Currently, Financial Accounting Standards Board (FASB) has not provided guidance on the appropriate section for reflecting key person life insurance. As a member of FASB, determine the guidance you would provide for key person insurance in the cash flow statement. Provide your rationale.
QUESTION:Currently, Financial Accounting Standards Board (FASB) has not provided guidance on theappropriate section for reflecting key person life insurance. As a member of FASB, determinethe…