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Home Q & A Board Other Fields Homework Help Business Accounting
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Mellokkhaos Mellokkhaos
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5 years ago
Accountants undertake financial accounting research when a standard is unclear. Discuss why the standards may be unclear. Give at least one example.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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#1
5 years ago
 Accounting standards may be unclear when judgment is involved  so there is no single correct answer. They may be unclear when there is a single correct answer, but the issue is complex and requires research to determine the answer. Finally, it may be unclear when the standards have no direct guidance that relate to the issue. For example, there may be no standards relating to a new financial instrument.
Mellokkhaos Author
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#2
5 years ago
Thanks for your help!
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