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A trade-off can occur between relevance and faithful representation. An illustration of  exam bank this would be the accounting practice of estimating doubtful debts expense. The process of estimating doubtful debts expense is relevant to the decision making process. It is necessary to determine an estimate so that revenues for the period can be appropriately matched with the expenses for the period. However, if you estimate doubtful debts expense the estimate that you use does not faithfully represent the actual amount of bad debts expense i.e. is unlikely to be an amount free from error. However, the process of estimating the expense is useful to the decision maker.

1.20     How can the professional accounting exam bank bodies assist in standard setting?

Professional bodies such as CPA Australia and the ICAA provide feedback on exposure drafts and forward any comments on to the AASB. They also inform their members of any accounting standard developments through newsletters and by conducting Continuous Professional Education (CPE) sessions. The professional bodies’ websites provide on-going advice and information on a range of topics including the adoption of IFRS, the Framework and compliance issues.

1.21     Describe the major purpose of the ASX. What types of information does it provide for a novice investor?

The major purpose of the ASX is to provide an orderly and fair market in listed companies’ shares and securities. It also regulates companies through its Business and Listing Rules. The ASX Listing Rules govern the procedures and behaviour of all ASX listed companies and listed trusts.

Chapter 5: Additional reporting of exam bank on mining and exploration activities. This Listing Rule concerns the mining and exploration industry sector and the additional disclosures they must make such as details of the mining production and development activities and details of exploration activities.

Chapter 17: Trading halts, suspension and removal. This Listing Rule explains the information that an entity must provide to the ASX if there is going to be a trading halt. Such as reasons for the halt and how long it will last for question bank download.

Chapter 14: Meetings. This Listing Rule outlines the ASX requirements for meetings such as general meetings and directors’ meetings.

Other information that it provides for a novice investor includes tutorials on how the sharemarket works; learning how to trade in the sharemarket and information question bank download on developing an investment strategy.

1.22     What is the impact of the qualitative characteristic of 'materiality' on the preparation of the financial statements?

The qualitative characteristic of 'materiality' is another important assumption in accounting.  According to the accounting and legal professions, material information is that which affects the decisions made by users of the financial reports in which the information is disclosed. Determining a material item should include a quantitative and qualitative evaluation of that item. The factors that need to be considered are type of entity for question bank download is available, size of entity and the industry that the entity is operating in. Significant professional judgment is necessary. 

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