What four principles did the FASB conclude were necessary to implement the objectives of the comprehensive asset and liability approach?
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What four principles did the FASB conclude were necessary to implement the objectives of the comprehensive asset and liability approach?
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- Describe ONE (1) substantive procedure that could be used to verify the existence andrights and obligations of each asset and liability.Choose one example of an asset, and referring to the characteristics of assets,explain why your chosen example meets the asset definition criteria.Choose one example of a liability, and referring to the characteristics ofliabilities, explain why your chosen example meets the liability definitioncriteria.Briefly explain the term of ‘biological asset’ and discuss when a biological asset is recognised in the financial statements under the MFRS 141.
- Examining the classifications of obligations either as secured or unsecured, most relate to the assertions of A. rights and obligationsB. existence or occurrenceC. presentation and disclosureD. valuation or allocationa.What is the IPSASB and reason(s) it was established? b.What are the objectives of the IPSASB?Discuss the rationale of using total assets as a basic in determining materiality.