Download Intermediate Accounting, 11 Edition by Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield PDF

By Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

This bestseller has powered the careers of numerous execs. the hot version builds at the book's attractiveness for comprehensiveness, accuracy, and forex, incorporating all of the fresh alterations to the accounting literature.

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Extra resources for Intermediate Accounting, 11 Edition

Sample text

5, 10 “Elements of Financial Statements,” Statement of Financial Accounting Concepts No. : FASB, December 1985), pp. ix and x. ” According to SFAC No. 5, to be recognized, an item (event or transaction) must meet the definition of an “element of financial statements” as defined in SFAC No. 6 and must be measurable. Most aspects of current practice are consistent with this recognition and measurement concept. The accounting profession continues to use the concepts in SFAC No. 5 as operational guidelines.

In short, it must make a difference or it need not be disclosed. The point involved here is one of relative size and importance. If the amount involved is significant when compared with the other revenues and expenses, assets and liabilities, or net income of the entity, sound and acceptable standards should be followed. If the amount is so small that it is unimportant when compared with other items, application of a particular standard may be considered of less importance. It is difficult to provide firm guides in judging when a given item is or is not material because materiality varies both with relative amount and with relative importance.

Relevance and reliability are the two primary qualities, and comparability and consistency are the secondary qualities, that make accounting information useful for decision making. ᕥ Define the basic elements of financial statements. The basic elements of financial statements are: (1) assets, (2) liabilities, (3) equity, (4) investments by owners, (5) distributions to owners, (6) comprehensive income, (7) revenues, (8) expenses, (9) gains, and (10) losses. These ten elements are defined on pages 34 and 35.

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