The International Accounting Standard's Board (IASB) has published the Framework for the Preparation and Presentation of...

 

Transcribed Image Text:

The International Accounting Standard's Board (IASB) has published the Framework for the Preparation and Presentation of Financial Statements which guides the preparation of financial statements. Required: (a) Describe the objectives of the International Accounting Standards Board (IASB). (3 marks) (b) Explain the two main underlying assumptions outlined in the IASB's Framework for the Preparation and presentation of financial statements. (4 marks) (c) Explain what is meant by reliability as outlined in the framework and stating the characteristics of reliable information (5 marks) (d) Outline the arguments for and against having agreed global accounting standards for the accounting profession as a basis for the preparation of financial statements. The International Accounting Standard's Board (IASB) has published the Framework for the Preparation and Presentation of Financial Statements which guides the preparation of financial statements. Required: (a) Describe the objectives of the International Accounting Standards Board (IASB). (3 marks) (b) Explain the two main underlying assumptions outlined in the IASB's Framework for the Preparation and presentation of financial statements. (4 marks) (c) Explain what is meant by reliability as outlined in the framework and stating the characteristics of reliable information (5 marks) (d) Outline the arguments for and against having agreed global accounting standards for the accounting profession as a basis for the preparation of financial statements.

Answer rating: 100% (QA)

a Objectives of the International Accounting Standards Board IASB The objectives of the IASB are as follows 1 To develop a single set of highquality globally accepted accounting standards that provide ... View the full answer