Question

What is the "true and fair override“?

What is the "true and fair override“?

Homework Answers

Answer #1

Answer An organization’s financial statement should comply IFRS, related laws, rules, regulations. And this should be disclosed. But in extremely rare circumstances owner of organization may conclude that organization comply an IFRSS, would be misleading. In these circumstances company should depart from the requirement of the standard provided the relevant regulatory framework permits such departure. That override should not prohibited by relevant regulatory framework.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is the difference between tangible and intangible assets? What is difference between fair value and...
What is the difference between tangible and intangible assets? What is difference between fair value and market value? What is Goodwill? Why is it difficult to determine its true value?
Which of the following statements is not true? Under the fair value through profit or loss...
Which of the following statements is not true? Under the fair value through profit or loss model, both realized and unrealized gains and losses are reported in the income statement. Under the amortized cost model, no unrealized gains or losses are reported. Non-strategic investments are purchased to generate investment income. Under the fair value through other comprehensive income model gains and losses are critical to the evaluation of management.
What is fair value
What is fair value
True of False 10. You are playing a fair gamble with your initial wealth $1,000,000. The...
True of False 10. You are playing a fair gamble with your initial wealth $1,000,000. The expected return of each play of the gamble is 0% since it is a fair gamble. If you try to play this fair gamble 100,000 times, the probability that your wealth after the gambles is higher than your initial wealth is 50% since it is a fair gamble. Assume you bet the same fixed amount at each play and you are not allowed to...
what is the probability of heads in a fair coin ?
what is the probability of heads in a fair coin ?
what is the probability of heads in a fair coin
what is the probability of heads in a fair coin
true or false 1.     The fair market value of inherited property is included in the gross...
true or false 1.     The fair market value of inherited property is included in the gross income of the beneficiary. 2.     Adjustments to income reported on Form 1040 are deductions from gross income to arrive at AGI. 3.     Occasional use of the copy machine is an example of a no-additional-cost services fringe benefit. 4.     Taxpayers may make nondeductible contributions to traditional IRAs in excess of the annual limits without incurring a penalty.
, Fair Value and Equity Methods Conceptual Questions 1. What are the two fair value methods...
, Fair Value and Equity Methods Conceptual Questions 1. What are the two fair value methods to account for investments? 2. What type of security can be accounted for under both methods? 3. What type of security can be accounted for under only one of these methods? Which method is that? 4. Complete the following table for Investments: Fair value method(s) Other Method Investment in Bonds 2 methods: Held to Maturity – Amortized Cost Investments in Stocks 1 method: YES...
Fair-to-Midland Manufacturing, Inc. (FMM), has applied for a loan at True Credit Bank. Jon Fulkerson, the...
Fair-to-Midland Manufacturing, Inc. (FMM), has applied for a loan at True Credit Bank. Jon Fulkerson, the credit analyst at the bank, has gathered the following information from the company’s financial statements:   Total assets $105,000   EBIT 8,400   Net working capital 4,900   Book value of equity 34,000   Accumulated retained earnings 18,300   Sales 107,000 The stock price of FMM is $36 per share and there are 6,500 shares outstanding. What is the Z-score for this company? *answer is NOT 1.04 or 1.0127. Thanks!!
Fair-to-Midland Manufacturing, Inc. (FMM), has applied for a loan at True Credit Bank. Jon Fulkerson, the...
Fair-to-Midland Manufacturing, Inc. (FMM), has applied for a loan at True Credit Bank. Jon Fulkerson, the credit analyst at the bank, has gathered the following information from the company’s financial statements:      Total assets $105,000   EBIT 8,400   Net working capital 4,900   Book value of equity 34,000   Accumulated retained earnings 18,300   Sales 107,000     The stock price of FMM is $36 per share and there are 6,500 shares outstanding. What is the Z-score for this company? (Round to three decimal places)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT