Question

State whether you agree or disagree with each of the following relating to the topic of special-purpose financial reporting frameworks.
a. International Financial Reporting Standards are considered a special-purpose financial reporting framework.
b. Cash basis financial statements are considered as having been prepared following a special- purpose financial reporting framework, and their use should be restricted to specified users.
c. Financial statements prepared following a contractual basis are considered as having been prepared following a special-purpose financial reporting framework, and their use should be restricted to specified users.
d. An emphasis-of-matter paragraph should be added to a cash basis set of financial statements indicating that the framework is other than GAAP.
e. When financial statements are prepared following a contractual basis, the auditors must obtain an understanding of significant management interpretations of the contract.



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  • CreatedOctober 27, 2014
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