- 5 Marks
CR – May 2018 – L3 – Q5c – Accounting and reporting concepts
Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.
Question
In May 2008, the International Accounting Standards Board (IASB) issued the discussion paper Preliminary Views on an Improved Conceptual Framework for Financial Reporting – The Reporting Entity. The objective of the Reporting Entity phase is to determine what constitutes a reporting entity for the purposes of financial reporting.
Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.
Find Related Questions by Tags, levels, etc.
- Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
- Level: Level 3
- Topic: Accounting Concepts
- Series: MAY 2018
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