Jeff, for FAR, isn't the explanation leaning towards C?
2. Which of the following disclosures should prospective financial statements include?
A. Summary of significant accounting policies
B. Summary of significant assumptions
C. Both summary of significant accounting policies and summary of significant assumptions
D. Neither summary of significant accounting policies nor summary of significant assumptions
Answer: B
The AICPA's “Statement of Standards for Accountants' Services on Prospective Financial Information” governs the preparation of prospective financial statements. It requires that accountants provide summaries of the significant accounting policies and the assumptions used to prepare these forward-looking statements. The same full disclosure principle that guides the preparation of historical financial statements applies to the reporting of prospective financial statements.
A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!
Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.
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