Concept Statement: Chapter 5, Recognition and Derecognition
September 25, 2023
by WSCPA
A&A TODAY: PRESENTED BY THE WSCPA AND GALASSO LEARNING SOLUTIONS
In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine when an element should be recognized in the financial statements. As concept statements are not authoritative there is no effective date.
Do you agree with the criteria for recognition?
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With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.