Your country has recently adopted IPSAS 1. This concept is new to the Accountant at the Ministry of Finance. She, therefore, request that you provide a summary of IPSAS 1 and explain using practical examples of information/data that should be included in each statement.
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Your country has recently adopted IPSAS 1. This concept is new to the Accountant at the Ministry of Finance. She, therefore, request that you provide a summary of IPSAS 1 and explain using practical examples of information/data that should be included in each statement.
Step by step
Solved in 2 steps
- a. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.You are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRSWhich of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Board
- The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.The elements of financial statements are mentioned in IPSAS 1. Compare the elements of your country’s financial statements to IPSAS 1. Explain the differences and similarities.GAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.
- A. 63. Which body appoints the members of International Accounting Standards Board (IASB) that make the present IFRS?A. IFRS Foundation.B. IFRS Advisory Council.C. International Accounting Standards Committee.D. International Financial Reporting Interpretations Committee.(Students should visit the SEC website, www.sec.gov, for supplemental resources.) How does the SEC affect the development of generally accepted accounting principles in the United States?Discuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stan
- The existing procedures for setting international Financial Reporting Standards were established in the 1990s. Required: Explain the roles of the following in relation to accounting standards.• International Financial Reporting Standards foundations (IFRSF)• International Financial Reporting Standards Board (IASB)• International Financial Report Interpretations (IFRIC)• IFRS Advisory Council.3. Assume that you have been invited to advise the accounting oversight body in one of the former Eastern European countries that became a member of the EU in May 2004. The accounting oversight body is charged with the task of identifying the main issues to be addressed in implementing the use of IFRS. Required: Prepare a report outlining the key points you would include in your advice to this accounting oversight body.Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in Australia