Give a detailed explanation of the following standards. 1. IAS 28 Investment in Associates 2. IFRS 11 Joint Arrangements
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Give a detailed explanation of the following standards.
1. IAS 28 Investment in Associates
2. IFRS 11 Joint Arrangements
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Solved in 2 steps
- Question Read and summarise the following standards in not more than 2 pages for each standard. 1. IAS 28 Investment in Associates 2. IFRS 11 Joint ArrangementsMutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnershipsDefine Memorandum Joint Venture Account.
- Which of the following accounts is reciprocal account to the Investment inBranch account? A. Equity in Home OfficeB. None of the aboveC. Home Office capitalD. Branch IncomeQ: Compare the characteristics of organizational and legal forms of enterprises: Criteria The organizational and legal form Individual entrepreneur Economic partnership (LLC) Economic society (JSC) Simplicity of the creation Control over the activities Liability of the owners Investment Liquidity* Period of existenceDiscuss the purpose of a joint ventureand syndicate
- Define each of the following terms:g. Joint venture; corporate allianceRead and summarise the following standards in not more than 2 pages for each standard. 1. IFRS 3 Business Combinations2. IFRS 10 Consolidated Financial Statements 3. IAS 27 Separate Financial Statements 4. IAS 28 Investment in Associates 5. IFRS 11 Joint Arrangementsdescribe how you can creat a potential of cooperation with each of the stakeholders (employees- community- owners- consumers- government...)
- Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. In SME, borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. True or False? 2. Provision, in SME, shall be recognized if an entity has an obligation at the reporting date as a result of a past event and it is possible that the entity will be required to transfer economic benefits in settlement. True or False? 3. An entity can compute post-employment benefit by using either defined benefit plan or defined contribution plan. True or False?Which of the following best defines stakeholders? A. investors and lenders B. environmental groups C. anyone directly or indirectly affected by the organization D. groups or individuals financially impacted by the organizationDescribe the Enterprise Fund's disclosure requirements. Describe how the inclusion of this information benefits the end consumer of financial statements.