March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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7ASC 235 NOTES TO FINANCIAL STATEMENTS
PERSPECTIVE AND ISSUES
Subtopic
ASC 235, Notes to Financial Statements, contains one subtopic:
- ASC 235-10, Overall, which addresses “the content and usefulness of the accounting policies judged by management to be most appropriate to fairly present the entity’s financial statement.”
The topic does not address specific disclosures. Those are addressed in the related topics. The topic does, however, list accounting policy disclosures commonly required:
- Basis of consolidation
- Depreciation methods
- Amortization of intangibles
- Inventory pricing
- Recognition of revenue from contracts with customers
- Recognition of revenue from leasing operations
- (ASC 235-10-50-4)
Scope
ASC 235 applies to all entities and has no scope exceptions.
Technical Alert
Disclosures have drawn the attention of both the FASB and the SEC. As the disclosure requirements have accumulated over the years, there has been a growing concern about information overload and whether more is necessarily better. Both the FASB and the SEC have initiatives to improve disclosures.
FASB Initiatives.
The FASB currently has:
- Two companion projects deliberating the concept of materiality
- A project to develop a framework to increase the effectiveness of disclosures
The framework project will address the process for establishing disclosure and for determining which disclosures to make. As part of its Framework project, the FASB issued an Exposure Draft in September 2015, Proposed ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.