1. What is restatement? Why should there be restatement of preceding year financial statements? What is an additional requirement when there is restatement?
2. Describe some limitations of the financial statements.
3. What types of information are presented in the Notes to the Financial Statements?
4. Why should financial statements be communicated at least annually?
5. How is the feature of materiality and aggregation applied in the presentation of financial statements?
6. What is the objective of Securities and Exchange Commision?
7. How are reporting entities classified based on Securities Regulation Code of the Securities and Exchange Commision?
8. What financial reporting framework should be adopted by each classification of reporting entity in item number 7 above?