Question: Question 1 Describe the difference between the principles-based and rules-based approach to the accounting standard-setting process. (10 Marks) Question 2 Explain how the conceptual definition

Question 1 Describe the difference between the principles-based and rules-based approach to the accounting standard-setting process. (10 Marks)

Question 2 Explain how the conceptual definition of assets and liabilities and recognition criteria improve financial reporting, giving examples. (15 Marks)

Question 3 Explain the accounting treatment of intangible assets on initial recognition, giving examples. (15 Marks)

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