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- What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAASBriefly describe how the organization of the FASB Codification corresponds to the elements of financial statements.
- Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in AustraliaExplain the main purposes of the Conceptual Framework for Financial Reporting and Identify the objective of general-purpose financial reporting, as stated in the Conceptual FrameworkThe IASB Conceptual Framework for Financial Reporting has identified certain qualitativecharacteristics of information in financial statements. Identify and explain briefly the six(6) qualitative characteristics of financial reporting.
- The Conceptual Framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 (five) importance of the conceptual framework.describe general requirements for fi nancial statements under International Financial Reporting Standards (IFRSThe US GAAP provides rules and guidance for what two primary financial reporting purposes? A. Recognition and measurement B. Risk assessment and presentation C. Recognition and presentation D. Initial and subsequent measurement
- The US GAAP provides rules and guidance for what two primary financial reporting purposes? A. Recognition and measurement B. Risk assessment and presentation C. Recognition and presentation D. Initial and subsequent meaWrite the definition, recognition, measurement, important key points and disclosure if any provided for the following: Financial instruments- Presentation PAS 32Identify the minimum balance sheet items that should be included in financial reportingaccording to the International Accounting Standard 1