- Published: September 16, 2022
- Updated: September 16, 2022
- University / College: The University of Sydney
- Language: English
- Downloads: 36
This is a document published by Securities and Exchange Commission of US. It provides an interpretation of what accountants are supposed to do as they discharge their duties. It provides answers to questions commonly asked in Revenue Recognition in Financial statements as a new feature added to topic 13.
Staff accounting bulletin are not regulations or the interpretation from the commission. This document provides the procedure used by Division of Corporation Finance and the Office of Chief Accountant in carrying out disclosure which are requirements of Federal securities laws.
This document is a revision in order to deal with materials that are no longer of importance since private sectors have accepted accounting principals. Frequently asked questions section in financial state is a new statement added in this document. There are major changes in the way questions appear in this paper compared to the previous version.
a. Changes in topic 13. A. 1 by deleting some reference to literature of the first paragraph and addition of 7 footnotes
b. Topic 13. A. 2 has an addition of FAQ in financial statements
c. Topic 13. A. 3 has major changes which include addition of headlines, more footnotes in the document and addition of FQA.
d. Topic 13. A. 4 has many changes too which include rearrangement of questions (numbering), addition of footnotes and FQA.
e. Topic 13. A. 5 is removed from the document which guided on income statement presentation.
f. Topic 13. B is modified with addition of FAQ on question 3-5, question 1 is altered to reference another point and question 2 is modified not to reference question 10 in Topic 13. A and topic 8. A.
