Which Topic, Subtopic, Section and Paragraph of the FASB ASC discusses the monthly accrual of property...
Which Topic, Subtopic, Section and Paragraph of the FASB ASC discusses the monthly accrual of property taxes?
Homework Answers
Monthly accrual of property taxes is discussed in FASB ACS 720-30-25 (Other Expenses : Real and personal property taxes : Recognition)
The FASB Accounting Standards Codification 720 discusses the topic 'Other Expenses' which includes the subtopic 'Real and personal property taxes' in section 30 of 720. Paragraph 25 discusses the 'Recognition' of property taxes i.e, Property taxes should be estimated and monthly accrued for tax levying purposes.
Summary :
| Topic | 720 : Other Expenses |
| Subtopic | 30 : Real and personal property taxes |
| Paragraph | 25th : Recognition |
| Section | FASB ACS 720-30-25 discusses the monthly accrual of property taxes. |
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