Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 24, Problem 16RQ
To determine
Explain the term “non-GAAP (Generally Accepted Accounting Principles) measure” and summarize the requirements related with the inclusion of non-GAAP measures in financial statements filed with the SEC.
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For each class of financial assets and liabilities, the entity shall disclose the fair value of that class of financial assets and liabilities in a manner that allows comparison with the corresponding carrying amount on the balance sheet. Why do you think that these disclosures contribute to improving the quality of information for users of financial statements? Comment critically
Footnote Disclosures are a critical element of a complete set of financial statements.
Which statement(s) below best describe the footnotes of the financial statements:
Should include, at a minimum, disclosures regarding contractual situations, contingencies, debt,
inventory, investment valuations, fixed assets, and subsequent events, etc.
O Explains in qualitative terms information related to specific financial statement items.
All of the above.
O Provides supplemental data of a quantitative nature to expand information in financial statements.
When are financial statements considered authorized for issue?
Chapter 24 Solutions
Auditing And Assurance Services
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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- What are some of the reasons in support of financial reporting regulations?arrow_forwardIn terms of the function of financial reporting, how do the IASB and FASB conceptual frameworks differ?arrow_forwardA special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?arrow_forward
- Which of the following is a qualitative characteristic of financial information included in the IASB’S Conceptual framework for financial reporting? a. Relevance b. Fair presentation c. Consistency d. Accrualsarrow_forwardWhat are the measurement issues in the standard IFRS16? Which basis of measurement is allowed? Why do you think that measurement basis is preferred (explain by referring to qualitative characteristics of financial information)?arrow_forwardExplain the main purposes of the Conceptual Framework for Financial Reporting and Identify the objective of general-purpose financial reporting, as stated in the Conceptual Frameworkarrow_forward
- What are the disclosure requirements for provisions and contingent liabilities in financial statements?arrow_forwardPlease explain the four measurement bases and discuss how they affect the fundamental and enhancing qualitative characteristics of the information presented within the financial statements as they relate to the liabilities?arrow_forwardThis is a representation or statement which may be expressly stated or implied by the responsible party. A. Subject matter of information B. Assertion C. Subject matter D. Applicable financial reporting frameworkarrow_forward
- (a) Explain and give an example of the effect on a set of published financial statements if the going concern convention is held not to apply. (b) Explain in general terms what the IASB Conceptual Framework is trying toarrow_forwardDiscuss the circumstances that require a contingent liability to be disclosed in the notes to the financial statements.arrow_forwardDescribe the apparent differences in the order of presentation of the componentsof liabilities and shareholders’ equity between IFRS as applied by AF and a typicalbalance sheet prepared in accordance with U.S. GAAParrow_forward
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