Describe the present institutional arrangements for setting accounting standards in Australia. Your answer should include discussion of the role of the Financial Reporting Council (FRC) and Australian Accounting Standards Board (AASB).
Describe the present institutional arrangements for setting accounting standards in Australia. Your answer should include discussion...
QUESTION 12 that has been determined by applying accounting standards. The financial statements shall present a measure of social responsibilities number of employees profits securities QUESTION 13 The role of the Financial Reporting Council is to provide broad oversight of the process for setting standards in Australia, including the authority to direct the AASB to develop, amend or revoke a particular standard. True False
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
Theoretical Discussion - Asset Measurement There has been a general tred for accounting standard setters to issue accounting standards that measure assest at 'fair value'. Other valuation approaches including cosy, net realizable value and present value are also required for particular classes of assests and liabilities as stipulated by particular accounting standards. Thus, we have a 'mixed approach' in measuring a company's financial performance and finanical position in Australia. In light of the above statement, you are required to: 1....
Questions 1. How do conceptual frameworks of accounting attempt to create a theory of accounting? Describe the components of the IASB Framework and how it contributes to a theory of accounting. 2. Some people argue that there is no need for a general theory of accounting as established in a conceptual framework. They say there is no overall theory of physics. biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop...
Please list at least 5 major differences between Managerial and Financial Accounting. Include in your discussion who the important players are in each, who is using the information, and what type of information is everyone focused on. Please explain why each type of accounting (managerial and financial) plays an important role in the organization.
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Python Describe the purpose and use of a decorator function. Your answer should include a description of what happens when a function is "decorated".
1/ a/ Describe the characteristics of true multicellularity in animals. Your answer should include: collagen (what is it, what does it do, etc.), gap junctions vs tight junctions, cell differentiation, totipotency and more. b/ To what extent are the characteristics of multicellularity given in part a shown by Volvox, sponges and cnidarians?