Reading 31: Financial Reporting Standards - LOS g ～ Q1-2 framework, following, reporting, coherent, involve

mayanfang1

Q1. Disagreements that inhibit development of a coherent financial reporting framework are least likely to involve which of the following?

A)   Valuation.

B)   Transparency.

C)   Standard setting.

Q2. Which of the following is least likely to be considered a characteristic of a coherent financial reporting framework?

A)   Transparency.

B)   Stability.

C)   Comprehensiveness.

mayanfang1

答案和详解如下：

Q1. Disagreements that inhibit development of a coherent financial reporting framework are least likely to involve which of the following?

A)   Valuation.

B)   Transparency.

C)   Standard setting.

Correct answer is B)         

There is widespread agreement that transparency is desirable in financial reporting. Disagreements that inhibit development of a single framework often arise around issues of measurement, valuation, and standard setting.

Q2. Which of the following is least likely to be considered a characteristic of a coherent financial reporting framework?

A)   Transparency.

B)   Stability.

C)   Comprehensiveness.

Correct answer is B)         

Financial reporting should be transparent and comprehensive. Stability of accounting information is not a characteristic of a coherent reporting framework.

gerda2000

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goofey

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