(a)
IFRS:
The International Financial Reporting Standards are issued to have a common language for business affairs globally, to ensure easy understanding and comparing the financial statements across the boundaries of the countries. These IFRS are issued by the IFRS Foundation and the International Accounting Standard Board.
To Explain: The amount of revenue recorded in the financial statements of the Company L by following the notes to the financial statements.
(b)
To explain: The determination of the provision of product returns in the financial statements of the Company L.
(c)
To explain: The identification of items those may have some adjustments for deferrals from the consolidated income statement and consolidate
(d)
To explain: The identification of two items which can be adjusted for accruals from the consolidated income statement of the Company L.
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Financial Accounting: Tools for Business Decision Making, 8th Edition
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