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7. According to IFRS, An accounting policy may be changed
A. only if the change is required by an international standard
3
B. only if the change results in reliable and more relevant information.
C. Both A & B
D. None of the above
Step by step
Solved in 3 steps
- Using IFRS, a change in accounting policy for which a standard does not include specific transitional provisions should be applied a. prospectively. b. practicably. c. in accordance with management’s judgment. d. retrospectively.9. Consider Special Reports. What type involves a "different basis of accounting"? a. Agreed-upon-procedures. b. Compliance Report. c. Special Purpose Framework. d. Specified Elements, Accounts.Choose the correct. Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual items
- 4. Which statement is correct concerning compliance with PFRS?I An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes.II An entity shall not describe financial statements as complying with PFRS unless they comply with all the requirements of each applicable PFRS.a. I onlyb. II onlyc. Both I and IId. Neither I nor II 5. Which information is not included in the “notes to financial statements”?a. Statement of compliance with PFRSb. Statement of measurement basis and accounting policies usedc. Supporting computation for line items presented and aggregatedd. Cash Flows 6. These are defined as “the specific principles, methods, practices, rules, bases and conventions adopted by an entity in preparing and presenting financial statements.a. Contingencies and commitmentsb. Notes to financial statementsc. Nonfinancial disclosuresd. Accounting PoliciesDiscuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assets15. A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also requires an entity: (choose the incorrect statement) a. to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of transactions b. to select and apply accounting policies in accordance with IAS 8 c. to establish a system of internal control, the responsibility for which is the entity’s auditor. d. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable, and understandable information.
- Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error corrections.Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b. The presentation formats required by IFRS and GAAP for the balance sheet are similar. c. Both IFRS and GAAP require that comparative information be reported. d. One difference between the reporting requirements under IFRS and those of the GAAP balance sheet is that an IFRS balance sheet may list long-term assets first.Explain how the purposes and principles of internal controls are different between accounting systems reporting under IFRS versus U.S. GAAP.
- Which of the following is not a required disclosure under PAS 1? * The financial effect of a departure from a PFRS when an entity departs from a PFRS requirement. Any material uncertainties on the entity's ability to continue as a going concern. The recognition, measurement and disclosure of specific transactions and other events. The reason for using a longer or shorter O period when an entity changes the frequency of its reporting.Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual itemsAccounting changes may be Multiple Choice mandatory. voluntary. voluntary or mandatory. Predetermined.