Essay on Anson

6856 Words Aug 28th, 2015 28 Pages
Preamble [Not Part of the Accounting Standards Codification]
This HTML transformation of the FASB Accounting Standards Codification is provided by Public.Resource.Org as a public service. Please note that these documents are based on the 2011 printed version of the codification, which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board.

End of Preamble [Not Part of the Accounting Standards
Codification]

330 Inventory
10

Overall
00

423
Status

423

General

423

Overview and Background

423

General

423

Objectives

423

General

423

Scope and Scope Exceptions

424

General

424

20

Glossary

424

30
…show more content…
Normally such revenues arise in a continuous repetitive process or cycle of operations in which goods are acquired, created, and sold, and further goods are acquired for additional sales. 05-3

Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. In practice, this balance is determined by the process of pricing the articles included in the inventory.

330-10-10 Objectives
General
10-1

A major objective of accounting for inventories is the proper determination of income through the process of matching appropriate costs against revenues.
423

330-10-15 Scope and Scope Exceptions
General
> Overall Guidance
15-1

The Scope Section of the Overall Subtopic establishes the pervasive scope for the
Inventory Topic.
> Entities
15-2

The guidance in the Inventory Topic applies to all entities, with the following qualifications. 15-3

The guidance in this Topic is not necessarily applicable to the following entities:

a. Not-for-profit entities (NFPs)
b. Regulated utilities.

330-10-20 Glossary
Direct Effects of a Change in Accounting Principle
Those recognized changes in assets or liabilities necessary to effect a change in

Related Documents