The date requirement for accounting documents is a GoB that is not codified by law. How can this principle be derived or deduced?
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BLOCK C/2018/3
The date requirement for accounting documents is a GoB that is not codified by law. How can this principle be derived or deduced?
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- What are accounting errors and how they are reported. What are the disclosure requirements for correction of errors. Please see FASB codification to discuss the disclosure requirements.In the FASB Accounting Standards Codification some of the sections may have the letter "S" next to it. What does the "S" indicate? Question 24 options: a) Superceded Guidance b) SEC Guidance c) SME Guidance d) Simplified GuidanceHow does the maturity date of a promissory note affect its accounting treatment?
- 4. Which statement is correct concerning compliance with PFRS?I An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes.II An entity shall not describe financial statements as complying with PFRS unless they comply with all the requirements of each applicable PFRS.a. I onlyb. II onlyc. Both I and IId. Neither I nor II 5. Which information is not included in the “notes to financial statements”?a. Statement of compliance with PFRSb. Statement of measurement basis and accounting policies usedc. Supporting computation for line items presented and aggregatedd. Cash Flows 6. These are defined as “the specific principles, methods, practices, rules, bases and conventions adopted by an entity in preparing and presenting financial statements.a. Contingencies and commitmentsb. Notes to financial statementsc. Nonfinancial disclosuresd. Accounting PoliciesExamples of violation to notes on financial statements7. According to IFRS, An accounting policy may be changedA. only if the change is required by an international standard3B. only if the change results in reliable and more relevant information.C. Both A & BD. None of the above
- Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes NoIntermediate Accounting 105 May I please have a GAAP explanation, along with examples providing concepts? Under what conditions should a short-term obligation be excluded from current liabilities? Thank you so muchWhat are some of the most common types of accounting distortions that can arise? How can adjustments to the standardized financial statements be made in order to undo these distortions?
- explain in etail the penalty for failure in furnish a return or statement (section 182) and penalty for concealment of income (section 184)IAS 37, Provisions, Contingent Liabilities and Contingent Assets was issued in 1998. The Standard sets out the principles of accounting for these items and clarifies when provisions should and should not be made. Prior to its issue, the inappropriate use of provisions had been an area where companies had been accused of manipulating the financial statements and of creative accounting.Required:a) Describe the nature of provisions and the accounting requirements for them contained in IAS 37.b) Explain why there is a need for an accounting standard in this area. Illustrate your answer with three practical examples of how the Standard addresses controversial issues.what are disadvantages of national or international accounting uniformity?