Fair Presentation – NBC Institute

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

Question

Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement:

i. Going concern (2 Marks)
ii. Consistency of presentation (2 Marks)
iii. Accrual (2 Marks)
iv. Fair presentation (2 Marks)
v. Substance over form (2 Marks)
vi. Prudence (2 Marks)
vii. Materiality (2 Marks)

Answer

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Tags: Accrual, Consistency, Fair Presentation, Going Concern, Materiality, Prudence, Substance Over Form
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2021

AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

Question

You led a team of auditors from the Auditor-General’s Department to audit the Financial Statements of the Ministry of Defence. You have just completed the audit and are about to report your findings.

Required:
i) Explain the factors you will take into account to determine that the financial statements have been properly prepared in accordance with a compliance framework. (6 marks)

ii) Explain the difference between a fair presentation framework and a compliance framework. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance Framework, Fair Presentation, Financial Statements, IPSAS, Public Sector Audit
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: NOV 2020

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

Question

Briefly explain the following fundamental accounting concepts used in the preparation of financial statements in accordance with IAS 1 – Presentation of financial statement:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accrual, Consistency, Fair Presentation, Going Concern, Materiality, Prudence, Substance Over Form
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2021

AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

Question

Required:
i) Explain the factors you will take into account to determine that the financial statements have been properly prepared in accordance with a compliance framework. (6 marks)

ii) Explain the difference between a fair presentation framework and a compliance framework. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance Framework, Fair Presentation, Financial Statements, IPSAS, Public Sector Audit
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: NOV 2020

Question Tag: Fair Presentation

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FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

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FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

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AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

You're reporting an error for "AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit"

FA – May 2021 – L1 – SB – Q1a – Accounting Concepts

Explanation of seven fundamental accounting concepts used in financial statement preparation.

You're reporting an error for "FA – May 2021 – L1 – SB – Q1a – Accounting Concepts"

AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit

Explain the factors to consider when determining if financial statements are properly prepared under a compliance framework and differentiate between a fair presentation framework and a compliance framework.

You're reporting an error for "AAA – Nov 2020 – L3 – Q4b – Government External Audit and Public Accountability | Public Sector Audit"

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