FASB statements have resulted in a more conservative balance sheet and immediate recognition of events on the income statement.

Name: FASB statements have resulted in a more conservative balance sheet and immediate recognition of events on the income statement.
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FASB statements, such as ASC 606 and ASC 842, have introduced more conservative accounting practices and require immediate recognition of events on the income statement.

FASB Statements Have Resulted in a More Conservative Balance Sheet