A primary objective of international financial accounting standards is to equip a company with reporting a...

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A primary objective of international financial accounting standards is to equip a company with reporting a consistent, comparable, and fair view of its operations. However, no two companies (as reporting entities) are the same. The unique perspective of a company may pose different challenges for an accountant in applying the accounting standards. Therefore, the accounting regulator's challenge is to identify and critically analyse those perspectives and incorporate standards for recording and reporting accounting information, primarily for investors and creditors. An accountant's responsibility is not only limited to recording transactions in accordance with the accounting standards, but also to ensure the accounting statements present a true and fair view of the entity's financial performance. Critically evaluate the above statement from the context of any one or more of the following accounting standards- a) IFRS Accounting conceptual framework (ACF) b) Revenue recognition (IFRS 15) c) Lease (IFRS 16) In your critical evaluation, you must clearly mention the IFRS(s) you chose to answer this question. You need to support your critical evaluation by drawing on evidence and arguments from credible, verifiable, and accessible sources e.g., peer-reviewed academic journals, professional publication, books etc. A primary objective of international financial accounting standards is to equip a company with reporting a consistent, comparable, and fair view of its operations. However, no two companies (as reporting entities) are the same. The unique perspective of a company may pose different challenges for an accountant in applying the accounting standards. Therefore, the accounting regulator's challenge is to identify and critically analyse those perspectives and incorporate standards for recording and reporting accounting information, primarily for investors and creditors. An accountant's responsibility is not only limited to recording transactions in accordance with the accounting standards, but also to ensure the accounting statements present a true and fair view of the entity's financial performance. Critically evaluate the above statement from the context of any one or more of the following accounting standards- a) IFRS Accounting conceptual framework (ACF) b) Revenue recognition (IFRS 15) c) Lease (IFRS 16) In your critical evaluation, you must clearly mention the IFRS(s) you chose to answer this question. You need to support your critical evaluation by drawing on evidence and arguments from credible, verifiable, and accessible sources e.g., peer-reviewed academic journals, professional publication, books etc.

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a The conceptual framework for financial reporting conceptual framework issued in march 2018 is effe... View the full answer