Components of Financial Statements

In its June 2015 exposure draft for a revised conceptual framework for financial reporting, the International Accounting Standards Board has reintroduced the concept of prudence. Complete a group essay discussing the arguments for and against removal and subsequent reintroduction of prudence as a key accounting concept. Your essay should cover at least the following elements: ¢ Describe the main components of Financial Statements and the processes used by a large company to complete its Financial Statements. ¢ Discuss the areas during the process where subjectivity is required and the extent to which such subjectivity is controlled. ¢ Consider to what extent International Financial Reporting Standards allow for comparability between Financial Statements. ¢ Discuss other reasons for differences between the value of net assets recorded in the Financial Statements and the value which the firm may be worth. Looking for the best essay writer? Click below to have a customized paper written as per your requirements.