How is a financial statement under IFRS different from

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: What is the purpose of pro forma financial statements

A: Pro forma financial statements are financial reports issued by an entity, using assumptions or…

Q: hy is it important to understand financial statem

A: Financial statement are representation of the performance of company and are show how is company…

Q: what is the contrast the basic financial statements

A: Financial statements are written records that convey the business activities and therefore the…

Q: What is the general purpose of financial disclosures of financial statements?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Who Governs The Financial Reporting Standard?

A: Accounting controls: These are the internal controls which ensure continuous reliability of…

Q: What are the benefits of pro forma financial statements?

A: Pro forma financial statement:Pro forma financial statements is a report which are prepared on the…

Q: What is the difference between financial statements and financial reporting?

A: Financial statements and financial reporting are both belongs to the financial accounting but…

Q: Should the company prepare its financial statement based on IFRS or US GAAP?

A: Financial statements are the detailed records pertaining to the business. These are prepared by the…

Q: how does GAAP impact how we present financial information

A: Generally accepted accounting principles (GAAP) refer to the accounting principles, standards, and…

Q: What is meant by the term “underlying” as it relates toderivative financial instruments?

A:

Q: What is the objective of general purpose financial reporting?

A: Financial statement: Financial statements are condensed summary of transactions communicated in the…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to…

A: GAAP: its also called as US GAAP , is an acronym for Generally accepted accounting principles. These…

Q: What assumption is made regarding the external users of financial statements?

A: Financial Statements: The organization records the financial information related to transactions.…

Q: Do the IASB and FASB conceptual frameworks differ in terms of the role of financial reporting?

A: International accounting standard board (IASB) is an independent authority under International…

Q: Contrast U.S. GAAP financial statement terms with their different IFRS terms.

A: U.S. GAAP, generally accepted accounting principles in the United States, are the measurement rules…

Q: WHAT IS THE MEANING OF FINANCIAL STATEMENT?

A: Financial statements are the written records of the business activities which show the financial…

Q: WHAT IS THE PURPOSE OF FINANCIAL STATEMENT?

A: Financial statement - are prepared by the management  of a company to convey the performance of the…

Q: How does the financial statements are the primary means of communicating financial information to…

A: Financial Statement:   It refers to the end reports of an organization prepared to report the…

Q: What are two differences between IFRS and U.S. GAAP with respect to the classification of financial…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What is financial reporting environment?

A: A short introduction to Financial Reporting- Basically it is a standard accounting practice that…

Q: To what extent are you familiar with financial statements and their interrelationships? Explain

A: This question explains about  the financial statements and interrelationships

Q: Explain what are the elements of financial statements?

A: The elements of financial statements are as follows: Assets Liabilities, Equity, Revenues and…

Q: To deter To list: The items included in the definition of financial information and determine…

A: Introduction: Financial statements: A financial statement is a complete record of all financial…

Q: What is meant by the term materiality in financial reporting?

A:

Q: When it comes to financial instruments, what distinguishes one from another? Please give us a…

A: Introduction: The money market is the market in which buyers and sellers engage to buy and sell…

Q: What is the relationship among the financial statements?

A: Financial Statements: These are records of the activities relating to finance and business. The…

Q: Why are disclosures important in financial statement and what are its benefits?

A:

Q: What are the arguments favoring the regulation of financial reporting?

A: Financial reporting:   Financial reporting is the procedure to communicate the information obtained…

Q: Does financial reporting play a different function in the IASB and FASB conceptual frameworks? Exp

A: To design the Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standards…

Q: What is the limitation of Financial Statement Analysis

A: Financial statement analysis is the process of analyzing and evaluating the corporate entity's…

Q: Do the IASB and FASB conceptual frameworks differ in terms of the role of financial reporting? Exp

A: Financial Accounting Standards Board (FASB) is established with the sole responsibility to formulate…

Q: What do the financial statements include?

A: Financial statements are basic as they give significant insights concerning the money related…

Q: Which of the following is not a component ofa complete set of financial statements?

A: A financial statement are formal record of all financial activities in a standard manner. Based on…

Q: How are the balance sheet and income statement affected by fair value accounting?

A:

Q: What are the limitations of the financial statements?

A: Definition:   Financial statements: Financial statements refer to those statements, which are…

Q: What are comparative financial statements? What issue is introduced when entities present…

A: Comparative financial statement= This is the complete set of financial statements that the business…

Q: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

Q: what does an alternative reformulation of financial information mean?

A: Financial statement A financial statement refers to those which are prepared in order to ascertain a…

Q: how is the feature of materiality and aggregation applied in the presentation of financial…

A: Preparation of Financial statement includes preparing of final accounts, preparing ratios, comparing…

Q: What are the conceptual issues related to financial reporting and financial disclosures?

A: Introduction: Financial reporting is a common accounting technique in which financial statements…

Q: Should the company prepare its financial statement based on IFRS or US GAAP? Explain

A: Let us first see the meaning of IFRS and US GAAP                                IFRS :  It is…

Q: in what ways does the format of a statement of financial position under IFRS often differ from a…

A: The balance sheet is the statement of financial position of the business.