- Adjusting entries are based upon the concepts of accrual accounting.
- This next stage will be less spectacular, thanks to accrual accounting, in which loan losses are realised gradually and offset by reserves.
- Liabilities are legal debts or obligations that are planned or estimated using a method of accounting called accrual accounting.
- The proposed system would include the provision of accrual accounting functionality to meet the current and future demand for accrual-based reporting requirement.
- Both FASB and GASB came under fire -- FASB for its stock option plan which Congress blasted and GASB for its proposal to move governments to accrual accounting which is delayed.