intermediateaccountingFinancialReporting幻灯片.pptVIP

Reporting Comprehensive income differs from earnings in that it includes unrealized gains and losses not recognized in the income statement. Full Disclosure Principle For financial statements to be most effective, all relevant information should be presented in an unbiased, understandable, and timely manner. This is sometimes referred to as the full disclosure principle. 1-65 1-66 1-67 1-68 1-69 Traditional Assumptions Economic entity Going concern Arm’s-length transactions Stable monetary unit Accounting period The FASB conceptual framework is influenced by five basic assumptions. Tradition