Which of the following is not contalned in the notes to the financial statements under (AS 1 a) Measurement basis used b) Numbers of employees c) Details of specific accounting policies used d) A statement of compliance with IFRS
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Which of the following is not contalned in the notes to the financial statements under (AS 1
- a) Measurement basis used
- b) Numbers of employees
- c) Details of specific accounting policies used
- d) A statement of compliance with IFRS
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- Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and ErrorsHow do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?
- which of the following in not related to standards of reporting Select one: a. The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period b. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles c. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed d. A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed. e. All Of the above are standards of reportingMFRS108: Accounting Policies, Changes in Accounting Estimates andErrors contains guidance on the use of accounting policies and accountingestimates.Explain the basis on which the management of an entity must select its accounting policies in the absence of a Standard or Interpretation.Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.
- The reporting standard for external financial reports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific.Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.1. These provide narrative description or disaggregation of items disclosed in the financial statements and information about items that do not qualify for recognition.a. Notes to Financial Statementsb. Accounting Policiesc. Nonfinancial Reportsd. Disclosures 2. Which is not a purpose of notes to financial statements? a. To present information about the basis of preparation of the financial statements and the specific accounting policies used.b. To disclose the information required by PFRS that is not presented elsewhere in the financial statements.c. To provide additional information which is not presented in the financial statements but that is necessary for a fair presentation.d. To provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. 3. Indicate the proper order of presenting the notes to financial statements.I. Statement of compliance with PFRSII. Other disclosures,…
- What is the main purpose of information presented in notes to the financial statements? • To provide disclosures required by generally accepted accounting principles. To correct improper presentation in the financial statements. To provide recognition of amounts not included in the totals of the financial statements. To present management's responses to auditor comments.According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in accordance with the guidance given in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.Which of the following information is not specifically a required disclosure in relation to financial statements? a. Name of the reporting entity or other means of identification and any change in that information from the previous year b. Names of major shareholders of the entity c. Level of rounding used in presenting the financial statements d. Whether the financial statements cover the individual entity or a group of entities
