Question
Why is a summary of accounting policies important to ensuring the understandability of financial statements to users of general-purpose financial statements? Provide an example of
Why is a summary of accounting policies important to ensuring the understandability of financial statements to users of general-purpose financial statements?
Provide an example of a judgement made in preparing the financial statements that can lead to estimation uncertainty at the end of the reporting period. Describe the disclosures that would be required in the notes.
Select an Australian listed company and obtain their 2020 financial statements from the internet. Discuss with the class any specific key accounting estimates and judgements this company used in preparing these financial statements.
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Accounting policies are rules and guidelines that are selected by a company for use in preparing and presenting its financial statements Accounting policies are important as they set a framework which ...Get Instant Access to Expert-Tailored Solutions
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