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tealfrog187Lv1
10 May 2020
- Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting. Instructions Access the TASB Framework at the TASB website (http://eifrs.iasb.org/ ). When you have accessed the documents, you can use. the search tool in your Internet browser to prepare responses to the following 1. How is "materiality" defined in the Framework? 2. Briefly discuss how materiality relates to (1) the relevance of financial information, and (2) completeness. 3. Your aunt observes that under IFRS, the financial statements are prepared on the accrual bases. According to the Framework, what does the "accrual basis" mean?
- Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting. Instructions Access the TASB Framework at the TASB website (http://eifrs.iasb.org/ ). When you have accessed the documents, you can use. the search tool in your Internet browser to prepare responses to the following 1. How is "materiality" defined in the Framework? 2. Briefly discuss how materiality relates to (1) the relevance of financial information, and (2) completeness. 3. Your aunt observes that under IFRS, the financial statements are prepared on the accrual bases. According to the Framework, what does the "accrual basis" mean?
Related questions
our aunt recently received the annual report for a company inwhich she has invested. The report notes that the statements havebeen prepared in accordance with "Generally Accepted AccountingPrinciples." She has also heard that certain terms have specialmeanings in accounting relative to everyday use. She would like youto explain the meaning of terms she has come across related toaccounting.
How is "Materiality" defined in the conceptual framework?
| A. | The Conceptual Framework defines materiality as fivepercent. | |
| B. | Materiality is strictly a quantitative characteristic ofaccounting information | |
| C. | Materiality and relevance are both defined in terms of whatinfluences or makes a difference to a decision maker | |
| D. | None of these are correct |
