The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed...
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The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [10 marks]. b) b) Discuss the main roles of International Accounting Standards Board (IASB) including its efforts with Financial Accounting Standard Board (FASB) to achieve a single set of accounting standards for global use. [15 marks]. The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [10 marks]. b) b) Discuss the main roles of International Accounting Standards Board (IASB) including its efforts with Financial Accounting Standard Board (FASB) to achieve a single set of accounting standards for global use. [15 marks].
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a Comparability Reliability Relevance Understandability are the qualitative charact... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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