Book: Spiceland, D., Nelson, M., & Sepe, J. (2017). Intermediate Accounting. (Connect Plus Accounting with LearnSmart). (9th ed.). McGraw-Hill. ISBN: 1260226123
Introduction
The two assets typically listed first in a balance sheet are cash and receivables. For cash, the key issues are internal control and classification in the balance sheet. For receivables, the key issues are valuation and the related income statement effects of transactions involving accounts receivable and notes receivable.
Initial Post Instructions
For your initial post, address the following:
If a company has accounts receivable from ordinary customers and from related parties, can they combine those receivables in their financial statements under U.S. GAAP?
What about under IFRS?
Secondary Post Instructions
Did your post align with the posts of the majority of your peers? If so, why do you think that is? If not, can you provide any suggestions for why not? What are the benefits and drawbacks to both the local business vs. the national one in terms of cost?
Writing Requirements
In addition to one initial post, respond to at least two peers.
Initial Post Length: minimum of 250 words
Secondary Post Length: minimum of 200 words per post
Using APA format, incorporate appropriate in-text citation(s) referring to the academic concept with corresponding references page for the initial post.