# Balance sheet

`kaal:entity:balance-sheet`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `balance-sheet`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2025 to 2025.

**2025**

- [5454054-008](https://wulfkaal.github.io/claims/5454054-008) [mechanism/argued] -- Funding LER rewards out of marketing budgets keeps them off the balance sheet, because marketing spend is expensed immediately under U.S. GAAP (ASC 606) and IFRS 15 rather than deferred as revenue the way traditional loyalty points are.
  > LER optimizes issuer benefits by funding rewards from issuers' marketing budgets. As such, they are treated as immediate expenses under U.S. GAAP (ASC 606) and IFRS 15. This avoids balance sheet liabilities associated with traditional loyalty points' deferred revenue.
  Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054
- [5583610-009](https://wulfkaal.github.io/claims/5583610-009) [mechanism/asserted] -- Because LER rewards are funded out of marketing budgets at roughly one to five cents per holder-day and expensed immediately under U.S. GAAP, the program avoids the balance sheet drag that conventional loyalty liabilities create.
  > LER avoids balance-sheet drags and streamlines finances by using marketing budgets at a modest $0.01–0.05 per holder-day and expensed upfront under U.S. GAAP.
  Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/balance-sheet.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.