a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.
a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 1EB: Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by...
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The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements.
You are required to:
(a) explain the main purposes of the IASB’s Conceptual Framework
document.
(b) discuss the assumption that (according to the IASB’s Conceptual
Framework) underlies the preparation of financial statements.
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