The section on significant accounting policies describes where deviations from GAAP have occurred.

Question

Quizplus · Accepted Answer

The section on significant accounting policies in financial statements describes the specific accounting principles and methods of application adopted by a company in preparing and presenting its financial statements, not where deviations from GAAP have occurred. Deviations from GAAP, if any, would need to be separately disclosed and justified.

The Section on Significant Accounting Policies Describes Where Deviations from GAAP