What is the IPSASB and reason(s) it was established?

Q: Describe the purpose of the AICPA. What is the AICPA’s primary function?

A: The American Institute of CPA (AICPA) is a non-profit organization of Certified Public Accountants…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: What does the disclosure principle require?

A:

Q: Explain in detail, using examples where possible, the difference between hedging, speculation

A: In the world of finance and investments hedging and speculation are important concepts. Many…

Q: If you were given complete authority in the matter, how would you propose that GAAP should be…

A: Generally Accepted Accounting Principles (GAAP):  A set of accounting principles, practices and…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: What is the purpose of the Maceda Law?

A: The Maceda Law, also known as The Realty Installment Buyer Act or Republic Act 6552 is the law that…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: Complete the following chart indicating the corresponding Auditing Standards Board assertions and…

A: The financial statements contain all the assertions of the management about the recorded information…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: What are the two inputs required in the preparation of the pro forma statements?

A: Pro forma financial statements are reports that are formed based on hypothetical situations in the…

Q: on based

A: There are three main models of the judicial decision-making that explain how judges come to a…

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: ow to do question ii?

A: Given information : Initial balance 5000 Service charge 100 Interest rate 10% Time period…

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: a.What is the IPSASB and reason(s) it was established?  b.What are the objectives of the IPSASB?

A: Accounting standard refers to the common set of rules, regulations, principles, and procedures that…

Q: Define regulation D

A: The Accounting Standards are specific set of principles and procedures set by the authorized bodies…

Q: IPSASB

A: What is IPSAB REASON IT WAS ESTABLISHED WHAT OBJECTIVE OF THE IPSASB WHY THE IPSASB DEVELOPED THE…

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: termine ACA and TCSA of the entity? Provide example to explain your answer.​

A: ACA and TCSA-: The capital profit (made in the CGT incident L3) is comparable to the difference…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

Q: arise by ratificatio

A: Agency by Ratification is defined as where someone approves or accepts of some one else's deeds on…

Q: In general, relevant information possesses which qualities?

A: Relevance is an important characteristic of accounting information. It refers to how helpful the…

Q: What two conditions must valid entities meet?

A: Entity:   Entity in the context of database management implies anything regarding which data is…

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: What transaction is covered by Maceda Law?

A: MACEDA LAW is also known as REALTY INSTALLMENT BUYER ACT, was approved in 26th August 1972 to…

Q: What is the purpose of the IPSASB and what are the reasons for its establishment?

A: This question tells about the purpose of the IPSASB and what are the reasons for its establishment .

Q: What does the IAS 2 explains?

A: The answer is provided as follows:

Q: When does an activity be part of related party transaction?

A: Related party: Related party refers to the person that is related to an entity. A person or a close…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: What are the components of relevant information? What are the components of faithful representation?

A:

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: What are the responsibilities of the PCAOB?

A: Introduction : The public company accounting oversight board is known as PCAOB. To monitor the…