I’ll take a crack at answering my own questions in the liabilities case posted on Dec. 9, 2010. I hope there are some graders out there! Initially record cash and a liability. As corn is produced record an asset (corn inventory). At the end of each accounting period, mark the corn inventory to market and recognize [...] Read more > >
Yesterday’s roundtable recapping the FASB’s 2010 Financial Reporting Issues Conference got me thinking more about defining elements of financial statements, particularly a liability. I’m interested to know whether you can answer the following questions in a way that is consistent with your conception (or the FASB’s conception) of a liability. In any case, this (or [...] Read more > >
Our next round table will be Wednesday, December 8, from 4-5 pm ET. In that session, we will be going over some of the topics and discussions from the 2010 FASB/IASB Financial Reporting Issues Conference, which will be held this weekend in Norwalk, CT. As discussed on the conference website, the objective of this year’s [...] Read more > >