You are the senior accountant in a company and in charge of the accounts department. One of your junior staff is very good at book-keeping and you have identified her as a person with potential for promotion. You have therefore agreed to pay for her tuition on a financial accounting course. She has asked you what she will learn apart from book-keeping.

Required:

State briefly the purpose and contents of EITHER the International Accounting Standards Boards Framework for the Preparation and Presentation of Financial Statements OR the Accounting Standards Boards Statement of Principles for Financial Reporting. (10 marks)

Assume you have been appointed as a consultant to regularly advise the board of directors on financial matters. Write aboard paper describing to the directors of UZIMA foundation the features they should look out for in weighing whether financial information presented by the accountant qualifies to be used for making good and standardized decision.