14 Jan Last week, you examined the Target Corporation financial statements. According to FASB standards, financial statements are made up of ten elements. Review LO2-7 Describe the four ba
Last week, you examined the Target Corporation financial statements. According to FASB standards, financial statements are made up of ten elements. Review LO2-7 Describe the four basic financial statements. On the FASB website, locate the list of 10 financial statement elements by clicking the "Concept Statement" tab, and then "Concepts Statement No. 6."
Required:
Analyze the relationships between these elements, and compare your analyses with your colleagues.
Post at least 200 words answering the following questions:
- How are the 10 financial statement elements related to one another? How do they differ?
- Identify where each of these elements are reported in the financial statements.
Read a selection of your colleagues' postings.
2
Amazon Accounting Standards
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Amazon Accounting Standards
Amazon is an online retail company located in the United States that offers various products and services to consumers around the globe. In the first quarter of the financial year of 2014, the corporation added the AWS segment to the initial two segments to help developers and enterprises of all sizes access technology that allows businesses to operate efficiently (SEC, 2014). In their monetary statements, Amazon established new accounting standards for the new AWS segments (SEC, 2014). The AWS entails amounts gained from sales of computers, databases, storage, and other AWS services for government organizations, new businesses, scholarly institutions, and enterprises (SEC, 2013).
The company established new accounting and recording standards for sales in the AWS sector or segment. The 2013 monetary statements included the recasting segment financial information considering that the corporation had changed its reportable segments to the AWS segments (SEC, 2013). Amazon Inc. obeys the Generally Accepted Accounting Standards of the United States when preparing its financial statements. The standards need the estimates and all the assumptions that affect the reported figures of the liabilities and assets, expenses, revenues, and other associated disclosures of the accountable obligations in the complementary notes and the consolidated monetary statements (SEC, 2013).
References
SEC (2013). Amazon Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. Retrieved from https://www.sec.gov/Archives/edgar/data/1018724/000101872414000006/amzn-20131231x10k.htm
SEC (2014). Amazon Announces Second Quarter Sales up 23% to $19.34 Billion". Retrieved from https://www.sec.gov/Archives/edgar/data/1018724/000101872414000023/amzn-20140630xex991.htm
SEC (2013). Amazon Form 10-K, Annual Report, Filing Date Jan 30, 2013" (PDF). SEC database. Retrieved from http://pdf.secdatabase.com/1562/0001193125-13-028520.pdf
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