QUESTION FOUR An accounting assistant of yours has been criticized over a piece of assessed work that he produced for his study course for the giving the definition of a non-current asset as a “physical asset of substantial cost, owned by the company, which will last for longer than one year”.Required Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when compared to the International Accounting Standards Board’s (IASB) view of assets.

Answered: QUESTION FOUR An accounting assistant…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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QUESTION FOUR

An accounting assistant of yours has been criticized over a piece of assessed work that he produced for his study course for the giving the definition of a non-current asset as a “physical asset of substantial cost, owned by the company, which will last for longer than one year”.

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Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when compared to the International Accounting Standards Board’s (IASB) view of assets.

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International Accounting Standards Board meaning:- Creating and approving International Financial Reporting Standards is the responsibility of the International Accounting Standards Board, a private, independent organization. The IFRS foundation has control over how the International Accounting Standards Board does its business.

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