1) In accounting, what do we call this type of situation? 2) Detail the impact to the financial statements on December 31, 2020 and explain your rationale. 3) Detail the impact to the financial statements on December 31, 2021 and explain your rationale.

Accounting is sometimes characterized as dealing only with the past. Give examples of how accounting information can be of value in dealing with the future.

In light of the full disclosure principle, investors and creditors need to know the balances for assets, liabilities, and equity as well as the accounting policies adopted by management to measure the items reported in the balance sheet. Instructions If your school has a subscription to the FASB Codification, go to http://aaahq.org/asclogin.cfm to log in and prepare responses to the following. Provide Codification references for your responses. (a)   Identify the literature that addresses the disclosure of accounting policies. (b)   How are accounting policies defined in the literature? (c)   What are the three scenarios that would result in detailed disclosure of the accounting methods used? (d)   What are some examples of common disclosures that are required under this statement?

Discuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stan