GAAP requires disclosures relating to asset allocation and revenue recognition, any deviations from the acceptable norm must be disclosed.

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) requires disclosures related to asset allocation methods and revenue recognition policies. Any deviations from the acceptable norm must also be disclosed. These disclosures ensure that financial statements are transparent and provide relevant information to users.

GAAP Requires Disclosures Relating to Asset Allocation and Revenue Recognition