Provides an insight for all valuable resources available

Assignment Help Accounting Basics

Reference no: EM133507349

Question 1. Having a look to the statement of financial position, there is a total given for all the company's assets (as pre requirement of AASB 101). This aggregated total is derived by adding various classes of current and non-current assets. Discuss the appropriateness of simply adding all classes of assets, even though they have been measured on a number of different valuation bases?

Question 2) Discuss if the statement of financial position items "total assets" represents the value of a reporting entity's assets. Explain if the balance sheet provides an insight for all valuable resources available to use by an organisation.

Reference no: EM133507349

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