Which of the following best describes a reason that companies would want assurance on their XBRL filings?
A. Companies may begin to tag XBRL filings in more detail than is currently disclosed, introducing new information to investors.
B. XBRL International mandates assurance for all XBRL filings using current taxonomies.
C. Statement on Auditing Standards number 32 mandates assurance on XBRL filings.
D. The SEC requires assurance on XBRL filings.
Answer: A
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On November 1, 2019, Alpha Omega, Inc. sold merchandise for $18,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,580. On November 3, the customer returns on this sale amounted to $7,200. The company received the balance on November 9, 2019. Calculate the gross profit from these transactions.
A) $2,232 B) $7,452 C) $5,580 D) $3,348
Suppose a bank has $200 million as transaction deposits, and holds $25 million as reserves. If the reserve requirement is uniformly 10% on any positive amount, the bank's excess reserves equals
A. $25 million. B. $10 million. C. $5 million. D. $1 million.
Which of the following is correct regarding available-for-sale securities?
A) Available-for-sale securities are reported at cost on the balance sheet date, and unrealized holding gains and losses are included in income of the current period. B) Available-for-sale securities are reported at fair value on the balance sheet date, and unrealized holding gains and losses are included in income of the current period. C) Available-for-sale securities are reported at fair value on the balance sheet date, but unrealized holding gains and losses are not included in income of the current period. D) Available-for-sale securities are reported at cost on the balance sheet date, but unrealized holding gains and losses are not included in income of the current period.
An illusory promise is valid consideration
a. True b. False Indicate whether the statement is true or false