FASB ASC 255 – Changing Prices
The Financial Accounting Standards Board (FASB) released the 200 section of the Accounting Standards Codification for the purpose of discussing the broad topic of Presentation.
Accounting Standards Codification 255 (ASC 255) was released to address the more specific topic of changing prices.
It should be noted that presentation of these changes in prices is optional and not a required disclosure by the FASB. However, if a company chooses to disclose, they should do it for the preceding five years. Some of the information commonly disclosed includes the CPI (Consumer Price Index), foreign exchange translation, economic purchasing power, etc.
For more in depth information on this and other FASB ASC topics, check out the following books.
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