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Wiley GAAP 2020
book

Wiley GAAP 2020

by Joanne M. Flood
February 2020
Intermediate to advanced content levelIntermediate to advanced
1456 pages
52h 54m
English
Wiley
Content preview from Wiley GAAP 2020

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 projects ...

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Publisher Resources

ISBN: 9781119652625