Finance > Class Notes > The Chinese University of Hong Kong (FINA MISC) FINANCIAL REPORTING (All)
The Chinese University of Hong Kong (FINA MISC) FINANCIAL REPORTING
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After completing this module, you should be able to: • explain the role and importance of financial reporting; • explain the role of the IASB Conceptual Framework in financial reporting and acco... unting standards; • describe the objective and limitations of general purpose financial statements as identified in the Conceptual Framework; • explain the definitions of the elements of financial statements and recognition criteria adopted by the Conceptual Framework; • explain the application of the standards to the financial reporting process and apply specific standards; • discuss and demonstrate the importance of professional judgment in the financial reporting process; • explain the implications of using cost and fair value accounting; and• explain how materiality is assessed and determine the materiality of transactions. F [Show More]
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