The founders of Oslo Group, Finn Elo and Venden Hakala, are about to realize their dream of

Question:

The founders of Oslo Group, Finn Elo and Venden Hakala, are about to realize their dream of taking their company public. They are trying to better understand the various legal and accounting issues they will face as a public company.
Accounting
a. What are some of the reporting requirements that their company will have to comply with when they offer securities to investors and creditors?
b. Identify the two entities that are primarily responsible for establishing IFRS, which will be applied when preparing their Explain the relationship of these two organizations to one another.
Analysis
a. What is decision-usefulness?
b. Briefly describe how the that Oslo prepares for its investors and creditors will contribute to decision-usefulness.
Principles
Oslo will prepare its statements in conformity with IFRS. Finn and Venden have heard about an IFRS hierarchy. Briefly explain this hierarchy and advise them on how the hierarchy affects the application of IFRS.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...