1. Which is the first step within the hierarchy of guidance a. Apply a standard from IFRS if it specifically relates b. Apply the requirements in IFRS dealing with similar Problem 9-9 Multiple cholel (I when selecting accounting policies? to the transaction. c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework. d. Consider the most recent pronouncements of other standard setting bodies. and related issue. 2. In the absence of an accounting standard that applies specifically to a transaction, what is the most authoritative source in developing and applying an accounting policy? a. The requirement and guidance in the standard or interpretation dealing with similar and related issue b. The definition, recognition criteria and measurement of asset, liability, income and expense in the Conceptual Framework c. Most recent pronouncement of other standard-setting body d. Accounting literature and accepted industry practice A change in accounting policy shall be made when L Required by law. II. Required by an accounting standard. III. The change will result in more relevant or reliable information about the financial position, financial performance and cash flows of the entity. a. I and III only b. II and III only C. I and II only d. I, II and III
1. Which is the first step within the hierarchy of guidance a. Apply a standard from IFRS if it specifically relates b. Apply the requirements in IFRS dealing with similar Problem 9-9 Multiple cholel (I when selecting accounting policies? to the transaction. c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework. d. Consider the most recent pronouncements of other standard setting bodies. and related issue. 2. In the absence of an accounting standard that applies specifically to a transaction, what is the most authoritative source in developing and applying an accounting policy? a. The requirement and guidance in the standard or interpretation dealing with similar and related issue b. The definition, recognition criteria and measurement of asset, liability, income and expense in the Conceptual Framework c. Most recent pronouncement of other standard-setting body d. Accounting literature and accepted industry practice A change in accounting policy shall be made when L Required by law. II. Required by an accounting standard. III. The change will result in more relevant or reliable information about the financial position, financial performance and cash flows of the entity. a. I and III only b. II and III only C. I and II only d. I, II and III
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Which is the first step within the hierarchy of guidance
a. Apply a standard from IFRS if it specifically relates
b. Apply the requirements in IFRS dealing with similar
Problem 9-9 Multiple cholel (I
when selecting accounting policies?
to the transaction.
c. Consider the applicability of the definitions,
recognition criteria and measurement concepts in the
Conceptual Framework.
d. Consider the most recent pronouncements of other
standard setting bodies.
and related issue.
2. In the absence of an accounting standard that applies
specifically to a transaction, what is the most
authoritative source in developing and applying an
accounting policy?
a. The requirement and guidance in the standard or
interpretation dealing with similar and related issue
b. The definition, recognition criteria and measurement
of asset, liability, income and expense in the
Conceptual Framework
c. Most recent pronouncement of other standard-setting
body
d. Accounting literature and accepted industry practice
A change in accounting policy shall be made when
L Required by law.
II. Required by an accounting standard.
III. The change will result in more relevant or reliable
information about the financial position, financial
performance and cash flows of the entity.
a. I and III only
b. II and III only
C. I and II only
d. I, II and III
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