Objective of financial reporting

Assignment Help Operation Management

Reference no: EM131479050

(Objective of Financial Reporting) Homer Winslow and Jane Alexander are discussing various aspects of the FASB’s concepts statement on the objective of financial reporting. Homer indicates that this pronouncement provides little, if any, guidance to the practicing professional in resolving accounting controversies.

He believes that the statement provides such broad guidelines that it would be impossible to apply the objective to present-day reporting problems. Jane concedes this point but indicates that the objective is still needed to provide a starting point for the FASB in helping to improve financial reporting.

Instructions

(a) Indicate the basic objective established in the conceptual framework.

(b) What do you think is the meaning of Jane’s statement that the FASB needs a starting point to resolve accounting controversies?

Reference no: EM131479050

Questions Cloud

Invested capital important key performance indicator : Why is Return on Invested Capital (ROIC) an important Key Performance Indicator for company performance?

When was the last time you experienced cognitive dissonance : hen was the last time you experienced Cognitive Dissonance?

Internal and external factors which will create barriers : discussing how the change itself will be perceived by the employees, talk about risks to the company, internal and external factors which will create barriers,

What is the relationship between change models : What is the relationship between change models, (ie Burke-Litwin model) and change image, (ie Director,Interpreter) ?

Objective of financial reporting : Homer Winslow and Jane Alexander are discussing various aspects of the FASB’s concepts statement on the objective of financial reporting.

Undermine the content and interaction between participants : Specify the logistical arrangements, such as type of room setup, that can enhance or undermine the content and interaction between participants.

Expect the average toll tunnel customer to wait in line : In how much time would you expect the average toll tunnel customer to wait in line, pay with the debit card, and leave?

Consider system with single server to serve customers : Consider a system with single server to serve customers. The customers’ arrival rate is 5 per hour and the server’s service rate is 10 per hour.

National restaurant chain which serves beef and pork : Lefty’s BBQ is a U.S. national restaurant chain which serves beef, pork, and chicken barbecue along with Pepsi products, thin-cut French fries or slaw as sides,

User Account

All Pages