IPSAS 1 deals with the Presentation of Financial Statements for the public sector and was drawnfrom International Accounting Standard (IAS 1), which speaks to the Presentation of FinancialStatements for Commercial Accounting purposes. Under IPSAS 1, the objectives of generalpurpose financial reporting in the public sector should be to provide information useful fordecision making and to demonstrate the accountability of the entity for the resources entrusted toit.a) What are 4 specific objectives of information that general purpose financial statementsprovide to the public sector entity that allow it to demonstrate accountability of theseentrusted resources?b) IPSAS 1 also speaks to the "Components of Financial Statements". A complete set ofthese statements.financialcomprises of 6 statements, namestatements comprises of

Statement of Financial Position (Balance Sheet): Gives an overview of the assets, liabilities, and…

Answered: IPSAS 1 deals with the Presentation of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 7C

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These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Owe
Discuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Project; 2) Discuss the Advantages and Disadvantages of Harmonizing Accounting Standards
According to IASI, the objective of general purpose financial statements is "to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions". Analyze any FOUR features of financial statements with suitable examples?
What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?
The IASB’s Framework for the Preparation and Presentation of Financial Statements gives qualitative characteristics that make financial information reliable. Which of the following are examples of those qualitative characteristics? (1) Accruals (2) Faithful representation (3) Going concern (4) Neutrality Select one: a. 1 and 2 b. 2 and 4 c. 1 and 4 d. 2 and 3
GAAP is comprised of: O FASB financial standards. O FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. O any accounting guidance included in the FASB Codification. O FASB standards, interpretations, and concepts statements.
The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.
a) The IASB's Conceptual Framework for Financial Reporting lays out the objectives and fundamentals that will guide the development of financial accounting and reporting standards. The purpose of financial reporting is defined by its objectives. The characteristics or qualities of information discussed in the Conceptual Framework are the concepts that make information useful and the qualities to be sought when accounting choices are made. Required i. Explain the benefits that the firms derived from the Conceptual Framework in preparing their financial statements. ii. Explain the most essential quality for accounting information as stated in the Conceptual Framework? Justify your answer with an example.

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