Principles of group accounting under ifrs Study guides, Class notes & Summaries

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards B) The cost of the IASB to regulate compliance with many national accounting standards C) The reduction in effectiveness of the international m...

A common set of accounting standards and procedures used in the preparation of financial statements to ensure consistency of presentation and reported results. - Generally Accepted Accounting Principles (GAAP) The accounting principles and practices that are prescribed or permitted by an insurer's domiciliary state and that insurers must follow. - Statutory Accounting Principles (SAP) The valuation of an asset based on financial models instead of market price. - Mark-to-model The value of...

Auditing & Assurance Services, 7e (Louwers) Chapter 2 Professional Standards 1) Control risk is A) the probability that a material misstatement could not be prevented or detected by the entity's internal control policies and procedures. B) the probability that a material misstatement could occur and not be detected by auditors' procedures. C) the risk that auditors will not be able to complete the audit on a timely basis. D) the risk that auditors will not properly control the staff on th...

What if not followed IAS or IFRS? Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? Principles harder to circumvent Why have a FRAMEWORK? Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION = Complete, Neutral, No Errors What does RELEVANCE offer? PREDICTIVE VALUE CONFIRMATORY VALUE 4 X Qualities of FAITHFU...

ACCO 310 Chapter 1, questions and answers latest updated | graded A+ Financial Reporting -Process of preparing financial reports (statements) for external and internal users -The primary objective of financial reporting is to aid current and potential stakeholders in their decision making, particularly with respect to lending money or investing in the company In Canada, public companies must follow International Financial Reporting Standards (IFRS) Canadian companies will follow U.S...

Form 13-D The Schedule 13D is a form that must be filed with the SEC under Rule 13D. The form is required when a person or group acquires more than 5% of any class of a company's shares. This information must be disclosed within 10 days of the transaction. Rule 13D requires the owner to also disclose any other person who has voting power or the power to sell the security. Read more: Schedule 13D Definition | Investopedia Follow us: Investopedia on Facebook Form 13-G Institutional i...

Accounting - ANSWER-an information system that measures & records business activities, processes data into reports & reports results to decision makers Accounting equation - ANSWER-Assets = Liabilities + Owner's Equity. Provides the foundation for the double-entry method of accounting Accounting Standards for Private Enterprises - ANSWER-Canadian accounting standards that specify the generally accepted accounting principles applicable to private enterprises that are required to follow GAA...

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process TRUE/FALSE 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. ANS: T PTS: 1 DIF: 1 REF: pp. 3-6 OBJ: LO: 1-01 NAT: BUSPROG: Analytic STA: AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements KEY: Bloom's: Knowledge 2. Goals are the end results toward which the firm directs its energies, ...

FAC1601 SUMMARY STUDY NOTES. FAC1601 - Financial Accounting And Reporting The Conceptual Framework for Financial Reporting was issued by the International Accounting Standards Board (IASB). This document contains a group of interrelated objectives and theoretical principles that serve as a frame of reference for financial accounting and more specifically financial reporting. It is not an IFRS. Purpose: Development of future standards, reducing number of alternative accounting treatments,...

Which interactive function is provided by the SAP List Viewer? - ANSWER Creation of subtotals for specific values your compant code uses USD as the company currency. You are trying to post to an account in EUR but get an error message that you cannot post to this account. What is the reason? - ANSWER the account determination for exchange rate differences is missing for the account Identify the main areas of the Implementation Roadmap from the items listed below? - ANSWER Roadmap structur...