Respuesta :
As part of the objective of general-purpose financial reporting, an entity perspective is adopted.
What is entity perspective?
Entity perspective: The entity perspective's goal is to give financial information about the entity's operations to capital providers.
Entity theory is a philosophy that advocates for the separation of business and personal transactions. According to the notion, the owners' assets should not be mingled with the business's assets so the owners cannot be held personally accountable for the business's debts.
The entity theory consolidates subsidiary assets and liabilities at their fair values and uniformly accounts for controlling and non-controlling interests in those net assets.
An accounting entity is a well-defined economic unit that separates the accounting of specific transactions from the accounting of other subdivisions or accounting entities.
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