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Describe the standard-setting process of the AASB

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Questions -

Q1. Describe the standard-setting process of the AASB.

Q2. What is the difference between Australian Accounting Standards and IFRSs?

Q3. Outline the fundamental qualitative characteristics of financial reporting information to be included in general purpose financial statements.

An entity purchases a rental property for $10 000 000 as an investment. The building is fully rented and is in a good area. At the end of the current year, the entity hires an appraiser who reports that the fair value of the building is $15 000 000 plus or minus 10%. Depreciating the building over 50 years would reduce the carrying amount to $9 800 000.

1. What are the relevance and faithful representation accounting considerations in deciding how to measure the building in the entity's financial statements?

2. Does the conceptual framework lead to measuring the building at $15 000 000? Or at $9 800 000? Or at some other amount?

Reference no: EM132762339

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