Question
The IASBs Conceptual Framework for Financial Reporting requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions
The IASBs Conceptual Framework for Financial Reporting requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are:
- Matching/accruals
- Going concern
- Verifiability
- Comparability
- Materiality
Required
- Explain the meaning of each of the above concepts/assumptions.
- Identify any five user groups of financial statements and explain what information they are likely to want from them.
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Advanced Audit And Assurance The Auditors Bible
Authors: Nhyira Premium IBL
1st Edition
B0BCXSXSJ7, 979-8829719432
