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Regarding the accounting issues and material misstatements question, should I write about the requirement of the relevant accounting standard, such as the criteria of capitalisation of development cost? Or just briefly describe the potential misstatement and effect to financial statement?
Will this be different for risk question where mark allocation for each misstatement is low; and for matter to be considered question, where the mark allocation for accounting issue is higher compared to risk question?
Write briefly about the accounting requirements and more fully about the potential misstatement and effect to financial statement
For questions asking for matters to consider, there’s normally 1/2 – 1 mark for identification and 1 – 2 marks for explanations
That’s probably much the same as for risk questions so both would likely be something like:
Identify 1/2 – 1
Explain 1 – 2OK?
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