The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on the disclosure of accounting policies using the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). 2. What is the specific citation that describes the disclosure requirements that must be made by publicly traded companies for a LIFO liquidation? 3. Describe the disclosure requirements.

Q: When is a company required to use the liquidation basis of accounting to be in conformity with U.S.…

A: When liquidation is imminent, then company required to use the liquidation basis of accounting to be…

Q: A business entity is required to maintain the same accounting policies. However, the entity is…

A: Accounting policy: It is a specific principle, guidelines rule, system applied by firms when they…

Q: Required: 1. Provide the specific nine-digit Codification citation (XXX-XX-XXX-X) that describes the…

A: FASB is the abbreviation used for the Financial Accounting Standards Board. FASB was established in…

Q: US generally accepted accounting principles are currently developed by which entity? B . Th e…

A: The accounting principles are the guidelines and rules which companies should follow while reporting…

Q: When drafting financial statements, provide what the term “materiality” means and its importance.…

A: Financial statements are formal documents that provide a summary of a company's financial…

Q: I only С. Both I and II а. II only d. Neither I nor II

A: Answer is 'A'

Q: Entities desiring to issue equity or debt must provide a set of financial statements to any…

A: Corporation:   The form of business entity ,which is incorporated by state law into a separate…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: 1.

Q: If you were preparing the financial statements of a publicly traded company, which of the following…

A: Public limited companies are required to publish the financial report periodically.

Q: The notes to financial statements of an entity shall I. Present information about the basis of…

A: Notes to financial statements provide narrative description of items which are presented in…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: FASB Accounting Standards Codification: It simplifies user access to all the authoritative GAAPs by…

Q: be viewed as a going concern C. The financial statements are reliable D. Accounting policies are…

A: Only items that fit the definitions of an asset, a liability, or equity are recognised in the…

Q: What does the abbreviation GAAP stand for?   A) Advanced Principles of Government Accounting  B)…

A: The abbreviation GAAP stands for Generally Accepted Accounting Principles. These are a set of rules…

Q: Case Study: Navigating the FASB Accounting Standards Codification (ASC)**   *Introduction:* The…

A: The FASB Accounting Standards Codification (ASC) is the primary source of authoritative accounting…

Q: The agency of the federal government that, among other responsibilities, prescribes the methodology…

A: Introduction: Securities exchange commission: Regulators of the securities , protection to the…

Q: A US Company can choose to report its financial statements using GAAP or IFRS Group of answer…

A: GAAP is the generally accepted accounting principles which are the set of rules and regulations, and…

Q: Occasionally, public accounting firms are engaged to report on specified elements, accounts, and…

A: Step 1: Introduction to Financial Statements:Financial reports, or financial statements, are…

Q: 2. Which of the following statements is correct? I An entity whose financial statements comply with…

A: In case of multiple parts, only first independent part shall be answered. Further parts need to be…

Q: US generally accepted accounting principles are currently developed by which entity? A . Th e…

A: The US GAAP or Generally accepted accounting principles is issued by the Financial Accounting…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: Most publicly traded companies comply with the Sarbanes Oxley requirements utilizing a framework…

A: Governance structures, internal controls, and compliance policies work in conjunction to prevent…

Q: a) explain the main purposes of the IASB’s Conceptual Framework document.  (b) discuss the…

A: The International accounting standards committee (IASC) was replaced by international accounting…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: The notes to the financial statements should provide information: I. About the entity's accounting…

A: Notes to financial statements is very important part of financial statements.

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The following statement An entity presents on a net basis gains and losses arising from a group of…

A: Answer is POINT 'C'

Q: If a company is not required to follow U.S. GAAP, a statement of realization and liquidation can be…

A:

Q: basis on which the management of an entity must select its accounting policie

A: Accounting policies are the set of guidelines to be followed in recognition of financial items in…

Q: Choose the letter of the correct answer.

A: Financial statements refer to the recording of the business activities in the written format…

Q: Problem 3: Public Companies must file required forms through EDGAR. What are the most important…

A: Public corporations, some corporate insiders, and broker-dealers are required by the Securities and…

Q: What is the nature of the SEC guidance concerning the reporting of LIFO liquidations?

A:

Q: classification of items in the financial statements E one period to the next unless a PFRS/IFRS…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial…

A: The question is related to the PAS 34 Interim Financial Reporting. As per PAS 34  1. The minimum…

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?

A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…

Q: Consolidated financial statements are required by GAAP in certain circumstances. This information…

A: Consolidated financial statements are statements prepared by parent company . Parent company is a…

Q: US generally accepted accounting principles are currently developed by which entity? C . Th e Public…

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…