Question
U.S. Generally Accepted Accounting Principles (GAAP) provides many areas in which managerial discretion is allowed. Required: Why does such discretion exist, and what are some
U.S. Generally Accepted Accounting Principles (GAAP) provides many areas in which managerial discretion is allowed.
Required:
Why does such discretion exist, and what are some specific reporting issues under GAAP where discretion exists?
Under ASC 280-10, the FASB has specified segment reporting guidelines. Where is discretion available within segment reporting?
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Managerial discretion in financial reporting exists because GAAP has a principlebased approach that allows companies to exercise judgment and make dec...
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Contemporary Auditing real issues and cases
Authors: Michael C. Knapp
9th edition
978-1133839552, 113383955X, 1133187897, 978-1133710424, 1133710425, 978-1133187899
