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Under the IASB's conceptual Framework for Financial Reporting certain qualitative characteristics of useful financial information are identified. these are subdivided into characteristics considered fundermental and those considered to be enhancing. The two fundermental characteristics identified by the framework are relevance and faithful representation. In order for financial transactions to be represented faithfully in the financial statements, the principle of substance over form should be applied. This means that wherever there is a difference between the legal form of transaction and its economic substance, the financial statements should reflect the economic substance.
Problem (a) Why is it considered important that the economic substance of a transaction be reflected in the financial statements over its legal form? Describe in general terms the features of a transaction that suggest that its economics substance may differ from its legal form
Calculate the expected rate of return, , for Stock B ( = 14.00%.) Do not round intermediate calculations. Round your answer to two decimal places.
Complete the December 31, 2011, balance sheet and prepare a statement of cash flows for the year ended December 31, 2011, using the indirect method.
Its current liabilities are valued at 40 crore and non-current liabilities are valued at 260 crore. What is the value of Mittal Steel's shareholder's funds
Which leveraged leases are a form of? leases that considerably reduce lessee's obligations. / operating leases. / financial leases
What should the Fed do if the economy grows rapidly while inflation also rises to an annual rate of 7.5%? Tighten to increase interest rates.
The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget indicates that 6,000 direct labor-hours will be required in that month. The variable overhead rate is $2.00 per direc..
The machine has estimated useful life of 10 years and will depreciated on declining balance basis at double the straight-line rate. Prepare journal entries
Assume some amount of monthly contributions, employer matching added in, assumed average annual earnings, and the expected number of years until retirement, to calculate the expected size of a generic retirement account.
In accounting for the acquisition of assets, the assets acquired are to be recorded. How would you determine the 'costs of acquisition' of an asset?
On July 1, 2013, Cristiano's bonds sold for $916.42. What are the YTM, the current yield, and the capital gains yield for that date?
question 1 recognize some factors that might be expected to describe why different countries use different systems of
Explain (with examples) the three key areas that a financial manager may get involved in decision making in the management of a business organisation.
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