Questions from Financial Reporting

Q: In what year did the IASB publish an IFRS for SMEs?

In what year did the IASB publish an IFRS for SMEs? How did this impact the road map of convergence between IFRSs and U.S. GAAP?

Q: What are the roles of management and the auditor in the preparation

What are the roles of management and the auditor in the preparation and integrity of the financial statements?

Q: What is the purpose of the SEC’s integrated disclosure system for financial

What is the purpose of the SEC’s integrated disclosure system for financial reporting?

Q: Why do some unqualified opinions have explanatory paragraphs?

Why do some unqualified opinions have explanatory paragraphs?

Q: Describe an auditor’s review of financial statements.

Describe an auditor’s review of financial statements.

Q: Will the accountant express an opinion on reviewed financial statements? Describe

Will the accountant express an opinion on reviewed financial statements? Describe the accountant’s report for reviewed financial statements.

Q: What type of opinion is expressed on a compilation?

What type of opinion is expressed on a compilation?

Q: Are all financial statements presented with some kind of an accountant’s report

Are all financial statements presented with some kind of an accountant’s report? Explain.

Q: The following information for Lesky Corporation covers the year ended December 31

The following information for Lesky Corporation covers the year ended December 31, 2012:  / Required Change this statement to a multiple-step format, as illustr...

Q: What are the three principal financial statements of a corporation? Briefly

What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement.