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Future-proofing (also futureproofing) is the process of anticipating the future and developing methods of minimizing the effects of shocks and stresses of future events. [1] Future-proofing is used in industries such as electronics, medical industry, industrial design, and more recently, in design for climate change.
Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions .
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains.It states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
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Future proof, the process of anticipating future developments and events in the development of a product or system; Futureproof, a 1999 album by Pitch Black; Futureproof, a 2006 novel by N. Frank Daniels; Futureproof: 9 Rules in the Age of Automation, a 2021 book by Kevin Roose