Under Generally Accepted Accounting Principles (US GAAP), when there are no accounting rules for new types of
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Question:
Under Generally Accepted Accounting Principles (US GAAP), when there are no accounting rules for new types of transactions (Select all that apply):
A) It is inappropriate to apply existing rules by an apropos analogy if the result in an increase in revenues.
B) Management should seek out experts at their audit firm in arriving at an appropriate answer.
C) Management should consult with internal and or external consultants and the audit committee in arriving at their conclusions and then discuss their conclusion as to the appropriate accounting with their auditors.
D) Management should consider consulting with staff of the Office of the Chief Accountant at the Securities and Exchange Commission.
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