According to the FASB conceptual framework, the objectiveof financial reporting for business enterprises is basedon the needs of the users of financial statements. Explainthe level of sophistication that the Board assumes aboutthe users of financial statements.

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: Discuss five ways in which financial professionals can significantly impact the financial statements…

A: The five ways in which financial professional can significantly impact the financial statements with…

Q: According to IASI, the objective of general purpose financial statements is "to provide information…

A: The financial statements are the statements that represent the financial position of the company.…

Q: Explain the importance of financial accounting information for external parties—primarilyinvestors…

A: Financial Accounting:-Summarizing of all the transactions that occurred in the business during the…

Q: In 1984 the FASB released Statement of Financial Accounting concepts No. 5 "Recognition and…

A: All the concepts and principles are framed by the FASB to give consistency in the financial…

Q: Based on your understanding,compare and contrast the three major forms of business organization (in…

A: A business organization is comprised of three main activities or departments which helps in running…

Q: why Chief Financial Officer must have a background on the following subjects: Financial Accounting…

A: why Chief Financial Officer must have a background on the following subjects:  Financial…

Q: In the functional responsibility of the Phillipines Stock Exchange, which of the following…

A: Stock Exchange is the place where the buying and selling of financial securities like stocks, bonds,…

Q: An organization’s investors and creditors will primarily use information provided by:a. the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Who uses information from an accounting​ system?       A. ​Stockholders, investors, taxing​…

A: A set of accounting procedures and techniques is referred to as the accounting system. Its main aim…

Q: "To maintain public confidence and trust in the financial reporting of companies" is the purpose of…

A: Sarbanes- Oxley: The act came in to force from 2002 year. The act is for protecting investors from…

Q: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…

A: Financial statements are those statements which depicts the information related to the business over…

Q: Suppose you are tasked to construct and evaluate complex financial statements, including those…

A: SASB standards are those standards which provide information in relation to the corporate…

Q: GAAP provides rules for entities to follow when preparing financial statements which assist…

A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…

Q: Financial reporting depends on the needs of external users of the information reported. Who are the…

A: Financial reporting is done and provided by all types of companies irrespective of the industry in…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Discuss the two main branches of accounting and explain the differences between financial accounting…

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

Q: Accounting is the process of identifying, recording, analyzing, and communicating financial…

A: Accounting : The accounting is defined as the process of identifying the financial transaction,…

Q: Discuss how the contents of an organisation’s annual financial statements can demonstrate business…

A: Financial statement includes 3 main statement that helps in reflecting the financial business…

Q: Public Sector Accounting seeks to achieve certain financial objectives. You are required to state…

A: Public Sector Accounting is the systematic process of recording, communicating, summarizing,…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Explain each of the following items:a. Staff Accounting Bulletins.b. Wraparound filing.c.…

A: a. Staff Accounting Bulletins: Staff Accounting Bulletins are published by the staff of SEC. Its…

Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

Q: What should the ultimate financial aims of a company be and what role should the finance function…

A: The ultimate financial objective of business organizations is to maximize the wealth of their…

Q: The qualitative characteristics of relevance, reliability and comparability identified in the IASB’s…

A: financial statement should have sufficient information in relation to quality and quantity so as to…

Q: The financial accounting Standards board is responsible for

A: FASB is an independent, not for profit private organisation recognised by Securities Exchange…

Q: f relevance, reliability and comparability identified in the IASB’s  Framework for the preparation…

A: Present and future investors, workers, lenders, suppliers and other trade creditors, consumers,…

Q: Which of the following is included within the financial statements? A. Board of Directors' Report…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: Setting accounting standards by the private sector is Select one: a. Independent discipline approach…

A: Accounting standards refer to the rules, policies, and practices used or followed to record…

Q: A conceptual framework for financial reporting is: A. A set of regulations which govern financial…

A: Introduction: Financial reports: At every financial year ending Income statement , Statement of cash…

Q: dentify which branch or field of accounting provides the functions and services stated below. Choose…

A: There are several branches of accounting and these branches have their own purposes. These are:…

Q: financial position

A: Financial reporting refers to the process of the documentation and communication of all the…

Q: Under the Conceptual Framework of Financial Reporting, users of financial information may be…

A: SOLUTION-   USERS OF FINANCIAL INFORMATION-   A-INTERNAL USERS- 1-OWNER'S. 2-MANAGERS. 3-EMPLOYEES.…

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: For each of the following eight components of the framework for financial reporting, identify…

A:

Q: eXtensible Business Reporting Language

A: XBRL (extensible Business reportage Language) XBRL (extensible Business reportage Language) may be…