The hierarchy consists of four levels. The highest levels of the hierarchy provide broad, general rules for accounting, typically applicable to any company or other entity required to keep accounting records. The lower levels of the hierarchy provide more detailed accounting guidance that may not app...
Generally Accepted Accounting Principles were eventually established primarily as a response to the Stock Market Crash of 1929 and the subsequent Great Depression, which were believed to be at least partially caused by less than forthright financial reporting practices by some publicly-traded companies. ...
IFRS basically between manufacturer or dealer lessors and other lessors – the difference is the accounting for selling profit. However, mechanics of accounting for finance part is the same (net investment in the lease, allocation, please see more here). Under US GAAP, sales-type lease is ver...
Non-Cash Items→ Non-cash items refer to items related to accrual accounting concepts, such as depreciation and amortization (D&A), as well as stock-based compensation, where no real cash outflow has occurred. Bothnon-recurring itemsare recorded on theincome statementand affectnet income(i.e.,...