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The Environment of Financial Accounting and Reporting Every answer is precise, securing an exemplary result.
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  • FAC1601 Financial Accounting & Reporting

It is the process of developing general-purpose financial statements and reporting general-purpose accounting information to various users - Answer Financial Accounting Financial statements are most commonly perpared in accordance with an accounting model based on ________ and the _________. - A...

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  • September 30, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • the environment of financial accounting and report

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  • FAC1601 Financial Accounting & Reporting
  • FAC1601 Financial Accounting & Reporting

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The Environment of Financial Accounting

and Reporting All responses are correct,

promising the highest academic distinction.

It is created as an accounting standard setting body to assist the Board of Accountancy (BOA) in carrying

its powers and functions. - Answer Financial Reporting Standards Council (FRSC)

The FRSC is composed of ___ members. - Answer 15

The Chairman of FRSC must had been/currently a _____________ in any scope of accounting practice. -

Answer Senior Accounting Practitioner

It is formed to develop worldwide accounting standards. - Answer International Accounting

Standards Council (IASC)

When was IASC formed? - Answer 1973

What are the 10 countries who founded the IASC? - Answer Australia, Canada, France, Germany,

Japan, Mexico, the Netherlands, the United Kingdom, Ireland, the United States

When was IASC reorganized? - Answer 2001

What do you call IASC after its reorganization? - Answer International Accounting Standards

Board (IASB)

Its objective is to raise the quality and consistency of financial reporting and to have a platform of high

quality and improved standards. - Answer IASB

What do you call the accounting standards produced by IASC (prior to 2001)? - Answer

International Accounting Standards (IAS)

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