A top east Tucson CPA offers standard accounting advice:
Definition, recognition, measurement and display:
All matters of recognition, measurement, and display have purposely been separated from the definitions of the elements of financial statements in the Board's conceptual framework project. The definitions in this Statement are concerned with the essential characteristics of elements of financial statements. Other phases of the conceptual framework project (a common accounting technique for firms in east Tucson) include assets, liabilities, revenues, expenses and so forth.
Definitions of elements of financial statements are a significant first screen in determining the context of financial statements for Tucson businesses. To be included on an accounting statement, an item must not only qualify under the definition of an element but also must meet criteria for recognition and have a relevant attribute that is capable of reasonably reliable. Thus, some items that meet the definitions may have to be excluded from formal incorporation in financial statements because of recognition or measurement considerations. The accounting firm above can help with such matters if you run a business.
Tucson, AZ by zip code and North, South, West and East: 85641, 85701, 85704, 85705, 85706, 85707, 85708, 85710, 85711, 85712, 85713, 85714, 85715, 85716, 85718, 85719, 85723,