A liability of an entity is a present economic obligation for which the entity is the obligor. Hence, capitalization presents the economic facts and provides information that is representationally faithful.
This piece-meal, reactionary approach to accounting has resulted in standards that are not only internally inconsistent, but are also inconsistent with international standards.
The business section should have two defined categories: operating and investing.
In short, accounting choice can result in earnings management, fraudulent financial reporting, a lack of financial statement transparency, financial statements that are not reliable, and financial statements that are biased.
Extended the completion target beyond June At their meeting in April, the boards extended the timetable for the remaining priority MoU convergence projects and insurance beyond June to permit further work and consultation with stakeholders.
The complex situations that arise in the business world require that trained accountants develop the appropriate accounting principles. Hence, they are a resource that should be reported.
There are numerous conflicts between the various interest groups.