Adhering to guidelines such as those outlined in ASC Topic 326 on credit losses under U.S. GAAP or IFRS 9 for financial instruments ensures consistency and compliance. Contra accounts are integral to financial statements, offsetting specific accounts to present a clearer view of a company’s financial position. Under Generally Accepted Accounting Principles (GAAP) and International… Continue reading Contra Accounts: Definition, Types, Example The Motley Fool