SFAS prescribes that information about the level of inputs used for determining fair values must be reported in the:
A)balance sheet.
B)director's letter.
C)footnotes.
D)MD&A.

Question

Quizplus · Accepted Answer

SFAS (Statement of Financial Accounting Standards) requires that the information about the level of inputs used for determining fair values must be disclosed in the footnotes to the financial statements. The footnotes section provides more detailed information about the financial data presented in the balance sheet, income statement, and cash flow statement. Therefore, choice C is the best choice among the given options.

SFAS Prescribes That Information About the Level of Inputs Used