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

[David Cousens]

Patrick,

Agreed however in most jurisdictions even for business activities there
is generally a turnover threshold below which accounting is permitted
on a cash rather than an accrual basis. For an individual non-business
it could normally be assumed that cash accounting would be applicable
rather than accrual accounting. 

David Cousens



On Mon, 2024-09-30 at 13:10 -0700, Patrick James via gnucash-user
wrote:
> 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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