Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Concepts for Analysis - Instructions - Page 28: CA1-15b

Answer

The Vice President is acting immorally since the FASB standard outcomes is a fairer representation; it ought to be implemented as quickly as time permits—regardless of its imposed effect on net income.

Work Step by Step

SEC Staff Bulletin No. 74 (December 30, 1987) requires an announcement concerning what the normal effect of the standard will be.
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