What are the functions of the conceptual framework under IFRS?

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What does the disclosure principle require?

A:

Q: What does PFMA stand for?

A: Solution- PFMS [Public Financial Management System] PFMS stands for Public financial Management…

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: What is the PCAOB? Describe its mission.

A: Introduction:   Businesses must register with the PCAOB in order to audit brokers, dealers, and…

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

Q: What is the relevant range of CVP?

A: Introduction: Cost-Volume-Profit (CVP) analysis, also commonly referred to as break-even analysis,…

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: What is a constraint?

A: Internal Control:   It refers to a set of rules, policies adopted by a business to ensure accuracy…

Q: What is the goal of codification

A: Codification refers to the process of organizing and consolidating laws, rules, or standards into a…

Q: What assumptions are inherent in the EOQ model as presentedhere?

A: Economic order quantity (EOQ): Economic ordering quantity (EOQ) is the perfect order quantity a…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Illustrate the CDO Structure?

A: CDO is the abbreviation used for collateralized debt obligation. It is corporate based funanacial…

Q: What is GAAP and why it is needed?

A: GAAP - Generally Accepted Accounting Principles

Q: es RTN hold any importan

A: In online transactions are done based on codes and codes are given for the name of bank and area of…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: How is materiality concept applied?

A: Accounting principles:

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What are the CVP assumptions?

A: