Simple interest and ASC: Difference between pages

Latest revision as of 14:55, 5 October 2023

US accounting.

Abbreviation for Accounting Standards Codification topic, issued by the US Financial Accounting Standards Board (FASB).

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-A method of calculating and quoting interest which takes no account of interest on interest.
+''US accounting.''
-So the total interest for a given period is calculated simply by multiplying or dividing the simple annual interest rate by the relative length of the interest period.
-Simple interest is the usual basis of quotation for periods up to and including one year.
+Abbreviation for Accounting Standards Codification topic, issued by the US Financial Accounting Standards Board (FASB).
-For example, when the daily rate of GBP interest is quoted as 5.11%, this means that the amount of interest per day is given by the quoted simple annual rate of 5.11% multiplied by 1/365 (to reflect one day in a 365 day year):
-= 5.11% x 1/365
-= 0.014% per day.
+== See also ==
+* [[Accounting standards]]
+* [[ASC 230]]
+* [[ASC 350]]
+* [[ASC 842]]
+* [[Financial Accounting Standards Board]]  (FASB)
-== See also ==
+[[Category:Accounting,_tax_and_regulation]]
-* [[Compound interest]]
+[[Category:The_business_context]]
-* [[Interest]]
-* [[LIBOR]]
-* [[Money market]]
-* [[Periodic rate of interest]]