Answer:
The objective of financial reporting is to track, analyse and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance and the financial health of the business. This helps you and your investors make informed decisions about how to manage the business.
what are the basic financial statement as per the IFRS?
A statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. [tex][/tex]
explain the role of IFRS interpretation committee ?
Answer:
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.
Explanation:
The IFRS Interpretations Committee endeavours to reach a consensus on appropriate accounting treatment and provides authoritative guidance on the issue concerned. The interpretations issued by the committee are referred to as IFRIC Interpretations, taking their name from the previous name given to the committee, the International Financial Reporting Interpretations Committee (IFRIC).
:-befrank
briefly describe the two fundamental qualities of useful accounting information ?
Explanation:
Relevance and reliability are the two primary qualities that make accounting information useful for decision making.
Relevance: Relevant information is capable of making changes or differences in decision making by helping in forming predictions about the results of past, present, and upcoming events for correct expectations.
Accuracy: It depends on whether the information, numbers, and descriptions match what happened earlier and what exactly existed.
if a difference between two variables is statistically significant, which of the following can be concluded
Answer:
To determine whether the difference between two means is statistically significant, analysts often compare the confidence intervals for those groups. If those intervals overlap, they conclude that the difference between groups is not statistically significant. If there is no overlap, the difference is significant.
Explanation:
what is conceptual fraemwork? why is a conceptual fraemwork necessary in financial accounting
Answer:
A conceptual framework is an analytical tool with several variations and contexts. It can be applied in different categories of work where an overall picture is needed. It is used to make conceptual distinctions and organize ideas.