Indicate whether the statement is true or false. Provide at least 3 considerations (explanations) for...
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Accounting
Indicate whether the statement is true or false. Provide at least 3 considerations (explanations) for your determination of T/F
1- The FASB has considered promulgating standards for recognizing revenue (1) before delivery, (2) at delivery and (3) after delivery. It has concluded that recognizing revenue after delivery is never appropriate.
2- Under accounting standards codification Topic 606, Revenue from contacts with customers, identifying the contract and contract price is considered a single step in the 4 steps revenue recognition process.
3- An asset that fails the impairment test requiring an impairment loss potentially could result in a reduction in the useful life for depreciation purposes. This change would be considered a change in principle thereby requiring retrospective restatement.
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