Accounting Policies for Reporting Income

Running head: ACCOUNTING POLICIES FOR REPORTING INCOME 1 score Policies for reportage Income Running head: ACCOUNTING POLICIES FOR REPORTING INCOME raise 2 The purpose of the interrogation paper is to discuss the chronicle policies for reporting income. I pass on approach this upshot by addressing the following topics using the FASB computer code in my researching: (1) analyze how accounting policies are defined in the literature, (2) attend how the dogmatic literature addresses all-inclusive income and exemplify with an exemplar, (3) equalise and short letter three classifications within net income and illustrate with an example of each, and (4) comparing and contrast three classifications within other comprehensive income and illustrate with an example. Running head: ACCOUNTING POLICIES FOR REPORTING INCOME 3 The FASB, monetary Accounting Standards Board, is a non-profit, private organization whose purpose is to teach generally accept ed accounting principles (generally accepted accounting principles) in the US in the interest of the public. The FASBs mission is to establish and modify standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial in formattingion.

1 GAAP are those principle that construct substantial authoritative support, much(prenominal) as FASB Standards, Interpretations and Staff Positions, APB Opinions and Interpretations, AICPA Accounting explore Bulletins, and other authoritative pronouncements. (Wiley, pg.1-2). These documents were incomplete, inconsistent and difficult to understand. As a result, the Codificat ions was birthed to simplify entryway to th! e US GAAP. The Codification presents the pronouncements in a consistent format that is searchable. Accounting policies are the procedures used by an entity in preparing its financial statements which includes inventory valuations, depreciation methods and investments in subsidiaries. An entity should intelligibly state the accounting...If you loss to get a full essay, score it on our website: OrderEssay.net

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