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Chapter 17 - Solution Manual

50 10 the entity shall provide an explanation of the

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50-10 The entity shall provide an explanation of the disclosures required by this Subtopic and a discussion of their significance in the circumstances of the entity. Disclosure and discussion of additional information to help users of the financial report understand the effects of changing prices on the activities of the entity are encouraged. > > Additional Disclosures for the Current Year 50-11 In addition to the information required by paragraphs 255-10-50-3 through 50-10, an entity shall provide the information specified in paragraphs 255-10-50-12 through 50-16 if income from continuing operations on a current cost-constant purchasing power basis would differ significantly from income from continuing operations in the primary financial statements. 50-12 An entity shall disclose certain components of income from continuing operations for the current year on a current cost basis (see paragraphs 255-10-50-39 through 50-41), applying the same constant purchasing power option used for presentation of the five-year summary. The information may be presented in any of the following formats: a. In a statement format (disclosing revenues, expenses, gains, and losses) b. In a reconciliation format (disclosing adjustments to the income from continuing operations that is shown in the primary income statement) c. In notes to the five-year summary required by paragraph 255-10-50-3. 50-13 Formats for presenting the supplementary information are illustrated in Example 1 (see paragraphs 255-10-55-14 through 55-21). Whichever format is used, the presentation shall disclose (for example, in a reconciliation format) or allow the reader to determine (for example, in a statement format) the difference between the amount in the primary statements and the current cost amount of all of the following items: a. Cost of goods sold and depreciation b. Depletion c. Amortization expense. FASB ASC 17-4 Interim Financial Reports in the Oil and Gas Industry Search oil and gas and interim reporting 932-270-50 50-1 The disclosures set forth in Subtopic 932-235 are not required in interim financial reports. However, interim financial reports shall include information about a major discovery or other favorable or adverse event that causes a significant change from the information presented in the most recent annual financial report concerning oil and gas reserve quantities. FASB ASC 17-5 Interim Financial Reports in the Construction Industry
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377 Search contractors and accounting policies Accounting Policies 50-1 Construction contractors shall follow the general disclosure requirements of Subtopic 235-10. Significant accounting policy disclosures relating to construction contractors include both of the following: a. Information relating to the method of reporting by affiliated entities shall be disclosed.
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50 10 The entity shall provide an explanation of the...

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