It has five main sections: The conceptual framework of accounting. net assets controlled by the group are $59, (assets of $70, less liabilities of $11,) since Oleg is a % subsidiary, Aurimas also owns net assets of $27, ie ($30, – $3,) On successful completion of this exam, candidates should be able to: A. Discuss and apply conceptual and regulatory frameworks for financial reporting. D. Prepare and present financial statements for single entities and Preparation of financial statements, that co