What is the guiding objective is that lessees and lessors provide disclosures?

Q: What types of contractual obligations must be disclosedin great detail in the notes to the balance…

A: Balance Sheet: A balance sheet is a financial statement that reports the financial position of the…

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: What are the quantitative disclosures that must be done by lessee?

A:

Q: What is the quantitative disclosure of lessee?

A: Lease Agreement:   It is a contract between the owner of the asset (lessor) and the person who uses…

Q: Which of the following is not a required disclosure under PAS 1?

A: PAS 1 refers to the Philippine Accounting Standards as developed by the PFRS (The Philippine…

Q: what is the best provisioning methodology in loan impairement and why?

A: Impairment refers to a reduction in an asset's value. It's similar to depreciation but it's applied…

Q: Explain Options to Report Liabilities at Fair Value.

A: Introduction FASB introduces Fair Value Options to report assets and liabilities in fair value,…

Q: Describe about the full disclosure principle. Also tell the different ways in which information is…

A: Full disclosure principle: According to the principle of full disclosure, all the events occurred in…

Q: What is fair value accounting?

A: The accounting is a process to identify the transactions, classify and record the transactions and…

Q: How do the non-GAAP measures differ from related official GAAP measures?

A: Generally Accepted Accounting Principles  or GAAP  provides an uniform set of rules and formats…

Q: What are some of the techniques of disclosure for thebalance sheet?

A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…

Q: What are retakaful and reinsurance and how takaful products can be used for hedging purposes?

A: Retakaful and reinsurance : In simple words, The Muslim reinsurance sector is referred to as…

Q: Explain in detail Full disclosure principle with example.

A: The full disclosure concept or norm is an idea that allows a company to disclose all basic facts…

Q: Review the full disclosure principle and describe how it is implemented

A: While preparing the financial statements of company, some genera rules & guidelines have to be…

Q: Define Full-disclosure principle.

A: Accounting:   It refers to the process of recording the transactions of the business in a systematic…

Q: What is the difference between equity of redemption and statutory redemption?

A: The difference between equity of redemption and statutory redemption are:

Q: What are the quantitative disclosures that must be done by lessor?

A:

Q: What are some possible agency conflicts between borrowers and lenders?

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal authorizes agent…

Q: What makes an account significant or an assertion relevant?

A: Significant Account  An account is said to be significant when there is a chance that the account…

Q: Define the term truth-in-lending laws? What are its requirements?

A: Answer: The 1968 Truth in Lending Act (TILA) is a federal statute of US aimed at encouraging…

Q: Explain the concept of adequate disclosure.

A: Definition: Adequate Disclosures: In accounting, there is a need for adequate disclosures as these…

Q: A company should disclose information only if the perceived benefits of the disclosure exceed the…

A: Given statement is: A company should disclose information only if the perceived benefits of the…

Q: How is internal control applied to liabilities?

A: It is often seen that frauds, employees thefts, and manipulation of records incur in the…

Q: iscuss the role of a receiver. How does the role of a receiver differ from that of the administrator…

A: Step 1 An  Receiver is appointed  by the Insolvency Service Board  on the orders of  court to act in…

Q: In the Framework, it is possible that an entity may not disclose relevant information. Why?

A: The <IR> Framework is the International Integrated Reporting Framework, which presides over…

Q: Describe required fair value disclosures.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain the meaning of withholding at source

A: In finance withholding at source pertains to the domain of taxation. This is found in many countries…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What is a promissory note, and what are some terms that arenormally included in promissory notes?

A: SOLUTION:- A promissory note is a instrument where one person or party promises(the note's issuer)…

Q: Under what circumstances is a contingent liability reflected in the accounting records as though an…

A: Contingent liability: Liability that can occur in future depending on the outcome of an uncertain…

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: Explain the requirements for the formation of a suretyship relationship.

A: Intrduction : A suretyship arrangement is described as a relationship in which a third person, the…

Q: Suppose the analysis of a loss contingency indicates that an obligation is not probable. What…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: document that facilitates

A: Solution:- Corporate charter is a legal document form creation of company. It is filed with…

Q: What transactions do you prefer to use negotiable instruments?

A: Negotiable instruments are written contracts whose benefit could be passed on from its original…

Q: What is the full disclosure principle?

A: Principles are followed by the business for preparing financial reports.

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…