On 2024-09-30 11:53, Chris Miller wrote: > Hi Stan, > >> I would absolutely record shipping as an expense, not an asset. The >> asset has value after you receive it; the shipping is "used up" the >> moment the package arrives. Only things that still have value should be >> listed in Assets. > > I respectfully disagree: > > The Financial Accounting Standards Board (FASB) guidance [to include inbound shipping cost in the book value of an asset]
What is the relevance of the FASB to the personal books of an individual who is not conducting a business and is not a US national? Even if the Swiss accounting standards board agrees with the FASB, is Flavio obliged to follow it? I would be pretty foolish to say the FASB is wrong, but I think it's important to distinguish between an individual's own non-business books and the books of a business. As I understand things, the FASB governs accounting for _companies_. If Mr X buys something for $100 and it costs him $100 plus $8.25 tax plus $10 shipping, should he value it at $100, $108.25, $110, or $118.25? A case could be made for any of those, depending on what the individual wants to track separately in reports. Stan Brown Tehachapi, CA, USA https://BrownMath.com _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
