Explain How Management Should Apply Accounting Policies Under IFRS and ASPE

question 52

Essay

Explain how management should apply accounting policies under IFRS and ASPE when there is no specific IFRS or primary source of GAAP to refer.

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Definitions:

Reinforcement Theory

A behavioral theory which suggests that behavior is influenced by its consequences, either through rewards or punishments.

Environmental Consequences

The effects or outcomes of actions on the natural environment, including pollution, biodiversity loss, and climate change.

Human Behaviour

The collection of actions exhibited by humans and influenced by culture, attitudes, emotions, values, ethics, authority, rapport, hypnosis, persuasion, coercion, and/or genetics.

Bandura

A psychologist known for his work on social learning theory, emphasizing the role of observational learning, self-efficacy, and reciprocal determinism in behavior.