Alliance Bernstein Holding L.P. (A.B.), formerly known as Alliance Capital Management Holding L.P., is an international asset management organization that offers research and investment management services to retail and high net worth and institutional investors. Its headquarters are based in Tennessee, the U.S. and are estimated to own close to $581 billion in assets. The organization's income statement was obtained from the 10-K form on the SEC's website (U.S. Securities and Exchange Commission, 2020) . Therefore, this study will investigate how the organization’s annual proxy statement differs from the multi-step income statement studies in class.
A significant difference observed is the lack of specific details about the type, nature, and value of the various assets owned by Alliance Bernstein. In class, we were taught one should outline the different types of assets owned by the organization that might be in the form of cash, inventories, short-term investments. Instead, the statement provided on the SEC website sums up all the assets under "Investment in A.B." A similar trend was observed in the liabilities section. There was no breakdown of the liabilities into various subsections as it should be in the convectional balance sheet (Kieso, Weygandt & Warfield, 2011) . All liabilities were summed together under one. However, there was a similarity with the conventional balance since the value of assets balanced with the value of liabilities. A significant difference was also observed in the steps of preparation of the multi-step income statement. The 10-K form calculates numerous elements, i.e., the general partner capital, cashflows, investments, etc.
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FASB Codification justifies the practice of not revealing all (specific) details of their various assets and liabilities to the public domain through a process referred to as off-balance-sheet financing. The clause on assets and liabilities is found in section code 605-699 and 705-799. They address specific individual balance sheet accounts. Specific details/ records on liabilities or assets can be withheld from the public domain; thus, prevented from appearing on their balance sheet. Again, FASB codes 805-899 on the Broad transaction Area allow the calculation of numerous financial statement accounts, particularly topics that are transaction-oriented.
References
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting, Problem Solving Survival Guide (Vol. 1). John Wiley & Sons.
U.S. Securities and Exchange Commission. (2020). EDGAR Company Filings . Retrieved from https://www.sec.gov/ix?doc=/Archives/edgar/data/825313/000082531320000012/ab-20191231x10k.htm
