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2009_1 T04 Q

2009_1 T04 Q - 4 Does the AASB-developed Conceptual...

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1 TOPIC 4: REGULATORY ENVIRONMENT TUTORIAL QUESTIONS T&G Chapter 6 Discussion Questions (page 328): DQ 6.7; 6.8 Additional Questions: See below The questions will be discussed in the order of the question list below. The integrity of financial reporting is crucial to both preparers and users of financial reports. Use this tutorial to ensure you understand the overall regulatory environment that helps protect the integrity / credibility of financial reports. Additional Questions 1. What are GPFR? 2. Explain factors that serve to protect the integrity of financial reporting. 3. T&G Discussion question 6.8: What is the purpose of an external financial statement audit?
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Unformatted text preview: 4. Does the AASB-developed Conceptual Framework still exist? If so, what are the existing components? 5. How do you determine if a company is a reporting entity (according to the Statement of Accounting Concepts SAC1)? 6. What is the purpose of the Framework? Discuss each purpose. 7. What is the objective of financial reports identified in the Framework? 8. What are the qualitative characteristics of financial reports identified in the Framework? 9. T&G Discussion question 6.7: Provide 3 examples of trade-offs among accounting principles. 10. Discuss the impact of changes in accounting standards....
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