Until FAS 154 came along I thought I understood what an accounting policy was. They were the things that went into note 1 to the financial statements for situations where there was an accounting choice between two alternatives. Rather curiously whatever choice you made ended up providing a fair presentation as long as you were consistent and disclosed it in Note 1. Continue reading “Does anybody know what an accounting policy is?”
Does anybody know what an accounting policy is?
Until FAS 154 came along I thought I understood what an accounting policy was. They were the things that went into note 1 to the financial statements for situations where there was an accounting choice between two alternatives. Rather curiously whatever choice you made ended up providing a fair presentation as long as you were consistent and disclosed it in Note 1.