Accounting textbooks under the former GAAP hierarchy were considered level 4 authoritative. Where do accounting textbooks stand in the Codification?
Answer to relevant QuestionsWhat are pro forma financial statements? What is their purpose?A company changed its method of accounting for inventory and determined that it was impractical to determine the cumulative effect for all prior periods. The company decided to use the new method on a prospective basis. Is ...Explain how the reciprocity calculation is modified in periods after the declaration of a stock dividend for firms using the cost method. How should a transaction gain or loss be reported that is related to an unsettled receivable recorded when the firm’s inventory was exported?What is the general rule regarding the treatment of costs and expenses associated directly with revenues for interim reporting purposes?
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