Proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial ReportingChapter 4, Elements of Financial Statements seeks
Fantastic news! We've Found the answer you've been seeking!
Question:
Proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 4, Elements of Financial Statements seeks to clarify the elements definitions in the following ways except by clearly identifying the right or obligation that gives rise to an asset or a liability. by eliminating terminology that makes the definitions of assets and liabilities difficult to understand and apply. by redefining comprehensive income. by clarifying the distinction between liabilities and equity and between revenues and gains and expenses and losses.
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: