Financal reporting 1

Question 1

Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative?

Answer 1

he FASB’s Accounting Standards Codification and SEC pronouncements are the only sources of authoritative financial accounting guidance for nongovernmental entities in the U.S. All other sources of guidance are nonauthoritative.