Explain the Difference Between Macro-Uniform-Based and Micro-Based Accounting Systems

question 52

Essay

Explain the difference between macro-uniform-based and micro-based accounting systems.What are some examples of countries that fit in each system?

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Definitions:

Financial Position

The status of a company's assets, liabilities, and equity at a specific point in time, typically shown in the balance sheet.

Note Disclosures

Refers to additional information provided in a company's financial statements, which helps in understanding the numbers presented and includes details such as accounting policies and future obligations.

AASB 101

The Australian Accounting Standards Board document specifying the presentation of financial statements, providing guidelines for structure and minimum requirements for their content.

Impairment of Assets

A decrease in the recoverable value of an asset below its carrying amount, leading to an adjustment of its valuation on the balance sheet.