Research question: What are the differences between separately stated and non separately stated transactions in an...
Research question: What are the differences between separately stated and non separately stated transactions in an S Corporation?
Homework Answers
Separately stated transactions are those transactions whose disclosure is material in the financial statements so as to provide a true and fair view of the financial statements and can influence the economic outcomes of the decision making of the relevant stakeholders.
It is worth noting that not only high value transactions but also transactions which are rare or cannott be quantified but has an impact on the financial statements needs to be disclosed separately.
On the other hand non separately stated transactions are those transactions which does not have any material impact on the financial statements even if not disclosed separately on the face of the financial statements. They may be clubbed together and presented together. For eg:petty cash expensess less than 2$ may be clubbed together and presented together and need not be separately disclosed
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