Discuss the Suggested List of "Absolute Duties" in Box 7-3

question 16

Essay

Discuss the suggested list of "absolute duties" in Box 7-3. Do you agree with this list? Would you add other duties to it? Would you exclude some of those suggestions presented?

---

Definitions:

Consolidated Financial Statements

Financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as a single entity.

Consolidated SCI

Refers to the consolidated statement of comprehensive income which combines all financial activities of a parent company and its subsidiaries.

Calculate Exchange Gain/Loss

The process of determining the profit or loss from foreign exchange transactions, based on changes in exchange rates.

Monetary Items

Financial elements that are fixed or determinable in terms of money and do not change in value over time, such as cash and receivables.