b) The finance director of Victor is aware that the IASB has issued an exposure draft relating to disclosure of accounting policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2). She has yet to study that exposure draft but has enquired whether how this ED would impact all his disclosure of material accounting policies, and certain immaterial disclosures in his current financial statements. Required: Explain the proposals in ED 2019/6 Disclosure of Accounting Policies (Proposed amendments to lAS 1 and IFRS Practice Statement 2) and respond to the director's question regarding Victor's disclosure of material accounting policies, highlighting the proposed amendments on IAS 1 and proposed guidance on the usage of PS 2 Making Materiality Judgements

b) The finance director of Victor is aware that the IASB has issued an exposure draft relating to disclosure of accounting policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2). She has yet to study that exposure draft but has enquired whether how this ED would impact all his disclosure of material accounting policies, and certain immaterial disclosures in his current financial statements. Required: Explain the proposals in ED 2019/6 Disclosure of Accounting Policies (Proposed amendments to lAS 1 and IFRS Practice Statement 2) and respond to the director's question regarding Victor's disclosure of material accounting policies, highlighting the proposed amendments on IAS 1 and proposed guidance on the usage of PS 2 Making Materiality Judgements

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 24MCQ

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