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Questions on Financial Reporting

Number of Words : 2477

Number of References : 2

Contents

 This paper is based on the following questions -
 Question 1 (Total 4 marks)
 You are an investor seeking an investment opportunity. You have obtained the financial statements of two separate, independent companies, each from a different country. You notice that there are some accounting differences between the two sets of financial statements, and are having some trouble comparing between the two.
 Required (approximately 400 words):
 In light of the above, list and briefly discuss four benefits of international standardisation of accounting standards.
 Question 2 (Total 12 marks)
 You met a friend who just started learning accounting theory and asked the following questions from you.
  Who has to comply with accounting standards? 2 marks
  Where can I find accounting standards? 1 mark
  What is the primary objective of General Purpose Financial Reports? 3 mark
  What are the qualities that make financial statements ‘useful’? 6 marks
 Required (approximately 400 words): Answer each of the questions above ensuring that you refer to the Conceptual Framework of Accounting in your answers.
 Question 3 (Total 12 marks)
 According to the free market perspective in accounting, regulations are not necessary to prepare and provide financial information to stakeholders. They say that the accounting information should be treated like other goods, with demand and supply forces allowed to operate to generate an optimal supply of information. In accounting theory, there are four arguments supporting pro-regulatory perspective.
 Required:
 (a) Provide an explanation on each of these arguments and explain how they confirm regulations are not necessary to prepare and provide financial information to stakeholders.

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