any) on the specified assets and liabilities.
|Assets||Liabilities and Equity|
|Key1||Caption||Customary measurement attribute||Key1||Caption||Customary measurement attribute|
|A||Cash and cash equivalents||Cost, approximating fair value||E||Notes payable||Unamortized principal plus accrued interest|
|E||Accounts receivable||Estimated net realizable value||A||Accounts payable||Contractual price agreed upon by the parties; depending on the contractual terms, often will approximate fair value|
|E||Notes and loans receivable||Unamortized principal due less allowance for credit losses||A||Payroll taxes withheld and accrued; sales taxes payable||Amounts due to taxing authorities; due to short periods during which these amounts are outstanding, they usually approximate fair value without being discounted|
|N||Inventory||Lower of cost or market using FIFO, LIFO, average cost, or specific identification||N||Income tax liabilities currently payable||Amounts due to taxing authorities based on positions claimed on income tax returns field or to be filed|
|N||Deposits||Cost less portion applied by the holder ...|