According to IFRS, the retrospective technique should not be employed if any of the following conditions are met

Q: O None of these would be considered a breach of the qualitative characteristic of faithful…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Explain contributory negligence.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: how do you determine when goodwill will be written off under the impairment rules

A: Goodwill:Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: In your opinion, should PWI be subject to civil litigation?

A: Here, it is to be determined that whether PWI be subject to civil litigation or not.

Q: If you become aware of a breach or violation, you should

A: Breach or violation of the terms and conditions by the employee is a commit of fraud or revealing…

Q: Do U.S. GAAP and IFRS (under IAS No. 39) differ in how they account for otherthan- temporary…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: What are the two cases where Garner VS Murray rule is not applicable?

A: Generally, as per the Garner vs Murray rule, any capital loss incurred due to bankruptcy of the…

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: What is a modified retrospective approach of FASB?

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: The process of determining which risks to insure and which applicants to reject is known as

A: Given information The process of determining which risks to insure and which applicants to reject…

Q: Disadvantage of institutional based correction

A: Following is the answer to the given question

Q: Are there any nonfinancial advantages or disadvantages of changing to a JIT system

A: JIT is a method/management strategy that is used to reduce the cost of inventory and increase…

Q: Determine if the mistake is counterbalancing or noncounterbalancing. Give a specific example for…

A: The mistake is counterbalancing or noncounterbalancing will be explained:

Q: Outline Roll’s critique and explain how this affects the application of the CAPM in practice.

A: Roll's critique suggests or is built on the idea that it is next to impossible to create or observe…

Q: True or False Segregation of duties is one of the categories of control activities.

A:

Q: What procedures should be performed to determine the adequacy of the allowance for doubtfulaccounts?

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account…

Q: What two types of exposures can close supervision of the receiving department reduce?

A:

Q: Which of the following statements are an example of a violation of the sunk cost principle? There…

A: Since you have posted a question with multiple sub parts therefore, we will solve the first three…

Q: Discuss the rules for related party loss limitations.

A: The IRS has define rule regarding the transactions with the related parties and the treatment of…

Q: describe conditions that are conducive to issuing low-quality, or even fraudulent, fi…

A: Financial reports are issued at the end of the year that shows the status of the Company.

Q: “What has been regarded as normal spoilage in the past is not necessarily acceptable as normal…

A: Spoilage:   Spoilage is the defective item in an intermediate or final stage. The spoilage goods…

Q: Under IFRS, the retrospective approach should not be used if:

A: Here is the answer :

Q: Does the use of ghost-ticking would violate what pillar of character?

A: Making a mark that suggests you confirmed them when you didn't would be called "ghost ticking."…

Q: If this scenario were brought to a NAFTA tribunal, Decom Mat would most likely win. Explain why.

A: NAFTA -North American Free Trade Agreement provides a framework for rule based dispute resolution…

Q: If you approach a decision in the spirit of 'trial and error', you often O a. irreversible Ob. O b.…

A: A type of learning in which the organism successively tries various responses in a situation,…

Q: Which of the following is generally true about the differences between U.S. GAAP and IFRS? a. More…

A: US GAAP and IFRS are the two different financial reporting standards which have different standards…

Q: An inaccurate estimate of asset needs can have serious consequences. Explain how?

A: Estimates of assets:  Estimate of assets is the estimated worth of assets of original worth of…

Q: What tests may be conducted for identifying unauthorized program changes?

A:

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the comment…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: Scope limitation results from an inability to collect sufficient appropriate evidence. * True O…

A: Scope limitation: It is a restriction on an audit that is caused by the client, issues beyond the…

Q: Risk of material misstatements increases if

A: Please see the next step for the solution

Q: Why is the goodwill procedure best described as a revaluation procedure? No plagarism

A: The answer is provided as follows:

Q: If detective controls signal error flags, why shouldn’t this type of controls automatically make a…

A: Definition:   Internal control: Internal control involves the norms and rules which are followed…

Q: The risk of damages in the life of a machine component can be eliminated by using collective…

A: Collective measures are called collective because they protect more than one person. They protect a…

Q: What is the condition of security? Has it been reasonably well maintained or does it show the…

A: Security is a financial instrument, either equity or debt, which has some legal values. Securities…

Q: Why does the exclusion of the preemptive right ordinarily inconsequential?

A: Preemptive Rights: It is a contractual clause that gives the shareholders right or allows them to…

Q: Explain about the PROSPECTIVE APPROACH: WHEN RETROSPECTIVE APPLICATION IS IMPRACTICABLE.

A: Accounting policies are required to be followed consistently so that, comparability of the financial…

Q: what alternatives does FASB ASC Topic 305 provide in assessing the impairment?

A: The financial Accounting standard board provides an an accounting alternative expected to less the…

Q: How might exclusion clauses be found to be unenforceable?

A: Exclusion clause is defined as the term of contract that looks for restricting or excluding the…

Q: “Units of abnormal spoilage are inferred rather than identified.”Explain.

A: Spoilage:Spoilage is the defective item at intermediate or final stage. The spoilage goods cannot be…