Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

“International accounting standards are ‘unusable” from investor’s point of view and make ‘global allocation of capital more complex instead of simplifying it”. Chief financial officers at large listed entities say. Millions of dollars have been spent adopting international financial reporting standards to help investors make like-for-like comparisons among companies in global capital markets. But CFO’s say they are useless and have driven financial disclosures to unmanageable levels…… Investors don’t open the 60-70 pages of IFRS account, they depend on investor reports and management briefing to understand the company’s numbers……. Criticism comes as the United States, the world’s largest capital market, decides whether to retire its domestic accounting standard (US GAAP) and adopt IFRS”. Australian Financial Review, 6/2/2012.

In the light of the above statement;

1. describe IASB Conceptual Framework’s perspective of users and their decisions.

2. Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by present reporting practices as per IFRS.

3. In your opinion, do corporate financial reports satisfy central objective of financial reporting as identified in the Conceptual Framework? Discuss and give ex to support the opinion.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91350

Have any Question? 


Related Questions in Financial Accounting

What is the impact of implementing a lean system on the

What is the impact of implementing a lean system on the relationship between managers and employees? Does the lean systems have a positive or a negative impact on the relationships between managers and workers?

Business simulation tasksassessed task 1 financial

Business Simulation Tasks Assessed Task 1: Financial Analysis The Board of directors has asked you to perform a review of the financial performance and financial position of the business based on the company's 2032 finan ...

Assignment capstone projectpart 1 adjusting entries amp

Assignment: Capstone Project Part 1 Adjusting entries & Statements Year-end Adjustment Data for Roxy and Harley Corp is as follows: 1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Poin ...

Assignment intermediate accounting for finance working

Assignment: Intermediate Accounting for Finance Working Capital Case Study Your job is to make ABC cash flow in years 2 and 3 (positive ending cash balances); which means you must balance ABC's cash conversion cycle days ...

Module problem-solution assignmentproblem 1brogan inc

Module Problem-Solution Assignment: Problem 1 Brogan, Inc., reports bad debt expense using the allowance method. For tax purposes the direct write-off method is used. At the end of the current year, Brogan has accounts r ...

Short investment horizon suppose you plan to go to graduate

Short investment horizon: Suppose you plan to go to graduate school in two years and you will need money for tuition. Which type of risk would you be most concerned with and why? Long investment horizon: Suppose that a y ...

Accounting assignment- case study-qual support

Accounting Assignment- Case Study-Qual Support Corporation Plant Closing Case Study 1. QualSupport Corporation manufactures seats for automobiles, vans, trucks, and various recreational vehicles. The company has a number ...

Is there something in your life that is typically

Is there something in your life that is typically considered credible (product, tradition, performance technique, equipment, etc.) that you believe needs to be critically challenged? What and why?

Briefly describe a health care provider with which you are

Briefly describe a health care provider with which you are familiar and how that organization should position its offerings. Provide specific examples to support your response. Referring to the same health care provider, ...

Assignment audrey jhingrees ice cream parloraudrey jingle

Assignment: Audrey Jhingree's ice cream parlor Audrey Jingle opened an ice cream parlor in a university town. The parlor specializes in ice cream combinations named after popular professors in the business department of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen