Draft ‘Conceptual Framework for Financial Reporting – The Reporting Entity’ Introduction This report is intended to discuss the significance of the IASB’s Conceptual Framework. It will layout the basis of the Conceptual Framework and then discuss its significance and relevance with regards to previous and future accounting industry standards. Findings The IASB’s (International Accounting Standards Board) Conceptual Framework is a set of rules and standards that the accountancy industry
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Standards on Auditing applicable from the 1.04.2011 Index Sr. No. 1 2 3 Name of the Standard SA 700 (Revised)- Forming an Opinion and Reporting on Financial Statements SA 705- Modifications to the Opinion in the Independent Auditor’s Report SA 706- Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 4 SA 710(Revised)- Comparative Information - Corresponding Figures and Comparative Financial Statements 5 SA 800- Special Considerations-Audits
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Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal‚ state‚ and local. Answer: False 2. Fund accounting exists primarily to provide assurance that resources are used according to legal or donor restrictions. Answer: True 3. The Financial Accounting Standards Board sets financial reporting standards for private
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terms mentioned in the book We work with leading authors to develop the strongest educational materials in Accounting‚ bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints‚ including Financial Times Prentice Hall‚ we craft high quality print and electronic publications which help readers to understand and apply their content‚ whether studying or at work. To find out more about the complete range of our publishing please visit us on the
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T T T F T T F F T T F T F T T F F F F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Definition of financial accounting. Purpose of financial statements. Definition of financial accounting. Capital allocation process. Objective of financial reporting. Decision-Usefulness
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Definition of financial accounting. T 2. Purpose of financial statements. T 3. Definition of financial accounting. T 4. Capital allocation process. F 5. Financial reports. F 6. Fair value information. F 7. Objectives of financial reporting. F 8. Accrual accounting. T 9. Generally accepted accounting principles. T 10. Users
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Which Standard: The statement ‘Uniform accounting standards produce uniform financial reporting’ is ideal but untrue. The standard referred to in this essay will be the International Financial Reporting Standards (IFRS). Adoption of IFRS‚ which include old and revised IAS‚ was the approach selected by Europe and many other countries. More than 100 countries have agreed to require or allow adoption of IFRS‚ or have established timelines for the adoption of IFRS. However‚ not all 122 jurisdictions
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CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT Multiple Choice—Conceptual Answer No. Description d 1. Accounting characteristics. a 2. Nature of financial accounting. c 3. Definition of financial accounting. a 4. Financial reporting entity. d 5. Efficient use of resources. d 6. Capital allocation process. c 7. Assessing management stewardship. c 8. Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11. Preparation of biased information
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stakeholders. Adopting international accounting standards will impact Canadian investors and businesses‚ and change the way financial information is reported in Canada. In Canada the accounting standards are set by the Accounting Standards Board of Canada (AcSB). AcSB establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations. The international standards are set by the International Accounting Standards Board (IASB). By 2011‚ all of Canada
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by international trade. 3. Explain reasons for‚ and accounting issues associated with‚ foreign direct investment (FDI). 4. Describe the practice of cross-listing on foreign stock exchanges. 5. Explain the notion of global accounting standards. 6. Examine the importance of international trade‚ FDI‚ and multinational corporations (MNCs) in the global economy. What is International Accounting? International Accounting can be described at three different levels: * The influence
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