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”.
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”.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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