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ACC514 Financial Accounting

tag 0 Download 13 Pages / 3,062 Words tag 21-07-2021

Questions:

One of the projects that the International Accounting Standards Board (IASB) is currently undertaking is the Disclosure Initiative project, with the aim of improving communication in financial reports.

The IASB has identified three main concerns about disclosures in financial statements, namely: there is not enough relevant information in the notes, there is irrelevant information in the notes, and there is ineffective communication of the information provided.

The IASB released a discussion paper in March 2017, DP 2017/1 ‘Disclosure Initiative – Principles of Disclosure’ and is currently seeking feedback on the disclosure issues identified and on the Board’s preliminary views on how to address them.

You are an investor who, for years, has struggled to work through and understand all of the note disclosures when analysing and comparing the financial reports of companies that you are considering investing in.

Question 1:

Demonstrate an understanding of the form and content of a reporting entity’s general purpose financial reports, including note disclosures; and the ability to discuss critically and comprehensively current developments in the statutory and professional financial reporting obligations relating to note disclosures.

Question 2:

Apply generally accepted accounting principles and specific financial reporting standards to account for share capital in a reporting entity’s general purpose financial reports.

Question 3:

Apply generally accepted accounting principles and specificfinancial reporting standards in recognising and measuring income tax in a reporting entity's general purpose financial reports.

Question 4:

Apply generally accepted accounting principles and specific financial reporting standards in recognising, measuring and revaluing property, plant and equipment in a reporting entity's general purpose financial reports.

Question 5:

Apply generally accepted accounting principles and specific financial reporting standards for impairment of assets in a reporting entity's general purpose financial reports.

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My Assignment Help. ACC514 Financial Accounting [Internet]. My Assignment Help. 2021 [cited 30 January 2023]. Available from: https://myassignmenthelp.com/free-samples/acc514-financial-accounting/accounting-and-management-information.html.


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