What does Accounting Standard 5 stands for?
Accounting Standard 5 (AS 5) deals with the classification and disclosure of specific items in the Statement of Profit and Loss. The purpose of AS 5 is to suggest such a classification and disclosure in order to bring uniformity in the preparation and presentation of statement of net profit or loss across enterprises.
What is asc330?
ASC 330 provides guidance on the accounting and reporting of inventory in the financial statements. An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used.
What does Accounting Standard 21 stands for?
Consolidated Financial Statements
AS 21 Consolidated Financial Statements should be applied in preparing and presenting consolidated financial statements for a group of enterprises under the sole control of a parent enterprise. …
What is an ASC 310?
ASC 310 comprises four Subtopics (Overall, Nonrefundable Fees and Other Costs, Loans and Debt Securities Acquired with Deteriorated Credit Quality, and Troubled Debt Restructurings by Creditors).
How is inventory reported under GAAP?
GAAP permits the use of all three of the most common methods for inventory accountability; the IFRS forbids the use of the LIFO method. IFRS requires that inventory is carried at the lower of cost or net realizable value; U.S. GAAP requires that inventory is carried at the lower of cost or market value.
What is ASC US GAAP?
In US accounting practices, the Accounting Standards Codification is the current single source of United States Generally Accepted Accounting Principles (GAAP). It is maintained by the Financial Accounting Standards Board (FASB).
How is the Accounting Standards Codification amended in FASB?
The Accounting Standards Codification is amended as described in paragraphs 2–10. In some cases, to put the change in context, not only are the amended paragraphs shown but also the preceding and following paragraphs. Terms from the Master Glossary are in boldtype. Added text is underlined, and deleted text is struck out.
What is the purpose of an accounting standards update?
An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective.
Is the FASB the source of generally accepted accounting principles?
An Amendment of the FASB Accounting Standards Codification® The FASB Accounting Standards Codification®is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.
Where is the Financial Accounting Standards Board located?
Order Department Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Please ask for our Product Code No. ASU2014-07. FINANCIAL ACCOUNTING SERIES (ISSN 0885-9051) is published quarterly by the Financial Accounting Foundation. Periodicals postage paid at Norwalk, CT and at additional mailing offices.