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Are the following statements true or false?
International accounting standards are effective only if
adopted by national regulatory bodies.Accounting standards provide guidance on accounting
for all types of transaction.The answer is true for the first one and false for the second one.
But I thought the second one is true.Can you tell me which types of transaction the accounting standards can’t provide guidance for, for example?
The standards certainly do not provide guidance on everything. I cannot give you a list of every possible type of transaction that could exist. The standards give guidance on specific types of transaction and those that are relevant for Paper FA are all explained in my free lectures.
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