ifrs for small and medium sized entities

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Revision question on financial accounting conceptual framework NBAA, B2, Nov 2018.

(a)  Identify the main users of the financial statements and describe the adequacy of the general purpose financial statements to cater for the reasonable needs of its major users.                                                                 



(b)       The  International   Accounting   Standards   Board   (IASB)   issued the Conceptual Framework which among other purposes assists the Board in the development of future IFRSs and … Read the rest

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What is the International Accounting Standard Board (IASB)?

The International Accounting Standard Board (IASB) which was set up in April 2001 is independent standard-setting body of IFRS foundation. It replaces the International Accounting Standard Committee (IASC)  which had been setting International Accounting Standard (IAS) since 1973. At the time of its initiation, the IASB adopted in full all existing IASs and decided that all new … Read the rest