Which are the three types of reporting formats?

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What are the three major sections of the CAFR?

A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in…

Q: What is the basis for distinguishing between operating and nonoperating items?

A:

Q: What is an operating segment?

A: Operating segment: It is defined as providing information about the business actives with an…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

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 are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: What can be understood from “Segment Reporting"?

A: Financial reporting:   It refers to the disclosure of financial results of an organization for a…

Q: What standards govern SSARS engagements?

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

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: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: is a “look through entity”

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

Q: operating activities

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: What is the main objective of IASB?

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

Q: What are the 3 main sections of the CAFR?

A: CAFR is a set of financial statements for a state or other government entity that must conform with…

Q: What are the similarities and differences (if any) between the IPSASs and the IASs/IFRSs?

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: What are the three major OE/S processes and what are the subsidary processes of  each major process?

A:

Q: describe a spectrum for assessing fi nancial reporting quality;

A: A quality spectrum provides a basis for evaluating quality reports and ranges from reports that are…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

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

A: PBGC means Pension Benefit Guarantee Corporation. This corporation is a federal agency created by…

Q: Identify the segment information that is required to be disclosed by GAAP.

A: Segment reporting: Presentation of disclosures along with the financial statements which shows the…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…