Financial Accounting: Investment Performance, IAS 36 & Data Loss
VerifiedAdded on  2023/06/13
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This financial accounting report addresses key issues related to investment company performance, fair value accounting, and compliance with IAS 36. It analyzes how investment companies should report their performance based on income earned from investments and changes in fair value, emphasizing the importance of fair value measurement, portfolio turnover, and risk assessment. The report also discusses the application of IAS 36 concerning the impairment of assets, highlighting the procedures businesses should follow to ensure assets are not carried at more than their recoverable amounts. Furthermore, it addresses a scenario involving data loss and provides recommendations for maintaining data integrity and ensuring proper disclosure, advocating for data backup and preventative measures against data loss rather than altering accounting policies.
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