You just attended a conference which titled "Issues in Financial Reporting'. Your Financial Accountant wants the Accounting Team to get some update from the conference you have just attended. Your Financial Accountant requested you to write a REPORT and explain the following issues:

 

a) What is the importance of Financial Reporting.

 b) Explain the limitations of the historical cost, and briefly describe two alternative methods of accounting that attempts to recognize changing price levels. 

c)  Explain what is meant by a fair presentation when applied to the audit of an organisation financial statements.

d)  List and briefly describe as many examples as you can of different methods of valuing assets.