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Great Fitness Club (GFC) reported membership fee of $2,145,800 in the financial statements for 20X1. Included in this figure was $300 from sale of an
- Great Fitness Club (GFC) reported membership fee of $2,145,800 in the financial statements for 20X1. Included in this figure was $300 from sale of an obsolete treadmill that had been in a storage for the last three years. GFC disclosed this in their notes to the financial statements
Task:
Explain how this scenario illustrates a fundamental qualitative characteristic of financial information that is present and why it is present.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
