(b) Discuss the nature of the following issues in developing IFRSs for SMEs.(i) The purpose of the standards and the type of entity to whom they should apply. (7 marks)
(b) Discuss the nature of the following issues in developing IFRSs for SMEs.
(i) The purpose of the standards and the type of entity to whom they should apply. (7 marks)
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Risk mitigation involves all but which of the following:A developing system standards (policies, procedure, responsibility standards)B obtaining insurance against lossC identification of project risksD performing contingent planningE developing planning alternatives
113 Risk mitigation involves all but which of the following:A. developing system standards (policies, procedure, responsibility standards)B. obtaining insurance against lossC. identification of project risksD. performing contingent planningE. developing planning alternatives
2 (a) Discuss the nature of the financial objectives that may be set in a not-for-profit organisation such as a charityor a hospital. (8 marks)
(c) Discuss the ways in which budgets and the budgeting process can be used to motivate managers toendeavour to meet the objectives of the company. Your answer should refer to:(i) setting targets for financial performance;(ii) participation in the budget-setting process. (12 marks)
(b) (i) Discuss the main factors that should be taken into account when determining how to treat gains andlosses arising on tangible non-current assets in a single statement of financial performance. (8 marks)
5 International Financial Reporting Standards (IFRSs) are primarily designed for use by publicly listed companies andin many countries the majority of companies using IFRSs are listed companies. In other countries IFRSs are used asnational Generally Accepted Accounting Practices (GAAP) for all companies including unlisted entities. It has beenargued that the same IFRSs should be used by all entities or alternatively a different body of standards should applyto small and medium entities (SMEs).Required:(a) Discuss whether there is a need to develop a set of IFRSs specifically for SMEs. (7 marks)
4 The International Accounting Standards Board (IASB) has begun a joint project to revisit its conceptual framework forfinancial accounting and reporting. The goals of the project are to build on the existing frameworks and converge theminto a common framework.Required:(a) Discuss why there is a need to develop an agreed international conceptual framework and the extent to whichan agreed international conceptual framework can be used to resolve practical accounting issues.(13 marks)
(b) Discuss the key issues which will need to be addressed in determining the basic components of aninternationally agreed conceptual framework. (10 marks)Appropriateness and quality of discussion. (2 marks)
4 The transition to International Financial Reporting Standards (IFRSs) involves major change for companies as IFRSsintroduce significant changes in accounting practices that were often not required by national generally acceptedaccounting practice. It is important that the interpretation and application of IFRSs is consistent from country tocountry. IFRSs are partly based on rules, and partly on principles and management’s judgement. Judgement is morelikely to be better used when it is based on experience of IFRSs within a sound financial reporting infrastructure. It ishoped that national differences in accounting will be eliminated and financial statements will be consistent andcomparable worldwide.Required:(a) Discuss how the changes in accounting practices on transition to IFRSs and choice in the application ofindividual IFRSs could lead to inconsistency between the financial statements of companies. (17 marks)
(b) Discuss the key issues which the statement of cash flows highlights regarding the cash flow of the company.(10 marks)
Required:Discuss the principles and practices which should be used in the financial year to 30 November 2008 to accountfor:(b) the costs incurred in extending the network; (7 marks)
(d) Discuss the main benefits that might accrue from the successful implementation of a Total QualityManagement programme by the management of the combined entity. (5 marks)
(b) Discuss ways in which the traditional budgeting process may be seen as a barrier to the achievement of theaims of EACH of the following models for the implementation of strategic change:(i) benchmarking;(ii) balanced scorecard; and(iii) activity-based models. (12 marks)
(b) Explain how growth may be assessed, and critically discuss the advantages and issues that might arise as aresult of a decision by the directors of CSG to pursue the objective of growth. (8 marks)
(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)
(c) Briefly outline the corporation tax (CT) issues that Tay Limited should consider when deciding whether toacquire the shares or the assets of Tagus LDA. You are not required to discuss issues relating to transferpricing. (7 marks)
(c) In April 2006, Keffler was banned by the local government from emptying waste water into a river because thewater did not meet minimum standards of cleanliness. Keffler has made a provision of $0·9 million for thetechnological upgrading of its water purifying process and included $45,000 for the penalties imposed in ‘otherprovisions’. (5 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended31 March 2006.NOTE: The mark allocation is shown against each of the three issues.
(b) Explain the matters that should be considered when planning the nature and scope of the examination ofCusiter Co’s forecast balance sheet and income statement as prepared for the bank. (7 marks)
(c) Identify and discuss the implications for the audit report if:(i) the directors refuse to disclose the note; (4 marks)
(b) (i) Discuss the relationship between the concepts of ‘business risk’ and ‘financial statement risk’; and(4 marks)
The finance director of Blod Co, Uma Thorton, has requested that your firm type the financial statements in the formto be presented to shareholders at the forthcoming company general meeting. Uma has also commented that theprevious auditors did not use a liability disclaimer in their audit report, and would like more information about the useof liability disclaimer paragraphs.Required:(b) Discuss the ethical issues raised by the request for your firm to type the financial statements of Blod Co.(3 marks)
As a writer I am very lucky to have so many friends with whom I can discuss art and ____. A.literatureB.literacyC.literaryD.literate
Which of the following are common issues that should be considered when establishing ortroubleshooting site-to-site VPNs？（Choose all that apply.）（）A、User authenticationB、Overlapping IP address spaceC、GRE or IPsec configurationD、MTU sizeE、VPN client softwareF、Authentication server configured ly
Because of the（）nature of the agreement, I was reluctant to discuss with him in office.A、confidentialB、delieateC、secretD、sophisticated
多选题Which of the following are common issues that should be considered when establishing ortroubleshooting site-to-site VPNs？（Choose all that apply.）（）AUser authenticationBOverlapping IP address spaceCGRE or IPsec configurationDMTU sizeEVPN client softwareFAuthentication server configured ly