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Answer: 1) Financial reporting is an important part of organization that requires standards in preparations for informed financial decisions. Financial statements need to be prepared using generally accepted accounting principles and theories that form conceptual framework basis. Conceptual Framework refers to a system of objectives and ideas that form basis for development of consistent standards and rules in financial reporting (Weil, Schip...Read More
Answer: Introduction The process of growing corporations in terms of gaining control of the other company in terms of cost reduction, material supplies or controlling the market or diversification of the product or further to avail the tax benefits (Hoyle, Schaefer and Doupnik 2015).In this case, acquisition is been done by Tuna Limited for Brim Limited. The financial positions and the results of operations are presented through consolidated ...Read More
Answers: INTRODUCTION The auditing concept has gained the importance when the incident of the global financial crisis have happened which have occurred in the middle of the 2007 and has been ended in the year of 2009 but has the after effects for so many years. Earlier the auditor was not bound in any manner for the reporting of the matters that can have the significant impact on the reporting of the financial statements have now been bound w...Read More
Answer: ASSESSMENT PART A Any information contained in the financial statement helps an investor or other user in the economic decision-making process. However not every and any information can be beneficial for the users of the financial statement. There are few qualities which this financial information should possess to satisfy their purpose of helping the users (Elimam, 2017). The following are all qualitative characteristics . ...Read More
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