![]() ![]() Going Concern: assumes that the business will be in operation indefinitely.Revenue and expense should be kept separate from personal expenses. Business Entity: assumes that the business is separate from its owners or other businesses.To achieve basic objectives and implement fundamental qualities, GAAP has four basic assumptions, four basic principles, and five basic constraints. When the changes will be effective and the transition method.GAAP and background information related to the change GAAP, including each specific amendment to the FASB Codification The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ![]()
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