" In our opinion, the financial statements give a true and fair view of the state of the Company's affairs and have been properly prepared in accordance with the Hong Kong Companies Ordinance. " Q: (a) (i) Name the above opinion. (ii) One condition for issuing the above opinion is to require all financial statements to be presented and included. List three other required conditions.

Q: 3. The following stateme il, except. An entity shall prepare all its financial statements using the…

A: -> As per IAS 1 if the information is immaterial it is not needed to provide a disclosure. So…

Q: State any FOUR (4) procedures that would normally be performed by the practitioner before any report…

A: In order to issue any report on review the practitioner must obtain information on financial…

Q: The Framework issued by the IASB suggests that to show a true and fair view the information in…

A: International Accounting standard Boards (IASB) The purpose of  forming the International Accounting…

Q: " In our opinion, the financial statements give a true and fair view of the state of the Company's…

A: Auditor uses his professional judgment to provide an opinion on the financial or economic statements…

Q: A. 59. Which of the following are parts of the “due process” of the IASB in issuing a new…

A: The following four stages are required in order to issue a new standard: 1. Consulting with SAC…

Q: Reporting Standards (PFRS) purpose financial statements, elements, recognition an presentation and…

A: PFRS: Philippine financial reporting statement These are the set of accounting rules as per GAAP…

Q: I only С. Both I and II а. II only d. Neither I nor II

A: Answer is 'A'

Q: S1: An entity shall not describe financial statements as complying with PFRSS unless they comply…

A: Presentation of Financial statement It is the obligatory of the firm to conceive fair view of the…

Q: The notes to financial statements of an entity shall I. Present information about the basis of…

A: Notes to financial statements provide narrative description of items which are presented in…

Q: Both the GASB and the FASB require entities to include a management discussion and analysis in the…

A: The Government Accounting Standard Board (GASB) is defined as an organization that performs the…

Q: on law countries accounting focuses on economic substance and the standards and procedures are…

A: the correct answer is FALSE .   IN LAW COUNTRIES . ACCOUNTING IS WORKING ON THE BASIS OF ACCOUNTING…

Q: (a) Explain and give an example of the effect on a set of published financial statements if the…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Responsibility for the preparation of the financial statements as per applicable financial reporting…

A: Auditing is the verification of the financial statements prepared by inspecting the documents and…

Q: What does the abbreviation GAAP stand for?   A) Advanced Principles of Government Accounting  B)…

A: The abbreviation GAAP stands for Generally Accepted Accounting Principles. These are a set of rules…

Q: In relation to subsequent events, the 'authorisation date' for companies is the date: Select one: a.…

A: It is pertinent to note that subsequent events are those events that occur after the end of the…

Q: Presented below are four statements which you are to identify as true or false. If false, explain…

A: GAAP is the term used to indicate the whole body of FASB authoritative literature - True

Q: Choose the letter of the correct answer.

A: Answer: I The Objective of general purpose financial reporting forms the foundation of the…

Q: The accounting standards used in the Philippines are adapted from the standards issued by the…

A: SOLUTION EXPLANATION - THE PHILIPPINES HAS ADOPTED IFRS STANDARD AS PHILIPPINES FINANCIAL REPORTING…

Q: A change in accounting policy should be made only I. if Required by statute. II. Required by the…

A: Answer is option A. I, II and III.

Q: Occasionally, public accounting firms are engaged to report on specified elements, accounts, and…

A: Step 1: Introduction to Financial Statements:Financial reports, or financial statements, are…

Q: 2. Which of the following statements is correct? I An entity whose financial statements comply with…

A: In case of multiple parts, only first independent part shall be answered. Further parts need to be…

Q: Which statement is correct concerning compliance with PFRS? I An entity whose financial statements…

A: As per PFRS 1 Presentation of financial statements,  PFRS 1 requires entity to present complete set…

Q: The IASB's Conceptual Framework sets out the concepts that underlie the preparation and presentation…

A: Financial Statement - Financial statements are official records of a company, an individual, or…

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The following statement An entity presents on a net basis gains and losses arising from a group of…

A: Answer is POINT 'C'

Q: Which of the following is not about harmonization?

A: Answer - . Harmonization is a process of preparing financial statement - Not About Harmonization…

Q: What is due process in the context of standard-setting at the IASB? A. IASB operates in full view…

A: IASB is the international accounting standards board formed to issue the accounting standards which…

Q: Which of the following statements regarding the requirement to follow U.S. GAAP in financial…

A: Generally accepted accounting principles (GAAP) are controlled by the Financial Accounting Standards…

Q: 1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which…

A: Operational accountability refers to the responsibility of an organization to use its resources…

Q: In common law countries accounting focuses on economic substance and the standards and procedures…

A: Common law is defined as the laws that are in unwritten form grounded on the legal precedents that…

Q: IFRS are determined by the O a. International Accounting Studies Board. b. International Auditors'…

A: IFRS (International financial reporting standards) refers to a set of rules and guidelines which…

Q: The CPA Canada Handbook-Accounting is the handbook of Canadian accounting standards. Why do…

A: Canadian GAAP states the framework of the broad guidelines, procedures, conventions as well as rules…

Q: "Our auditors identified the following critical audit matter:  Significant judgment may be required…

A: ANSWER:- c) 10-k Explanation For correct option:-  The 10-K is an annual report that is required to…

Q: The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial…

A: The question is related to the PAS 34 Interim Financial Reporting. As per PAS 34  1. The minimum…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: 1.         Authoritative standards for IFRS include: a) International Financial Reporting Standards…

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

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: SA 570 (Going Concern) states that a fundamental principle in the preparation of financial…

A: Option B Entity's Management is correct.

Q: According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must…

A: Accounting policies are the measures, principles or rules which are applied by the entities so that…

Q: Publicly-traded companies, domiciled in the United States, must adhere to standards, rules,…

A: All public companies are required to follow several laws, regulations and rules set by various…