Part 1 Read paragraph OB11 of Statement of Financial

Accounting #2965
Part 1: Read paragraph OB11 of Statement of Financial Accounting Concepts No. 8,
Conceptual Framework for Financial Reporting: Chapter 1, The Objective of General Purpose
Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information.
What does FASB say about the degree to which the balance sheet is made up of estimates, as
opposed to exact depictions of the underlying economic position of the entity? Part 2: The
disclosures related to critical accounting estimates and judgments were previously seen in
Exhibit 3.2 for Telefon a ktiebola get LM Ericsson (Ericsson). The balance sheets are presented
below and on the following page. Focusing on Ericsson’s assets, do you agree with the
FASB’s assessment about the degree to which the balance sheet is made up of estimates?
Explain your answer.As of January 1,2013 the provision for the Swedish special payroll taxes,
amounting to SEK 1.8 billion, which was previously included in other current liabilities, has been
re-classified as pension liability in line with the implementation of lAS 19R.View Solution:
Part 1 Read paragraph OB11 of Statement of Financial Accounting

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