Do you feel that companies should have to report on the front cover that the financial...
Do you feel that companies should have to report on the front cover that the financial statements are reported using fair value (or historical cost)? Why or why not?
Homework Answers
No, companies should not report on the front cover.
The same has been disclosed in notes whether Igaap is being followed or Indas/IFRS followed.
IGaap is based on historical cost method while the another is based on fair valuation of assets if certain specific conditions get fulfilled.
If it is disclosed on front cover, then it will give a sense of confusion to the user of financial statements that why they have not been prepared on fair value method or vice-versa.
So, to avoid the same, Method of accounting is disclosed in the notes properly.
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Do you feel that companies should have to report on the front
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