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5ACCN004W Financial Accounting And Reporting

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Question

Learning outcomes:

LO1: understand the impact of international standardisation on reporting practices.

LO2: demonstrate an understanding of contemporary measurement issues in financial reporting and their application in practice.

Read the following statement and answer the question:

“Prudence in accounting and financial reporting has a long-established track record. There is a considerable debate about whether International Financial Reporting Standards (IFRS), as the key global standards, should include prudence and state its importance in their conceptual framework” (ACCA, 2014*). 

Critically discuss the debate about the inclusion of the prudence concept in the conceptual framework and IFRS.

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My Assignment Help. Financial Accounting And Reporting [Internet]. My Assignment Help. 2021 [cited 27 September 2021]. Available from: https://myassignmenthelp.com/free-samples/5accn004w-financial-accounting-and-reporting/impact-on-the-financial-statement.html.


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