Which of the following states that "the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity?" Multiple Choice IASC Standards. SIC Interpretations. IFRIC Interpretations. IASB Conceptual Framework. International Accounting Standard 2.

Which of the following states that "the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity?" Multiple Choice IASC Standards. SIC Interpretations. IFRIC Interpretations. IASB Conceptual Framework. International Accounting Standard 2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7MC: These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial...

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These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
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The Conceptual Framework The IASB's Framework for the preparation and presentation of financial statements, sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions about an entity. In addition the Framework sets out the recognition criteria for assets and liabilities, which is of particular importance. Required: a. Explain the purpose of the Framework b. Define assets and liabilities and explain the important aspects of their definitions. Explain why these definitions are of particular importance for the preparation of an entity's statement of financial position and income statement.
The IASB’s Framework for the Preparation and Presentation of Financial Statements gives qualitative characteristics that make financial information reliable. Which of the following are examples of those qualitative characteristics? (1) Accruals (2) Faithful representation (3) Going concern (4) Neutrality Select one: a. 1 and 2 b. 2 and 4 c. 1 and 4 d. 2 and 3
Does financial reporting play a different function in the IASB and FASB conceptual frameworks? Exp
The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards Board to develop IFRS Standards B. To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy C. To assist all parties to understand and interpret IFRS Standards OD. All of the above
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Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, and a. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financialaccounting standards issued by the FASB.
Who enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACL
Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.
The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.
The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.Required:Explain what is meant by relevance, reliability and comparability and how they make financial information useful.