Why is a summary of accounting policies important to ensuring the understandability of financial statements to users
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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.
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
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