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Chapter 1.1, FAR110662, FAR116917, FAR117336, FAR111289 - Coggle Diagram
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FAR117336
ASC 320-10-45-11 specifies how the sale of available for sale securities should be disclosed in the statement of cash flows. Which of the following is a correctly formatted reference to the specific rule in the FASB accounting standard codification?
The Accounting standard codification (ASC) uses the ‘’main menu’’ as categories (example: presentation, assets, liabilities, equity...etc).
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Here, ASC 320-10-45-11 indicates,
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FAR111289
Which of the following are the reporting requirements for comparative financial statements as per SEC for a public company that is preparing its financial statements?
US GAAP does not require presentation of comparative financial statements, however, SEC requires at least statements comprising of 2 years of balance sheet and 3 years each of income statement, cash flows and stockholders' equity.