Subsequent events are reviewed through which date under IFRS? A. Statement of financial position date. B. Sixty days after the year-end date. C. Date of independent auditor's opinion. D. Authorization date of the financial statements.
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- Which sections of an annual report do IFRSs apply to?a) Management reportb) Financial statementsc) Entire annual reportd) Auditors reportHow are open encumbrances at year-end reported in the financial statements?Requesting a statement from a major customer as to its agreement or disagreement with a year-end receivable balance is an example of: * Scanning O Inspection of tangible assets O Confirmation O Recalculation
- Aside from the time period, what is the primary distinction between annual financial reporting and interim financial reporting?Choose the correct statement below:A. The report form of presenting the statement of financial position follows that of an account, meaning, the assets are shown on the left side and the liabilities and equity on the right side.B. A financial liability due within twelve months after the reporting period shall be classified as noncurrent when it is refinanced on a long-term basis before the issue of financial statements.C. Current and noncurrent presentation of assets and liabilities provides useful information when the entity supplies goods or services within a clearly identifiable operating cycle.D. When there is much variability, the operating cycle is measured at the mean value.Determine the following as a result of your audit:a. The proposed adjusting journal entries for the year ended December 31, 2022 includes a net debit (credit) to retained earnings of? b. The proposed adjusting journal entries for the year ended December 31, 2022 includes a net debit (credit) to accumulated depreciation of?
- Horizontal analysis is a technique for evaluating financial statement dataa. for one period of timeb. over a period of timec. on a certain dated. as it may appear in the futureHow is the accounting treatment of an event that occurred on the date before the report was authorized for issue?An entity uses a calnedar period for is financial reporting. Its current financial statements are authorized for issue on March 1, 20x2. An entity's event after reporting period are those events that occur* from January 1, 20x2 to Macrh 1, 20x2 O from December 31, 20x2 to March 1, 20x2 from January 1, 20x1 to March 1, 20x2 from January 1, 20x2 to March 31, 20x2
- A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentRequired: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.Which fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevance