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1 - B ) Answer the following questions according to the Conceptual Framework ( CF ) of IFRS i . Explain the concept of Substance
B Answer the following questions according to the Conceptual Framework CF of IFRS
i Explain the concept of "Substance over Form" and give an example
ii Explain "reporting entity" and give examples of different types of reporting entities
iii. Dhofar company was using FIFO method for inventory valuation last year and it changed to weighted average method. Should the company disclose this change in the notes to the financial statements, if yes, which characteristics of useful financial information does require this disclosure?
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