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

[Patrick James]

In terms of what relevance is FASB, or some other accounting standard, if there are no standards, it's very difficult to have a discussion, as one can make his or her own rules of the road.

With some "reasonable accounting standards," whatever those may be, the heart of this discussion is the division of expenses between different accounting periods.


> On 09/30/2024 1:02 PM PDT Stan Brown (using GC 4.14) <stan+gc at fastmail.fm> wrote:
> 
>  
> 
> 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
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