ello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are my questions. What components of the International Accounting Standards 1 (presentation of financial statements) are related t

ello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are my questions. What components of the International Accounting Standards 1 (presentation of financial statements) are related t

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter7: Professional Issues

Section7.5: Fred Stern & Company, Inc. Stern & Company, Inc.(ultramares Corporation V. Touche Et Al.)

Problem 1Q

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Hello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are my questions. What components of the International Accounting Standards 1 (presentation of financial statements) are related to decision-usefulness for investors? How can they (these components) be misconceived with regards to stewardship of company accounts?

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Hi! There's a question in our book and I really want to get a grasp of the answer here. Can you give me a concise explanation on a possible answer for this? It doesn't have to be an essay. Just a general explanation of what the question asks for. Thank you! Question: The main purpose of company accounts is stewardship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And making the standards compulsory ‘Instructions’ rather than voluntary ‘Suggestions’ causes problems. What are your thoughts on this in relation to International Accounting Standards 1?
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