The report of an Independent Registered Public Firm contained the following. " In our opinion the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The Miranda Company and subsidiaries, as of December 31, 2022 and 2021 as results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with the International Financial Reporting Standards." This is an Adverse Opinion issued by the auditing firm to The Miranda Company. Select one: O True False
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- Why are these statements are false?I. Non-compliance with IAS 34 indicated that the entity does not comply with the requirements of IAS 1.II. IAS 34 requires entities whose equity or debt securities are traded in a public capital market to publish interim reports at least as of the end of the first half of the financial year.If an entity does not prepare interim financial reports: a. The year-end financial statements are deemed not to comply with PFRS (IFRS). b. The year-end financial statements’ compliance with PFRS (IFRS) is not affected c. The year-end financial statements shall not be acceptable under local jurisdiction d. Interim financial reports shall be included in the year-end financial statementsJohn work as the financial controller for Dexter, a publicly listed company that prepares consolidated financial statements in compliance with International Financial Reporting Standards (IFRS). The Dexter group's chief executive officer (CEO) has evaluated the draft consolidated financial statements of the Dexter group and generate financial statements in compliance with IFRS. The CEO has asked you with this question: "When I read the disclosure note relating to intangible non-current assets in the consolidated financial statements,I notice that this figure includes brand names associated with subsidiaries which we’ve acquired in recent years. However, the brand names which are associated directly with products sold by Dexter (the parent entity) are not included within the non-current assets figure. This is another inconsistency that I don’t understand. Please explain how this practice can be in line with IFRS requirements. Would I be right in thinking that, as with property, plant…
- If an entity does not prepare interim financial reports A. The year-end financial statements are deemed not to comply with PFRS.B. The year-end financial statements’ compliance with PFRS is not affectedC. The year-end financial statements shall not be acceptable under local jurisdictionD. Interim financial reports shall be included in the year-end financial statements30. Below Auditors’ Report for Al-Hashaar Company : Independent Auditor’s Report To the Audit Committee of Al-Hashaar Company We have audited the accompanying consolidated balance sheets of Al-Hashaar Company and its subsidiaries, as of December 31, 2020 and 2019, and the related consolidated statements of income, retained earnings, and cash flows for the years then ended. Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the Sultanate of Oman; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit.…30. Below Auditors’ Report for Al-Hashaar Company : Independent Auditor’s Report To the Audit Committee of Al-Hashaar Company We have audited the accompanying consolidated balance sheets of Al-Hashaar Company and its subsidiaries, as of December 31, 2020 and 2019, and the related consolidated statements of income, retained earnings, and cash flows for the years then ended. Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the Sultanate of Oman; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit.…
- 30. Below Auditors’ Report for Al-Hashaar Company : Independent Auditor’s Report To the Audit Committee of Al-Hashaar Company We have audited the accompanying consolidated balance sheets of Al-Hashaar Company and its subsidiaries, as of December 31, 2020 and 2019, and the related consolidated statements of income, retained earnings, and cash flows for the years then ended. Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the Sultanate of Oman; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit.…Quantacc Ltd. began operations on January I, 2015, and uses IFRS to prepare its consolidated financial statements. Although not required to do so, to facilitate comparisons with companies in the United States, Quantacc reconciles its net income and stockholders' equity to U.S. GAAP. Information relevant for preparing this reconciliation is as follows: 1. Quantacc carries fixed assets at revalued amounts. Fixed assets were revalued upward on January I, 2017, by $35,000. At that time, fixed assets had a remaining useful life of 10 years 2. On January I, 2016, Quantacc realized a gain on the sale and leaseback of an office building in the amount of $200,000. The lease is classified as an operating lease and has a term of 20 years. 3. Quantacc capitalized development costs related to a new pharmaceutical product in 2016 in the amount of $80,000. Quantacc began selling the new product on January 1, 2017, and expects the product to be marketable for a total of Five years. Net income under…An entity defined as a 'disclosing entity' under the Corporations Act must prepare interim financial reports. The minimum content of an interim financial report, under AASB 134, must include: O a condensed statement of financial position, a condensed statement of profit or loss, a condensed statement of cash flows and selected notes. O a condensed statement of financial position, a condensed statement of profit or loss and other comprehensive income, a condensed statement of changes in equity, a condensed statement of cash flows and selected notes. O a condensed statement of financial position, a condensed statement of profit or loss and other comprehensive income, and a condensed statement of changes in equity. O a condensed statement of financial position, a condensed statement of comprehensive income and selected notes.
- account balance. Assume that nt of downstream intra-entity profits against its share of Sheridan's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Show how Pulaski determined the $409,651 Investment in Sheridan account balance. Assume that Pulaski defi of downstream intra-entity profits against its share of Sheridan's income. Note: Amounts to be deducted should be indicated with a minus sign. Consideration transferred Increase in Sheridan's retained earnings 1/1/23 to 1/1/24 Excess fair value amortization 2023 ending inventory profit deferral Pulaski's equity in earnings of Stinson for 2024 Sheridan 2024 dividends declared to Pulaski Investment account balance 12/31/24 Required A $(20,340) + $362,400 (20,340) $342,060 Required B >The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period Statement 1: If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of PAS 1 for a complete set of financial statements. Statement 2: Statement 3: An entity shall apply different accounting policies in its interim financial statements and in its annual financial statements. A. Only statement 1 is true В. Only statement 2 is true С. Only statement 3 is false D. All of the statements are true20) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except: a) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements. b)Both require disclosure of significant accounting policies. c) Both require the preparation of financial statements annually. d) Both generally require the use of the current/ non-current classification for both assets and liabilities. e) Cash