Questions 1 i. Financial statements show the results of the stewardship of management, or the accountability...

 

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Questions 1 i. "Financial statements show the results of the stewardship of management, or the accountability of management for the resources entrusted to it. Those users who wish to assess the stewardship or accountability of management do so in order that they can make economic decisions." Required: Discuss what is meant by stewardship and accountability and give an example of each. Support your answer with relevant example. ii. The Silver Star Plc is a leading logistics company since 2010. The company has six subsidiaries in different countries, and a parent company is located in UAE. Silver Star Ple financial statements are prepared and published for general public at the end of every accounting year 30th June. "The IASB conceptual framework for the Preparation and Presentation of Financial Statements was developed in 1989 by the IASC and adopted by the IASB in 2001. This Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users." Required: 1- Explain the main objective of financial statements prepared by Silver Star Plc. 2- Who are the Silvers Star Plc users of financial statements, list and briefly explain them. Questions 1 i. "Financial statements show the results of the stewardship of management, or the accountability of management for the resources entrusted to it. Those users who wish to assess the stewardship or accountability of management do so in order that they can make economic decisions." Required: Discuss what is meant by stewardship and accountability and give an example of each. Support your answer with relevant example. ii. The Silver Star Plc is a leading logistics company since 2010. The company has six subsidiaries in different countries, and a parent company is located in UAE. Silver Star Ple financial statements are prepared and published for general public at the end of every accounting year 30th June. "The IASB conceptual framework for the Preparation and Presentation of Financial Statements was developed in 1989 by the IASC and adopted by the IASB in 2001. This Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users." Required: 1- Explain the main objective of financial statements prepared by Silver Star Plc. 2- Who are the Silvers Star Plc users of financial statements, list and briefly explain them.

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i Stewardship in the context of the question refers to the function of decision making by the manage... View the full answer