RGN Price Manager Interview Questions and Answers

Amendments to accounting standards are changes made to the existing accounting rules and regulations.

• Amendments are made to improve the quality of financial reporting.

• They are made by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

• Examples of recent amendments include changes to revenue recognition and lease accounting standards.

• Companies must stay up-to-date wit...read more

Implications refer to the consequences or effects of a particular action or decision.

• Implications can be positive or negative depending on the context.

• They can affect individuals, organizations, or society as a whole.

• It is important to consider the implications before making a decision.

• For example, the implications of implementing a new policy may include increased costs, improved efficiency, or decreased employee mora

Related parties are identified through various methods and criteria.

• Related parties can be identified through ownership or control relationships.

• Financial transactions between related parties can also indicate their relationship.

• Legal or contractual agreements can provide information about related parties.

• Common management or significant influence can be used to identify related parties.

• Examples of related parties incl...read more

Auditor identifies related parties through various means.

• Reviewing financial statements for transactions with related parties

• Inquiring with management about any known related parties

• Examining ownership structures and board memberships

• Analyzing contracts and agreements for related party transactions

• Checking public records for family relationships or common ownership

• Assessing the nature of the relationship and potential