Questions from Financial Accounting

Q: Explain the role and objectives of the IFRS Advisory Council.

Explain the role and objectives of the IFRS Advisory Council.

Q: Describe the purposes of a conceptual framework of accounting.

Describe the purposes of a conceptual framework of accounting.

Q: What is the difference in role between the IASB Conceptual Framework and

What is the difference in role between the IASB Conceptual Framework and IFRSs?

Q: Minisoft plc, a manufacturer of computer software, has spent £

Minisoft plc, a manufacturer of computer software, has spent £10 million in the current accounting year on staff recruitment, training and development. It proposes to include this on its statement of...

Q: Describe the nature and contents of a conceptual framework of accounting.

Describe the nature and contents of a conceptual framework of accounting.

Q: ‘A conceptual framework of accounting is likely to lead to greater

‘A conceptual framework of accounting is likely to lead to greater standardization, less choice, less innovation and thus reduced comparability because of the existence of fundamental differences betw...

Q: What is a general purpose financial statement?

What is a general purpose financial statement?

Q: a. Outline the objective of financial statements as set out in

a. Outline the objective of financial statements as set out in the IASB’s Conceptual Framework for Financial Reporting (2018) b. Identify the users of financial statements and briefly describe their i...

Q: Describe the information that should be disclosed in financial statements relating to

Describe the information that should be disclosed in financial statements relating to an entity’s accounting policies and estimation techniques.

Q: Describe the nature of any adjustments required and the information that should

Describe the nature of any adjustments required and the information that should be disclosed when an entity changes an accounting policy.