Patrick, Agreed however in most jurisdictions even for business activities there is generally a turnover threshold below which accounting is permitted on a cash rather than an accrual basis. For an individual non-business it could normally be assumed that cash accounting would be applicable rather than accrual accounting.
David Cousens On Mon, 2024-09-30 at 13:10 -0700, Patrick James via gnucash-user wrote: > In terms of what relevance is FASB, or some other accounting > standard, if there are no standards, it's very difficult to have a > discussion, as one can make his or her own rules of the road. > > With some "reasonable accounting standards," whatever those may be, > the heart of this discussion is the division of expenses between > different accounting periods. > > > > On 09/30/2024 1:02 PM PDT Stan Brown (using GC 4.14) > > <[email protected]> wrote: > > > > > > > > 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. > _______________________________________________ > 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. _______________________________________________ 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.
