describe a spectrum for assessing fi nancial reporting quality;

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Discuss the differences between the attest function and assurance services.

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

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: identify characteristics of a coherent fi nancial reporting framework and the barriers to creating…

A: Introduction: The structure for the financial reports specifies the collection of standards and…

Q: and is objecting to an assessment received from SARS

A: In Republic of South Africa   South African Revenue Services is the tax…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: Define sensitivity analysis

A: The process to evaluate the effect of change in one variable on the end result of a project is…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: List all the IAS and IFRS Standards and state thier objectives

A: The accounting standards of IAS are as follows:

Q: quality auditing

A: Quality audit is the examination of books of accounts of the company by internal auditor and…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: uss how to choose the appropriate benchmark for performance e

A: Choosing appropriate benchmark is very important for evaluation of performance of the portfolio.

Q: List all the IAS and IFRS Standards, discuss briefly their definitions, thier objective and their…

A: The Accounting standards are the set of principles and procedures to be compulsorily adopted by the…

Q: Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: Define the term total quality management.

A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…

Q: Describe the critical factor in evaluating whether a performanceobligation is satisfied.

A: Performance Obligation: Performance obligation means a promise to transfer goods or services.

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: sensitivity analysis

A: The sensitivity analysis represents the more reliable source of prediction. It helps the managers to…

Q: What is an engagement quality review?

A: When it comes to an engagement quality review, a reviewer should evaluate the significant judgements…

Q: What type of assurance is given in a Review engagement?

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

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: describe implications for fi nancial analysis of diff ering fi nancial reporting systems and the…

A: Financial report may be defined as the collection of major financial statements which are prepared…

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: Define the term assurance.

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: Describe a review engagement and explain the level of assurance given in such an engagement.

A: You have asked to answer different questions under a single question and we provide solution to one…

Q: Explain the objectives of FIFO method.

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: Recommend wl decisions.

A: Profitability index is a calculation that divides the current value of expected anticipated cash…

Q: describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof…

A: The mechanism that discipline financial reporting quality includes the free market and incentives…

Q: Describe attestation and attestation engagement.

A: Attestation is the process of getting financial statements or accounting information attested or…

Q: describe presentation choices, including non-GAAP measures, that could be used to infl uence an…

A: There is very nothing new during this reading, simply a review of the previous material. heaps of…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: Define the term Sensitivity Analysis?

A: Sensitivity analysis is a financial modelling tool which aims to analyze the change in output…

Q: Define assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…