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”
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Answer: External benefits or external cost either in consumption or in production process interrupts efficient resource allocation. These are benefits or costs that though present in economic transaction but are not accounted by the direct parties involve in the transaction. Such benefits and costs are thus not reflected in the market price. External cost refers to the additional cost present in the production process affecting the third party...Read More
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Answer: Introduction The present report is developed for carrying out an analysis of the annual report of ANO Advance Nanotek Ltd as per the conceptual framework of accounting. The company is recognized as a specialist developer and manufacturer of advanced materials and is listed on the ASX. The company needs to comply with characteristics of accounting conceptual framework (CF) as stated by the IASB. IASB has developed the conceptual accoun...Read More
Answers: Part 1: The stock prices of Samsung, Apple and Google since September 27, 2018 are provided below to understand the fluctuations that have taken place in the share prices of the respective companies over the last 22 trading days. The table below shall be helpful in assessing the return during the period between 27th September, 2018 and 30th October, 2018. Date Samsung Apple Google ...Read More
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