Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What is the broad set of rules or guidelines that accountants must follow when preparing financial statements?
A) IFRS
B) ROPA
C) ACCP
D) GPA

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What is the broad set of rules or guidelines that accountants must follow when preparing financial statements?
A) IFRS
B) ROPA
C) ACCP
D) GPA

Quizplus · Accepted Answer

IFRS (International Financial Reporting Standards) is the broad set of rules or guidelines that accountants must follow when preparing financial statements. These standards are designed to bring consistency to accounting language, practices, and statements globally.

Cost of the Asset$100,000