Financial statements should be understandable to everyone.()
Financial statements should be understandable to everyone.()
Financial statements should be understandable to everyone.()
W: First, financial statements are general-purpose statements. Secondly, the relationships between amounts on successive financial statements are not obvious without analysis. And thirdly, users of financial statements may be interested in seeing how well a company is performing.
Q: What are they talking about?
(17)
A.The methods of financial statements.
B.The necessity of careful analysis of financial statements
C.The relationship among financial statements.
D.The purpose of financial statements.
A、So that the analyst can determine a company’s accounting policies.
B、So that the significance of financial statements can be better understood through comparisons with historical performance and with other companies.
C、To get back to the ‘real’ underlying figures, without the numbers being skewed by the requirements of International Financial Reporting Standards.
D、To produce a report that can replace the financial statements, so that the financial statements no longer need to be looked at.
3 (a) Financial statements often contain material balances recognised at fair value. For auditors, this leads to additional
audit risk.
Required:
Discuss this statement. (7 marks)
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