[GNC] Another "multi-account" logical issue - any advice on how to register this?

[Stan Brown (using GC 4.14)]

On 2024-09-30 11:53, Chris Miller wrote:
> Hi Stan,
> 
>> I would absolutely record shipping as an expense, not an asset. The
>> asset has value after you receive it; the shipping is "used up" the
>> moment the package arrives. Only things that still have value should be
>> listed in Assets.
> 
> I respectfully disagree:
> 
> The Financial Accounting Standards Board (FASB) guidance
[to include inbound shipping cost in the book value of an asset]

What is the relevance of the FASB to the personal books of an individual
who is not conducting a business and is not a US national? Even if the
Swiss accounting standards board agrees with the FASB, is Flavio obliged
to follow it?

I would be pretty foolish to say the FASB is wrong, but I think it's
important to distinguish between an individual's own non-business books
and the books of a business. As I understand things, the FASB governs
accounting for _companies_. If Mr X buys something for $100 and it costs
him $100 plus $8.25 tax plus $10 shipping, should he value it at $100,
$108.25, $110, or $118.25? A case could be made for any of those,
depending on what the individual wants to track separately in reports.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com