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Please answer the following Questions which requires originality, well written and at least 150per answer. 1) Discuss the elements of financial statements defined by the

Please answer the following Questions which requires originality, well written and at least 150per answer.

1) Discuss the elements of financial statements defined by the IASBs Framework for the Preparation of Financial Statements

2 )Describe the four general procedures involved in the foreign currency translation process when the local currency is defined as the functional currency.

3) Discuss how revenue might be recognized at various points in a companys production-sale cycle.

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