Introduction to Corporate Reporting

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

Question

The Conceptual Framework 2010 was criticized for its lack of clarity, the exclusion of certain important concepts, and for being outdated in terms of the IASB’s current thinking. The revised Conceptual Framework 2018 includes some new concepts such as prudence, provides updated definitions and recognition criteria for assets and liabilities, and clarifies some important concepts in a well-arranged eight chapters. Chapter four of the revised Conceptual Framework 2018 on elements of financial statements redefined some basic elements and concepts.

Required:

a. Evaluate the arguments for and against re-introduction of prudence into the Conceptual Framework.
(7 Marks)

b. Identify TWO of the concepts (Asset and Liability) which definitions were revised and justify the reasons for revised definitions.
(8 Marks)

Answer

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Tags: Asset Definition, Conceptual Framework, Financial Reporting Integrity, Liability Definition, Prudence
Level: Level 3

Topic: Introduction to Corporate Reporting

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

Question

a. Digital transformation in the finance and accounting industry was accelerated by the technological development following the COVID-19 pandemic, which reshaped business models and organizations globally. For many organizations, the impetus to full digital adoption and transformation was a major enabler for survival and growth.

Required:
Identify and explain various ways in which finance executives can embrace digital transformation in accounting, financial, and corporate reporting.
(10 Marks)

b. Westham PLC is a multinational energy group recently quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). Among its many activities, the group operates an oil refinery in Nigeria, a nuclear waste disposal facility in South Africa, and a coal extraction facility in Kenya.

The finance director of Westham PLC is aware that other companies in similar sectors are including social responsibility and environmental reports as part of their corporate annual reports.

Required:
i. Identify and explain the requirements for including this type of information in corporate annual reports in Nigeria.
(2 Marks)

ii. Discuss the benefits of publishing social and environmental reports.
(3 Marks)

Answer

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Topic: Introduction to Corporate Reporting
Series: NOV 2023

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

Question

Required:

a. Evaluate the arguments for and against re-introduction of prudence into the Conceptual Framework.
(7 Marks)

b. Identify TWO of the concepts (Asset and Liability) which definitions were revised and justify the reasons for revised definitions.
(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Definition, Conceptual Framework, Financial Reporting Integrity, Liability Definition, Prudence
Level: Level 3

Topic: Introduction to Corporate Reporting

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

Question

Required:
Identify and explain various ways in which finance executives can embrace digital transformation in accounting, financial, and corporate reporting.
(10 Marks)

The finance director of Westham PLC is aware that other companies in similar sectors are including social responsibility and environmental reports as part of their corporate annual reports.

Required:
i. Identify and explain the requirements for including this type of information in corporate annual reports in Nigeria.
(2 Marks)

ii. Discuss the benefits of publishing social and environmental reports.
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Topic: Introduction to Corporate Reporting
Series: NOV 2023

Topic: Introduction to Corporate Reporting

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CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

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Topic: Introduction to Corporate Reporting

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CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

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CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

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