Identify which of the conceptual framework elements have been violated by the following events. Some questions have more than one acceptable answer.
1. The company's building has increased in value since it was purchased 10 years ago.
Since the owner intends to sell the building next year, he recorded the building at market value on the balance sheet.
2. The notes to the financial statements were omitted.
3. The company's balance sheet listed the owner's personal vehicle as an asset.
4. The accountant recorded the office staplers as assets on the balance sheet.
5. The accountant is planning to alternate use of ASPE and IFRS in preparing the financial statements.
6. The owner listed his employees as an asset entitled "Intellectual Property" on the balance sheet.

  • CreatedSeptember 15, 2015
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