What accounting constraint is illustrated by the items below (a) Grecos Farms, Inc reports agricultural crops on its balance sheet at fair value (b) Rafael Corporation discloses fair value information on its loans because it already gathers this information internally (c) Willis Company does not di...

What accounting constraint is illustrated by the items below? (a) Grecos Farms, Inc. reports agricultural crops on

Question:

What accounting constraint is illustrated by the items below?
(a) Greco’s Farms, Inc. reports agricultural crops on its at fair value.
(b) Rafael discloses fair value information on its loans because it already gathers this information internally.
(c) Willis Company does not disclose any information in the notes to the unless the value of the information to financial statement users exceeds the expense of gathering it.
(d) A broker-dealer records all assets and liabilities at fair value.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...