As evidenced by some of the newer standards which have been released, U.S. generally accepted accounting principles (U.S. GAAP) can include huge volumes of information about specific topics. However, there are situations where the guidance available is either extremely limited or nonexistent. Thanks to recent questions submitted by our members, in this report, we’ll look at issues in one of the areas with limited guidance, combined financial statements.

What are they?

As the name implies, combined financial statements are the