Which of the Following Is $\underline{not}$ A True Statement Regarding Accounting for Development Stage Enterprises?
A)SFAS

question 31

Multiple Choice

Which of the following is $\underline{not}$ a true statement regarding accounting for development stage enterprises?

• A)SFAS No. 7 requires complete disclosure by the development stage enterprise to avoid misleading financial statement users by heavy initial losses.
• B)SFAS No. 7 achieved uniformity on the basis of the nature of the enterprise rather than on the basis of the nature of the transaction.
• C)The FASB opted for rigid uniformity in selecting a solution as opposed to finite uniformity, where a relevant circumstance might be viewed as the development stage of the enterprise.
• D)SFAS No. 7 requires that costs of a similar nature be accounted for similarly, regardless of the stage of development of the entity incurring the cost.

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