Consider the above requirements/arguments. Critically examine what bases of measurement of assets would you consider when preparing
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Question:
Consider the above requirements/arguments. Critically examine what bases of measurement of assets would you consider when preparing the statement of financial position to provide a true and fair view of the entity's financial position.
The report should incorporate the followings:
- Distinguish between the recognition and the measurement of assets of the statement of financial position.
- What are the essential components of measuring assets as per the Accounting Conceptual Framework 2014?
- Distinguish between value-in-use and value-in-exchange.
- Identify and explain some of the perceived strengths and shortcomings of the above different measurement bases.
- What arguments are usually advanced to support the measurement of the assets?
- Why do financial statement preparers still use historical cost when it has been subject to many criticisms?
This Assignment must be written/structured in a 'business report'. That is, it must have a/an:
- Executive summary (between 100 to 150 words),
- Introduction that; Succinctly summarizes this Assignment's topic and its key issues, controversies, etc. (no more than 200 words), and
- The body that addresses all the requirements – see above 1-6 (no more 2000 words),
- The conclusion that sums up the main issues of this Assignment and your recommendations/suggestions (no more than 250 words), and
- Reference list containing all cited works.
- The report must contain properly constructed grammar. Must complete the information in an acceptable format.
- The Assignment must contain at least four peer-reviewed journal articles. See marking sheet and marking rubrics.
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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