You are the senior accountant in a company and in charge of the accounts department. One of your junior staff is very good at book-keeping and you have identified her as a person with potential for promotion. You have therefore agreed to pay for her tuition on a financial accounting course. She has asked you what she will learn apart from book-keeping.Required:State briefly the purpose and contents of EITHER the International Accounting Standards Board’s “Framework for the Preparation and Presentation of Financial Statements” OR the Accounting Standards Board’s “Statement of Principles for Financial Reporting”. Thank you

International accounting standard board is an independent board which is made to set the accounting…

Answered: You are the senior accountant in a…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 12C

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You are the senior accountant in a company and in charge of the accounts department. One of your junior staff is very good at book-keeping and you have identified her as a person with potential for promotion. You have therefore agreed to pay for her tuition on a financial accounting course. She has asked you what she will learn apart from book-keeping.

Required:

State briefly the purpose and contents of EITHER the International Accounting Standards Board’s “Framework for the Preparation and Presentation of Financial Statements” OR the Accounting Standards Board’s “Statement of Principles for Financial Reporting”.

Thank you

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