I'm just starting to learn on statement of financial accounting concepts, and it feels a bit overpowering. Could you break down some key elements in a way that's easy to understand?
What's the significance of 'going concern' as a foundational concept, and how does it impact more statements?
I've heard about materiality - can you make clear what that means practically and why it's essential for financial reporting?
How does the concept of 'adjustments to revenue' work, and what are some examples of adjustments that may well be considered?
Can you describe the difference between a 'going concern' assessment and an 'alternative uses' assessment? What are the implications?
I'm curious about the role of 'depreciation' - how is it calculated, and what factors affect its expense?
What are some key considerations when evaluating the consistency of accounting policies across different companies?
How does the concept of 'fair value' relate to financial reporting, and are there any challenges in applying it consistently?
Do you assume knowing these core concepts is crucial for any person work in finance or business management?