Classification of accounts receivable


Accounts receivable classification

Response to the following problem:

Singletary Associates has accounts receivable due from normal credit customers, and also has an account receivable due from a director of the company. Singletary would like to combine both of those receivables on one line in the current assets section of their balance sheet and in the disclosure notes. Is that permissible under U.S. GAAP? Under IFRS? Explain.

 

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Accounting Basics: Classification of accounts receivable
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