Which of the following is not true for the International Accounting standards and the International Financial Reporting Standards?
A) They are based on the legalistic approach
B) They provide choices in recognition and measurement of various accounting transactions
C) They incorporate 'uncertainty expressions' (such as 'probable', 'significant influence', 'control' and 'substantial')
D) They are based on the concept of presenting 'true and fair view' of a company's financial reports, where the professional accountants are given the right to use their judgment to accomplish this goal
Correct Answer:
Verified
Q2: According to Violet (1983),accounting cannot be considered
Q8: Hofstede (1980)defined culture as:
A) An expression of
Q20: Which of the following does not equate
Q21: Which of the following is not an
Q23: Which of the following are obstacles that
Q25: The decision that Australia would adopt international
Q26: From 2005,Australia has adopted the IASB standards
Q27: Which of the following is not necessarily
Q27: The process of adopting international accounting standards
Q28: From a practical standpoint,what is the goal
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents