(a) To be useful, information presented in financial statements must be relevant to the decision making...
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(a) To be useful, information presented in financial statements must be relevant to the decision making needs of users and also faithfully represent the phenomena that it purports to represent. However, it is generally accepted that standard-setters and preparers are constrained in the extent to which these characteristics are achievable. Required: Explain TWO constraints on relevance and faithful representation of financial statements. (5 marks) (b) Integrated reporting advances the proposition that sustainability reporting and financial reporting are inherently linked and thus would benefit from merging. Required: Discuss how integrated reporting has developed from social and environmental reporting. (5 marks) (a) To be useful, information presented in financial statements must be relevant to the decision making needs of users and also faithfully represent the phenomena that it purports to represent. However, it is generally accepted that standard-setters and preparers are constrained in the extent to which these characteristics are achievable. Required: Explain TWO constraints on relevance and faithful representation of financial statements. (5 marks) (b) Integrated reporting advances the proposition that sustainability reporting and financial reporting are inherently linked and thus would benefit from merging. Required: Discuss how integrated reporting has developed from social and environmental reporting. (5 marks)
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The question at hand addresses two important aspects of financial reporting the constraints on providing relevant and faithfully represented financial information and the development of integrated rep... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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