company and financial reporting

of accounting provides prescription about what accounting methods an organisation should works can be classified as normative theories of accounting as they provide guidance (prescription) to people involved in preparing general purpose financial statements. dard AASB 1053 Application of Tiers of Australian Accounting Standards defines a as an entity in respect of which it is reasonable to expect the existence of users who rely on the entity's gene ents for information that will be useful to them for making and evaluating decisions about the allocation of resources. It can be a single entity or a group comprising a parent and all of subsidiarie ng entity entity ntity 4 led a lawsuit against D-Mart Machineries for failure to comply with the specifications of the factory equipment that they ordered and received. The solicitors for Blaxland Ltd strongly believe that the come to $100 000 if they win the case. Which action is consistent with the Conceptual Framework? Ltd should recognise a receivable of 575 000, the expected value of the gain. ubmit to scue and submit. Click Save All Answers to save all answers. to search ormation included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the cc e accounting standards: they do not provide a means of assessing the performance of the entity. cal nvironmental 26 atement that complies with the requirements of the conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepar cifically to satisfy all of their information needs, is known as a purpose financial statement purpose financial statement d financial statement ad fair financial statement ON 7 statement designed to meet the needs of a specific group or to satisfy a specific purpose is known as a ral purpose financial statement lal purpose financial statement and financial statement and fair financial statement and Submit to save and submit. Click Save All Answers to save all answers. y regulators require reporting entities to comply with accounting standards is that this is perceived to increase the comparability of the information being produced by different rep operty, plant and equipment, for example, aircraft, might comprise a number of individual component parts. How does AASB 116 paragraph 43 require these components be accounted can be measured as one asset. Fibed unit of measurement for recognition that must be followed. ciation rate can be used for the asset. nt with a significant cost must be depreciated separately. cion Ltd exchanged equipment that had a book value of $40 000 for a truck that had a book value (in the other entity's books) of $38 000. The fair value of the equipment is $45 000, and the fa urther cost incurred to prepare the truck for use by O'Briens was $700 for signage. What is the acquisition cost of the truck? 3 of accounting provides prescription about what accounting methods an organisation should works can be classified as normative theories of accounting as they provide guidance (prescription) to people involved in preparing general purpose financial statements. dard AASB 1053 Application of Tiers of Australian Accounting Standards defines a as an entity in respect of which it is reasonable to expect the existence of users who rely on the entity's gene ents for information that will be useful to them for making and evaluating decisions about the allocation of resources. It can be a single entity or a group comprising a parent and all of subsidiarie ng entity entity ntity 4 led a lawsuit against D-Mart Machineries for failure to comply with the specifications of the factory equipment that they ordered and received. The solicitors for Blaxland Ltd strongly believe that the come to $100 000 if they win the case. Which action is consistent with the Conceptual Framework? Ltd should recognise a receivable of 575 000, the expected value of the gain. ubmit to scue and submit. Click Save All Answers to save all answers. to search ormation included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the cc e accounting standards: they do not provide a means of assessing the performance of the entity. cal nvironmental 26 atement that complies with the requirements of the conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepar cifically to satisfy all of their information needs, is known as a purpose financial statement purpose financial statement d financial statement ad fair financial statement ON 7 statement designed to meet the needs of a specific group or to satisfy a specific purpose is known as a ral purpose financial statement lal purpose financial statement and financial statement and fair financial statement and Submit to save and submit. Click Save All Answers to save all answers. y regulators require reporting entities to comply with accounting standards is that this is perceived to increase the comparability of the information being produced by different rep operty, plant and equipment, for example, aircraft, might comprise a number of individual component parts. How does AASB 116 paragraph 43 require these components be accounted can be measured as one asset. Fibed unit of measurement for recognition that must be followed. ciation rate can be used for the asset. nt with a significant cost must be depreciated separately. cion Ltd exchanged equipment that had a book value of $40 000 for a truck that had a book value (in the other entity's books) of $38 000. The fair value of the equipment is $45 000, and the fa urther cost incurred to prepare the truck for use by O'Briens was $700 for signage. What is the acquisition cost of the truck? 3