Topic: Regulatory Framework and Ethics

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CR – May 2020 – Q3b(i) – Ethical Issues in Contract Bidding

This question requires a discussion on the ethical issues related to conflict of interest, confidentiality, and professional behavior in a contract bidding scenario.

Question

You have just obtained your full membership with the Institute of Chartered Accountants (Ghana). Following this successful achievement, you have been appointed as the Head of Finance at Asasiyemedeh Company Limited, a Ghanaian company, which provides catering services. Your former employer, Akwaba Limited, is a large public sector organization operating in Accra, where, as the Financial Accountant, you had the opportunity to work on areas relating to financial accounting, procurement, contracts, and bids. One of Asasiyemedeh Company Limited’s major contracts is with Akwaba Limited, your former employer. The contract is now due for renewal, and Asasiyemedeh Company Limited is preparing a competitive bid for this contract.

You have been tasked to lead the team responsible for bidding for this contract, but you are concerned as a professional that you might breach confidentiality if you accept this role. You also suspect that your knowledge and experience of Akwaba Limited were seen as good reasons for appointing you to the position of Head of Finance at Asasiyemedeh Company Limited. You do not in any way want to let your new employer down as you are aware that the loss of such a major contract would have a significant effect on the financial performance of Asasiyemedeh Company Limited, and its performance-related bonus scheme for management members.

Required:
Discuss the ethical issues raised in the above scenario.

Answer

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Tags: Confidentiality, Conflict of Interest, Ethics, Professional Behavior
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

Question

Recommend the possible courses of action that you will take in order to be ethically responsible as expected from a Professional Accountant.

Answer

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Tags: Confidentiality, Conflict of Interest, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

Question

Goodman recently qualified as accountant with the Institute of Chartered Accountants (Ghana). He works with a manufacturing company in Tamale, Ghana, and he has been asked, by his line manager, to complete a costing exercise and given a very short deadline as well as limited resources for the exercise. Goodman thinks that the President of the company is planning to use this information to restructure the company, including making some of Goodman’s close colleagues redundant. Goodman is very worried that the outcome of his work cannot be robust enough to be used for such a big business decision by the company, but his line manager is putting him under a lot of pressure to complete the work pretty much quickly.

Required:
Evaluate FOUR (4) ethical issues facing Goodman and recommend FOUR (4) possible courses of action Goodman should consider taking. (10 marks)

Answer

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Tags: Corporate Governance, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2020

CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director

Discuss the ethical dilemmas and potential actions a finance director must take to avoid breaching IFAC's Code of Ethics.

Question

You are the Finance Director of a limited liability company. The company started trading with a handful of employees but now has a workforce of 200. You are aware that staff purchases of goods manufactured by the company are authorised by production managers and then processed outside the accounting system. The proceeds from these sales are used to fund the company’s annual Christmas party, organised for Directors of the company.

Required:
Discuss the possible actions that you will take in order not to breach the fundamental principles of the IFAC’s Code of Ethics. (10 marks)

Answer

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Tags: Conflict of Interest, Ethics, IFAC Code of Ethics, Integrity, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2021

CR – May 2019 – L3 – Q5c – Regulatory framework and ethics

The question asks for four reasons why the IASB found it necessary to revise the conceptual framework, as part of its effort to improve financial reporting.

Question

The Framework for the Preparation and Presentation of Financial Statements was originally issued in 1989. In 2004, the IASB and the FASB decided to review and revise the conceptual framework. However, this decision changed priorities and the slow progress in the project led to the project being abandoned in 2010. This was after only Phase A of the original joint project was finalized and introduced into the existing framework as Chapters 1 and 3 in September 2010.
The current form of the conceptual framework as at May 2018 provides a revised and complete version of the framework.

Required:
Explain FOUR (4) primary reasons why the IASB believed it was necessary to revise its conceptual framework. (4 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, IASB, Revisions
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2019

CR – May 2019 – L3 – Q5b – Regulatory framework and ethics

The question requires identifying and discussing the ethical issues arising from conflicts of interest, board dynamics, and related party transactions within Bolgatanga Ltd and how to address them appropriately.

Question

Bolgatanga Ltd (Bolgatanga), currently operating in the biotechnology research and healthcare sector, is a Ghanaian listed company which prepares financial statements in accordance with International Financial Reporting Standards (IFRS) up to 31 December each year. On 1 January 2015, Bolgatanga acquired 80% interest in Wa Ltd (Wa). You are a newly qualified accountant at Bolgatanga and report directly to Mr. Dominic Atubiga, the Financial Controller (FC). Early 2017, Bolgatanga acquired Sissala Ltd (Sissala), a private company, and has recently had an application for additional funds rejected from its current bankers on the basis that there are insufficient assets to offer security.

You have been reviewing the minutes of Bolgatanga’s last board meeting, dated 28 December 2017. The minutes indicate that the sales director resigned on 1 December 2017. In her resignation letter to the board, the sales director states that she can no longer work with Dominic Atubiga, who is dominating the board and allowing a close friendship with, and advice from, Salifu Adams (Managing Director of Sissala) to compromise his judgement.

The Human Resources department is currently in the process of recruiting a new sales director. Dominic Atubiga tells the board that, in the interim, the marketing department will just have to cope until a replacement sales director is appointed. Speaking to other staff in Bolgatanga, you have become aware that the wife of the Managing Director of Bolgatanga is a partner in Brother and Co., a firm of solicitors which the company uses to provide legal advice in relation to the market development activities of Wa. However, Brother and Co. has confirmed that the FC’s wife works in a different division and that she has no involvement in the services provided. It is your understanding that legal fees of GH¢500,000 (included in administration expenses) were paid by Bolgatanga to Brother and Co. during the year ended 31 December 2017.

Required:
Discuss the ethical issues arising from the information provided, and the appropriate steps to address them.

Answer

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Tags: Conflict of Interest, Corporate Governance, Ethical Issues, Professional Conduct, Related Party Transactions
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2019

CR – May 2018 – L3 – Q5b – Regulatory Framework and Ethics

Identify the ethical issue related to inventory adjustment and explain the Finance Manager’s course of action.

Question

The Finance Manager of Integrity Sports, a Takoradi-based manufacturer and retailer of sporting goods, prepares quarterly accounts for his boss, the Finance Director. At the end of the first quarter of 2017, the Finance Manager identified that net assets were below the level required by a bank covenant that the company had entered into with Unique Bank. He therefore alerted the Finance Director to this. The following week, the Finance Manager identified that amended quarterly accounts had been sent to the bank by the Finance Director, in which the inventory figure had been increased. The same issue arose at the end of the second quarter of 2017, and again the Finance Manager noted that the accounts sent to the bank included a different inventory figure from those that he had prepared the previous week. The Finance Manager is sure that cut-off procedures and valuation were correctly adhered to and this was done under his supervision. He therefore asked the Finance Director why the figures had changed, and the Finance Director responded:

“The adjustment is just for some goods held at one of our customer’s retail premises – we missed it out from the stock count. Don’t worry, I’ve got it all in hand!”

The Finance Manager then reviewed the contract with the customer in question and noted that it clearly states that the customer will be supplied with goods as ordered and has no right of return in the case of unsold goods. He also noted that Integrity Sports has sold goods to this customer for a number of years on the same terms, and no adjustment has ever been made before. Both the Finance Manager and Finance Director are Chartered Accountants.

Required:
i) Explain why the inventory adjustment suggests an ethical issue. (6 marks)
ii) Explain FOUR courses of action that the Finance Manager should take in respect of the issue that he has identified. (4 marks)

Answer

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Tags: Corporate Governance, Ethics, Financial Reporting, Inventory Adjustment, Professional Conduct
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2018

CR – April 2022 – L3 – Q3b – Regulatory framework and ethics

Explain the ethical principles involved in the given scenario and recommend the appropriate actions based on the IFAC Code of Ethics.

Question

b) You are a newly qualified accountant in your fifth year of employment in a limited liability company. Your immediate supervisor has been on sick leave, and you are due for study leave. You have been told by the Finance Director that, before you go on leave, you must finish a task that should have been completed by your immediate supervisor. The deadline suggested to complete the task appears unrealistic, given the complexity of the task.

You feel that you are not sufficiently experienced to complete the task alone and would need additional supervision to complete it to the required standard. The Finance Director appears unable to offer the necessary support in this regard. Should you try to complete the work within the proposed timeframe but fail to meet the expected quality, you could face repercussions on your return from study leave. You feel slightly intimidated by the Finance Director and also feel pressure to do what you can for the company in these challenging times.

Required:

i) Using the IFAC Code of Ethics as a guide, explain the ethical principles that apply in the above scenario. (5 marks)

ii) Recommend the possible actions that you should take as a member of the Institute of Chartered Accountants, Ghana (ICAG), in dealing with this ethical dilemma. (5 marks)

Answer

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Tags: Ethical dilemma, Ethics, Integrity, Objectivity, Professional Behaviour
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: APR 2022

CR – Nov 2018 – L3 – Q5c – Regulatory framework and ethics

Evaluate the finance director's suggestion to early adopt a revised accounting standard for Navrongo Ltd’s 2018 financial statements.

Question

You are the financial controller of Navrongo Ltd (Navrongo), a company that experienced a relatively difficult trading during the year ended 30 September 2018. Reporting deadlines for the 2018 financial statements are rapidly approaching, and you have a number of matters to finalize. The finance director made the following suggestion in an email:

“A revised accounting standard that is relevant to Navrongo is expected to be issued by the IASB during the 2019 calendar year. Based on the content of the corresponding exposure draft, the revisions to the accounting standard would be beneficial to Navrongo in the year of adoption. The 2018 Navrongo financial statements should be prepared using the proposed new accounting standard on the basis of voluntary early adoption of the new standard.”

Required:
Explain to the finance director, justifying whether you agree or disagree with the suggestion above

Answer

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Tags: Accounting Standards, Early Adoption, Exposure Draft, Financial Reporting, IASB
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2018

CR – Nov 2018 – L3 – Q5b – Regulatory Framework and Ethics

Appraise the ethical issues arising from the email received by Peter Anokye regarding liquidity challenges and lease accounting implications in Nanton Ltd

Question

You are Peter Anokye, a newly qualified accountant and have recently been appointed as the deputy financial controller in Nanton Ltd (Nanton). You report directly to the finance director, Maria Wakasu. Just last week, you received the following email from Maria.

“As you are aware, I have to present some financial information at the board meeting scheduled in two days’ time and I need your help. I should be grateful if you could give me some advice on this issue. I don’t know whether you heard the news that Mamprugo Ltd (Mamprugo), an important customer of ours, is having some liquidity challenges. I think it is a case of not being able to manage their working capital cycle effectively. I know the financial controller of Mamprugo well, and he has mentioned that they have approached Yendi Ltd (Yendi) for credit. Of course, if they are successful, we should have no problems in getting paid. Today, I have received a request from Yendi asking for a credit reference for Mamprugo. I think if you check their credit history you will find they were good payers. Do you think I should mention anything about the liquidity issue to Yendi?

As I mentioned to you yesterday, over coffee, the Chief Executive Officer (CEO) regards leasing as an important method of financing the company. However, you are probably more up to date with the existing accounting requirements than me. The current accounting standard has some significant deficiencies and no longer meets the needs of users of financial statements. On 1 January 2016, we entered into a sale and finance leaseback transaction with our bank. The arrangement involved the sale, at fair value, of a building for GH¢8 million. The book value of the building in the financial statements at that date was GH¢6 million. I know that the CEO is particularly concerned that showing the lease as a finance lease could be detrimental to any loan applications that we might make over the next twelve months. Between you and I, we need to keep him happy: my year-end bonus could be in jeopardy if we get this area wrong. In the medium term, I am worried about the implications of the introduction of IFRS 16: Leases, particularly the effects on the statement of financial position, statement of profit and loss and other comprehensive income, and our key financial ratios. Surely our gearing ratio will be higher. Maybe we can get round the problem of including leases on the statement of financial position by classifying some of them as short-term (i.e., less than twelve months).

Peter, I should be grateful if you could give me some advice on this issue.”

Required:
Appraise the ethical issues arising from the information provided in the mail sent by Maria, and propose and justify appropriate steps that Peter Anokye should take to address them.

Answer

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Tags: Ethics, Financial Reporting, Gearing Ratio, IFRS 16, Leases, Liquidity, Working Capital
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2018

CR – Nov 2021 – L3 – Q3c – Regulatory Framework and Ethics

Assess the ethical principles breached in a workplace scenario and recommend actions in accordance with the IFAC Code of Ethics.

Question

Linda is a junior member of an audit firm and has just returned to work after taking compassionate leave to care for her sick mother. For financial reasons, Linda needs to work full-time. Linda has been having difficulties with her mother’s home care arrangements, causing her to miss several team meetings, which usually occur at the start of each day, and she needs to leave work early as well.

In terms of her capabilities, Linda is very competent at her work, but her frequent absence puts severe pressure on her and her overworked colleagues. Linda’s manager knows that workflow through the practice is coming under intense pressure, and in order that the team’s output is not affected, had a discussion with the audit team on Linda’s circumstances. This has, however, led to some members of the audit team undermining Linda at every given opportunity, putting Linda under even greater stress.

Required:

i) In accordance with the IFAC’s code of ethics, assess THREE (3) possible fundamental ethical principles that might have been breached. (5 marks)
ii) Recommend the possible actions that the manager should take as a member of the Institute of Chartered Accountants, Ghana in dealing with this ethical dilemma. (5 marks)

Answer

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Tags: Confidentiality, Due care, Ethical dilemma, Ethics, IFAC Code, Integrity, Objectivity, Professional competence
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2021

May 2016 – L3 – Q3b – Regulatory framework and ethics

Compare compliance-based and integrity-based approaches to ethical issues, and recommend steps to sustain value creation from an ethical culture

Question

As a Professional Accountant, you are regarded as an expert with specialized knowledge acting ethically and influencing others to do what is right whilst working to very high standards. When confronted with an ethical challenge or dilemma in a corporate setting, Lynne Paine suggests two approaches to the management of ethical issues in organizations – the compliance based approach and the integrity based approach.

Required: i) Compare and contrast the compliance based approach and the integrity based approach in the management of ethical issues. (6 marks)

ii) Discuss the steps you would recommend to your company to adopt in order to sustain value creation from an ethical culture. (4 marks)

Answer

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Tags: Compliance-based approach, Ethical Culture, Ethics, Integrity-based approach, Value Creation
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2016

CR – Nov 2023 – L3 – Q3b – Regulatory framework and ethics

Evaluate ethical issues arising from a company's proposal to sell non-controlling interest in a loss-making subsidiary and manipulate financial reporting.

Question

b) The Directors of Okonko Ltd are considering acquiring shares in blue-chip companies domiciled in Asia, Europe and North America in the near future in order to diversify their operations and minimise systematic risk. Unfortunately, the entity is currently cash strapped and unable to exploit such opportunities. They would prefer to raise finance from shares on the Ghana Stock Exchange because it is currently highly geared and they do not wish to expose the company to further financial and liquidity risk. They are therefore keen to have a good amount as the balance on the retained earnings in order to remain attractive to prospective investors.

One proposal is that they sell non-controlling interest in one of its domestic subsidiaries (Afa-Alhaji Ltd) which has been recording persistent losses for the past five (5) years. The sale will improve the cash position but Okonko Ltd will continue to maintain control over Afa-Alhaji Ltd. In addition, the Directors are of the strong opinion that the shares can be sold profitably to boost its retained earnings. The Directors intend to transfer the relevant proportion of their share of the losses from the domestic subsidiary to the retained earnings, knowing that this is contrary to accounting standards.

Required:

Explain FIVE (5) ethical issues which may arise from the proposal of the directors of Okonko Ltd. (10 marks)

Answer

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Tags: Business Ethics, Corporate Governance, Financial Reporting, Investor Relations, Regulatory Compliance
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2023

CR – Mar 2024 – Q3c – Regulatory framework and ethics

Analyze ethical issues in a takeover scenario, including views on considering ethics and potential conflicts of interest.

Question

The directors of Akilapa Ltd are involved in takeover talks with Bongo Partners. In the discussions, Mr Mensah, the Managing Director of Akilapa Ltd stated that there was no point in considering issues of ethics because the purpose of the takeover is to increase the market share of the company and ultimately increase the profit of the firm. In seconding his point, Miss Benkro indicated that in adopting a pragmatic approach to the takeover, there was no ethical issue in considering a third-party in relation to Bongo Partners because, in her opinion, the takeover will not benefit the third party but the company and the society.

During the meeting, Dr Worlanyo who was the previous Accountant of Bongo Partners before moving to Akilapa Ltd was involved in drafting the financial statements and provided a positive approval of the takeover bid. Upon receipt of the recommendation, a member of the board of directors found that there are indications that several of Bongo Partners’s Non-current assets might be impaired.

Required: i) Comment on the views of Mr Mensah and Miss Benkro regarding the fact that there is no point in considering ethical issues in the takeover bid. (4 marks)

ii) Assess the ethical issues in this scenario and explain how they should be addressed. (6 marks)

Answer

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Tags: Conflict of Interest, Ethics, Professional Conduct, Takeovers
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAR 2024

CR – Aug 2022 – L3 – Q3c – Regulatory framework and ethics

This question discusses ethical breaches committed by staff members and the finance director related to cash management and accountability in Gogo Ltd.

Question

Mr. Ben Terkper, the Finance Director of Gogo Ltd, is known to be very strict in managing his staff and his dealings with other employees. A new product introduced by the company is yielding high sales. This has led to increases in cash shortages. In order to reduce the cash shortages, Management employed Hannah, a cousin of the Managing Director, Mr. Okantey.

It is the policy of the company to recover cash shortages made by cashiers by the end of the next working day. Over the years, Mr. Terkper has applied this policy without fear or favor. However, since her employment as a cashier, Hannah has made several cash shortages that have come to the attention of Mr. Terkper and Mr. Okantey. However, Hannah has never been asked to refund any of the cash shortages made so far. The financial statements for the year ended 31 December 2021 are being prepared, and Mr. Okantey has instructed Mr. Terkper to write off the losses made by Hannah.

Required:

i) Assess the possible ethical breaches committed by Hannah, Mr. Terkper, and Mr. Okantey. (4 marks)

ii) Recommend FOUR (4) possible actions that should be taken in dealing with the ethical breaches raised above. (6 marks)

Answer

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Tags: Ethical Breaches, Integrity, Objectivity, Professional competence
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: AUG 2022

CR – Nov 2019 – L3 – Q3c – Regulatory framework and ethics

Identify ethical challenges for a finance director in finalizing financial statements and recommend actions in compliance with IFAC’s Code of Ethics.

Question

c) Fiagja Ltd is a retail trading company in Ghana. Nana Yaw Kawula (member of ICAG) is the finance director and has been in this role for many years. Fiagja Ltd has a year-end of 30 June each year. Nana Yaw Kawula is finalizing the financial statements for the year ended June 30 2019.

On one hand, the warehouse manager of Fiagja Ltd has recently advised Nana Yaw Kawula of a significant level of slow-moving inventory, and that the inventory in question is now more than seven months old and per the company policy would usually have been written down some months previously.

On the other hand, the shareholders of Fiagja Ltd are trying to sell the company, and the Chief Executive Officer (CEO) who happens to be the majority shareholder of Fiagja Ltd has told Nana Yaw Kawula that it is not necessary to write down the inventory values in the year-end financial statements.

Nana Yaw Kawula is sure that the CEO wants the financial statements to carry an inflated inventory valuation because he has found a prospective buyer for the company. The CEO has indicated to Nana Yaw Kawula that, if the proposed deal is indeed successful, all employees will keep their jobs (including Nana Yaw Kawula) and the finance director (Nana Yaw Kawula) will receive a pay rise.

Required:
i) Explain how the finance director could potentially act in order not to breach the fundamental principles of the IFAC’s code of ethics. (5 marks)
ii) Recommend the possible actions that the finance director should take as a member of the Institute of Chartered Accountant (Ghana) in dealing with this ethical dilemma. (5 marks)

Answer

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Tags: Ethical Dilemmas, Integrity, Professional Behaviour
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2019

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

Question

A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer. In acting in the public interest, a professional accountant should observe and comply with the ethical requirements of the IFAC’s Code of Ethics. All accounting professionals are responsible for acting in the public interest, and for promoting professional ethics.

Required:
Comment on the implications of compliance or non-compliance of the ethical code of conduct by professional accountants.

Answer

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Tags: Ethical Conduct, IFAC Code, Professional Accountants, Public Interest
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

Question

Mr. Odorkor Asare is a partner of Fobes Chartered Accountants, an auditing firm. Mr. Asare was informed by the other partners to take a “compulsory leave” because he was in breach of the firm’s independence rules as his wife was the Finance Director of Millenium Insurance (an audit client). He was to resume after completion of the audit. Mr. Asare was disturbed by this notice even though he was not the reporting partner.

Required:
Discuss the stance taken by the other partners of the firm and its effect on the objectivity of Fobes Chartered Accountants.

Answer

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Tags: Auditor Independence, Ethical Conduct, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

Question

The financial reporting process is concerned with providing information that is useful in the business and economic decision-making process. Therefore, a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured, and how they should be communicated to the user. Although theoretical in nature, a conceptual framework for financial reporting has practical aims.

Required:
Discuss whether an agreed international framework for financial reporting is needed in order to resolve practical accounting issues.

Answer

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Tags: Accounting Issues, Conceptual Framework, International Standards
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

CR – Nov 2016 – L3 – Q5d – Regulatory framework and ethics

Explain two constraints on relevance and faithful representation of financial statements.

Question

Two key constraints on relevance and faithful representation in financial statements are:

Timeliness:
- Information must be provided in a timely manner to be useful. However, if there is a delay in reporting, the relevance of the information diminishes. To achieve timeliness, financial statements may need to be prepared before all details of a transaction or event are fully known, which can impair faithful representation. Hence, there is often a trade-off between timeliness and accuracy.
Cost vs. Benefit:
- There is a balance between the cost of providing financial information and the benefit derived from it. In some cases, the cost of collecting and reporting detailed information may outweigh the benefits to users. This constraint limits how much detail can be provided, potentially affecting both the relevance and faithfulness of the representation of financial data.

Answer

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Tags: Constraints, Faithful Representation, Financial Reporting, Relevance
Level: Level 3