“Financial accounting is primarily about reporting on the history of a company. It has nothing to tell us of the future.”Critically evaluate this statement paying particular attention to1.Going c

“Financial accounting is primarily about reporting on the history of a company.  It has nothing to tell us of the future.”

Critically evaluate this statement paying particular attention to

1.Going concern convention;

2.Valuation of long-term assets;

3.Valuation of inventories;

4.Impairments

Explain what each of these terms means and why their accounting treatment is directly related to the assumptions contained in the above statement.  Where appropriate draw on specific examples of businesses within the FDLM sector to support your argument.

.