What is the date of transition if an entity prepares its first IFRS annual report at 31-3-2015

1-4-2013 if it provides figures for the previous year.

If an entity changes its accounting date, the entity should disclose?

The reason for using longer or shorter period.

what is the full name of GAAP?

Generally accepted accounting principles

Which is not part of the identification of the financial statements according to IAS1?

the IFRS according to which fin. statement is prepared

What is the advantage of internationalisation and globalisation in financial reporting?

comparability between international entities

What does FASB stand for:

Financial Accounting Standards Board

Why St Nicolas rides his horse on the roof?

Because he doesn't use winter tires, Because he is still properly insured, Why not?, Because he doesn't pay road tax

Which statement about intangible assets is true?

intangible assets: rights that don't have physical substance

What stands IASB for?

International Accounting Standards Board

What is the purpose of the notes to the financial statements?

provide crucial information to read the financial statements

“Standards issued by the International Accounting Standards Board are known as":

International Financial Reporting Standards

What are the sources of regulation?

LEGISLATION, ACCOUNTING, STOCK EXCHANGE REGULATIONS

Which below is the correct meaning of Current and non-current liabilities?

it is held primarily for the purpose of being traded

The course External reporting is

The subjects are so boring but the teacher is great, So important to me. It is great!! Yes that it is...GREAT...., It is very interesting and funny! I learn a lot...

International Standards are developed and published by the IASB in 2001 as a replacement for?

International Accounting Standards Committee (IASC)

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External Reporting: Conceptual Framework IAS/IFRS

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Conceptual Framework IAS/IFRS (chapter 1 -3) International External Reporting

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Questions 29

Answers

1
An asset is classified as a current asset if it satisfies which of the following criteria:
It is expected to be realized within twelve months
it is expected to be realized, or is intended for sale
it is held primarily for the purpose of being traded.
All answers are correct
2
What is the date of transition if an entity prepares its first IFRS annual report at 31-3-2015
31 March 2015 if it provides figures for the previous year.
31 March 2013 if it provides figures for the previous year.
1-4-2013 if it provides figures for the previous year.
1 April 2014 if it provides figures for the previous year.
3
What statement is NOT mandatory in the Annual Report
Statement of Cash Flows
Statement of Financial Position
Statement of Changes in Equity
Statement of Comprehensive Income
4
If an entity changes its accounting date, the entity should disclose?
Explanation of how the entity will use its long-term assets.
What is the main goal of this entity.
How much of the assets will be converted into cash.
The reason for using longer or shorter period.
5
What is included in distribution costs in the statement of comprehensive income?
Bad debts
Reduction in allowance for receivables
Loss on disposal
Buildings at cost
6
what is the full name of GAAP?
Generally accounting accepted priciples
General applied accounting principles
Generally accepted accounting principles
non of the above
7
Which is not part of the identification of the financial statements according to IAS1?
the IFRS according to which fin. statement is prepared
the name of the reporting entity
level of rounding
are the financial statements for a single entity or a group
8
The notes to the financial statements should provide information:
All of the above
About the entity's accounting policies
required by int. st. if not found elsewhere in the fin. st.
Which is relevant to understand the financial statements
9
What is considered a measurement of the elements of financial statements?
Current Sales
Future Value
Historical Cost
Physical Capital Maintenance
10
What is the advantage of internationalisation and globalisation in financial reporting?
flexibility for international entities
comparability between international entities
need of creating pressure for several regions
more space for creative accounting
11
What does FASB stand for:
Financial Accounting Standards Board
Financial Analyzing Standards Board
Fiscal Accumulated Statistics Bureau
Financial Accounting and Standards Bureau
12
Why St Nicolas rides his horse on the roof?
Because he doesn't use winter tires
Because he is still properly insured
Why not?
Because he doesn't pay road tax
13
Which statement about intangible assets is true?
intangible assets are current asset.
intangible assets include the right to receive cash.
intangible assets: rights that don't have physical substance
intangible assets are non-current asset.
14
What stands IASB for?
International Auction Sale Bankruptcy
International Accounting Standards Board
International Accounting Sample Board
) International Accounting Standards Building
15
Which one is not the main components of the regulatory framework which applies to financial?
legislation
Timeliness
stock exchange regulations
accounting standards
16
Who is at the top of the order
IFRS Interpretations committee
IASB
IFRS foundation
IFRS advisory council
17
What is the purpose of the notes to the financial statements?
aid readers get a better comprehension of the statements
provide crucial information to read the financial statements
give unimportant information for financial analysts
provide a brief summary of the financial statements
18
What information does not belong in the Statement of Financial Position
Finance costs
PPE
Inventories
financial liabilities
19
“Standards issued by the International Accounting Standards Board are known as":
International Financial Standards
Financial Reporting Standards
International Accounting Standards
International Financial Reporting Standards
20
What are the responsibilities of a CFO?
Riskmanagement
Controlling
All of them
Treasury
21
What are the sources of regulation?
GOVERNMENT ,IFRS
IFRS, IASB, GAAP
LEGISLATION, ACCOUNTING, STOCK EXCHANGE REGULATIONS
GDP, ADVISORY COUNCIL, IFRS
22
Which below is the correct meaning of Current and non-current liabilities?
it's due to be settled < 1 year before the reporting period
it is expected to be settled in the unmoral operating cycle
it is held primarily for the purpose of being traded
the entity has the right to defer settlement for 12 months.
23
The course External reporting is
The subjects are so boring but the teacher is great
I don't know yet. Ask me later.....
So important to me. It is great!! Yes that it is...GREAT....
It is very interesting and funny! I learn a lot...
24
what is not an enhancing qualitative characteristic?
timeliness
understandabiltiy
comparability
neutrality
25
What was the most influential and worst accounting fraud in history?
Enron (74 billion)
Worldcom (11 billion)
Bernie Madoff (64 billion)
Lehmann Brothers (50 billion)
26
International Standards are developed and published by the IASB in 2001 as a replacement for?
GAAP
International Financial Reporting Standards (IFRSs)
International Accounting Standards Committee (IASC)
Financial Accounting Standards Board (FASB)
27
The body to which the International Accounting Standards Board is responsible is
The Monitoring Board
The IFRS interpretations committee
The IFRS Advisory Council
The IFRS Foundation
28
Notes to the financial statements should provide info as required by international standards
neither a or b are correct
A and b are correct
if not presented elsewhere in the financial statements
About the entity's accounting which is relevant.
29
The body to which the IFRS Interpretations Committee is responsible to is:
The Monitoring Board
The IASB
The IFRS Advisory Council
The IFRS Foundation

External Reporting: Conceptual Framework IAS/IFRS Flashcards | StudBud