Explanation : The projected income statements are not filed with the Securities and
Exchange Commission. However, The SEC does require companies to
submit audited financial statements and an assessment of the risk
involved in the business.
Explanation : Under the International Accounting Standards Board‟s Conceptual
Framework, verifiability is the qualitative characteristic that means that
different knowledgeable and independent users would agree that the
information presented faithfully represents the economic events that it
is intended to represent
Explanation : The IFRS Conceptual Framework specifies a number of general features
underlying the preparation of financial statements, including materiality
and accrual basis. Matching is not one of those general features; it is a
general principle of expense recognition.