Which accounting standard is primarily applicable to the preparation of final accounts?
Practice Questions
1 question
Q1
Which accounting standard is primarily applicable to the preparation of final accounts?
IFRS
GAAP
IAS
All of the above
All of the mentioned standards (IFRS, GAAP, IAS) can be applicable depending on the jurisdiction.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard is primarily applicable to the preparation of final accounts?
Solution: All of the mentioned standards (IFRS, GAAP, IAS) can be applicable depending on the jurisdiction.
Steps: 5
Step 1: Understand that there are different accounting standards used around the world.
Step 2: Learn about IFRS (International Financial Reporting Standards), GAAP (Generally Accepted Accounting Principles), and IAS (International Accounting Standards).
Step 3: Know that the applicable standard depends on the country or region you are in, which is called jurisdiction.
Step 4: Realize that in some places, IFRS is used, while in others, GAAP or IAS might be the standard.
Step 5: Conclude that all these standards can be applicable for preparing final accounts based on where the business operates.
