Brecken wishes to certify financial statements that materially depart from GAAP. She believes that it is necessary to do so in o

Question

3 years ago

8

Brecken wishes to certify financial statements that materially depart from GAAP. She believes that it is necessary to do so in o

rder to prevent the statements from being misleading in light of a new federal statute, which GAAP has not been amended to accommodate. In order to implement this departure, Brecken should do which of the following:
A. Describe the departure from GAAP.
B. Describe the departure's approximate effects.
C. State the reasons why compliance with GAAP would mislead.
D. All three choices provided.

Business

1 answer:

Rama09 [41] · Answer 1 · 2022-07-14T15:58:03+03:00

Answer: D. All three choices provided.

Explanation:

Based on the information given in the question, in order to implement this departure, Brecken should:

• Describe the departure from GAAP.

• Describe the departure's approximate effects.

• State the reasons why compliance with GAAP would mislead.

Therefore, all the choices are correct.