Are non-IFRS financial data different from the IFRS financial information? How may RG230 be used to minimize the disclosure of non-IFRS financial information that may be misleading to investors?

Q: What unfortunate lesson did the auditors learn from the situation in the Unregistered Sale of…

A: Audit Procedure:   A specific procedure undertaken by an auditor to procure evidence in a…

Q: The various methods of financial statement analysis need to be used cautiously,  with an awareness…

A: Financial statement analysis: The process of analyzing the financial statements of a company to…

Q: Accounting & Finance - Auditing  Question 5: Discuss the audit expectation gap. Your answer should…

A: The expectation gap is the dissimilarity among the actual and real roles and responsibilities of…

Q: Explain fraudulent financial reporting.

A: The examples of fraudulent financial reporting are:  • Modifying the time of recording sales to…

Q: Investments in equity securities for which the investor has insignificant influence over the…

A: Fair value: Fair value is the price at which, both seller and buyer agree to exchange the asset. So,…

Q: The authoritative status of The Conceptual Framework for Financial Reporting is as follows: a.    It…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Explain how serious regulatory lapses in the system is one of the difficulties associated with the…

A: The financial system is an system that facilitates the exchange of money and funds between the…

Q: A US Company can choose to report its financial statements using GAAP or IFRS Group of answer…

A: GAAP is the generally accepted accounting principles which are the set of rules and regulations, and…

Q: Uncertainty is a significant problem in Financial Reporting but the current version of IAS 37…

A: IASs provides guidance to deal with particular event or situation. Different IASs give direction on…

Q: What are consequences of false declaration in accounting for creditors, investors and government

A: Stakeholders: Stakeholders envelop all people or gatherings that have a personal stake in the…

Q: Which is incorrect about financial securities? a. Financial securities are guarantees the holders in…

A: Securities are financial instrument that are traded in the open market by investors. They are…

Q: Whether the act of overstating in revenue is considered and classified to be a significant risk.…

A: Revenue: Revenue is income earned by a firm selling its goods and services to other parties. The…

Q: Under IFRS No. 9, which reporting categories are used to account for equity investments when the…

A:

Q: What practical difficulties are encountered by a trader due to incompleteness of accounting records?

A: Some practical difficulties are encountered by a trader due to incompleteness of accounting records…

Q: How can SPEs be used to manipulate financial statements? Give one real case example on the misuse of…

A: Special purpose entities are the subsidiaries created for a specific purpose. These are used to…

Q: Who are covered by the anti-bribery provisions?  Who are covered by the accounting provisions?

A: The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law  known primarily for…

Q: What is the course of action (s) can be used to prevent fraudulent financial reporting in stock…

A: Fraudulent financial reporting  Reckless conduct, acts, or omissions, or Intentional…

Q: Which of the following is the least persuasive type of evidence? O purchase orders O bank…

A: Evidence is a proof which can be used for multiple purposes. Work which is highly risky becomes easy…

Q: factor that could explain why the falsifying of financial statements is occurring so frequently.

A: The practice of utilizing innovative accounting procedures to make a firm's financial statements…

Q: Which of the following does NOT describe substantive procedures? O includes inspection, inquiry, and…

A: The substantive procedure is the procedure used to create evidence to verify the material statements…

Q: Which of the following statements about the IASB and FASB conceptual frameworks is not correct? a.…

A: The FASB and IASB have the goal of establishing the accounting standards. FASB focuses on accounting…

Q: How does investments control deficiencies affect the development of audit procedures for…

A: Audit procedure refers to the steps that are performed through auditors in order to get all the…

Q: Which one is not the fraudulent financial reporting? Select one: a. Cash shortage b. Lack of working…

A: Fraudulent financial reporting :              The fraud practices which hinders the objective of…

Q: Which of the following statements is consistent with the principle of control as defined by IFRS 10…

A: IFRS 10 Consolidated Financial Statements Control means the power over the investee and the ability…

Q: Information is considered material if:     it would have a bearing on decisions of those who use…

A: While preparing the books of accounts i.e. the financial statements the company needs to disclose…

Q: What are the most common approaches that perpetrators use to commit fraudulent financial reporting

A: Fraudulent financial reporting is defined as the purposeful misrepresentation of financial…

Q: How can we reduce this risk in financial reporting process? "Are redundant and out-of-date…

A: Financial reporting is a typical accounting approach that uses financial statements to convey a…

Q: Are there any red flags in financial statement analysis?

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Would it be possible to be objective when auditing a friend's financial statements?  If you think,…

A: An auditor’s independence refers to the independence of the auditor from the parties that are…

Q: ect financial interests mean? What does direct financial interests mean? And why should auditors be…

A: An indirect financial interest is a financial interest that is beneficially owned through an…

Q: 53. The Conceptual Framework does not in any was assist prepares of financial statements in applying…

A: Answer: 53. The Conceptual Framework does not in any ways assist preparers of financial statements…

Q: How does the public good of accounting information lead to underproduction in a free market?

A: Accounting information is provided to the users in the form of annual Statement which includes…

Q: Organized securities markets   a. are examples of financial intermediaries.     b. are secondary…

A: Secondary market transfers liquidity to the primary market.

Q: What is non-IFRS financial information? Discuss how ASIC’s RG230 could be applied to minimise the…

A: RG230 deals with "Disclosing Non-IFRS financial information."

Q: Explain the relation between ethics and financial statement fraud by giving examples.

A: Explanation: When it comes to the preparation, presentation, and disclosure of financial results,…

Q: Have any major changes in the debt rating process beenproposed or enacted, such as having a…

A: A credit rating is a quantitative evaluation, in a basic context or even with respect to a specific…

Q: Why do certain corporations disclose non-GAAP financial measures?

A: This question explains about corporations disclose non-GAAP financial measures

Q: Identify reporting issues related to fraudulent financial reporting and financial forecasts

A: Financial reporting: The financial results of an organization related to a period are declared and…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.