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You are the Chief Financial Controller for FGX Limited, a prominent FMCG organization, significantly involved with food products. Your organization sells food items in Fiji and other Pacific Island Countries. Mr. Smith, an ex-Marketing Director, has been promoted as CEO for the organization. While in discussion, he raised a few concerns on the financials presented by you. He has a concern on the terminologies and standards used by you in the preparation of the financial statements. More specifically he has some questions, like:
Question I. What is accounting conceptual framework and IASB? Why this is important for financial reporting?
Question II. Why is it important to adopt IAS 1 to and present the Financial Statements?
Question III. What is income tax accounting? Why income tax accounting is important for the organization, and should be included in financial statements?
Question IV. What is the purpose of maintaining provisions?
Question V. What is contingent liability and contingent asset? Why should organization be concerned for these two events?
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
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This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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