To Facilitate the Combination of Utility Financial Statements with the Statements

question 35

True/False

To facilitate the combination of utility financial statements with the statements of other enterprise funds,GAAP permits utilities to follow the customary format used by nonutility business organizations.

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Definitions:

AASB 141

An accounting standard regarding agriculture under the Australian Accounting Standards Board that guides the accounting for agricultural activity.

AASB 141

Refers to the Australian Accounting Standard on Agriculture, guiding on the accounting for agricultural activity including the recognition and measuring of biological assets.

Biological Assets

Living plants or animals that are used in agricultural activities from which agricultural produce is harvested, accounted for under specific accounting standards.

Fair Value

An estimate of the price at which an asset or liability could be exchanged in a current transaction between willing parties.