Considering whether to use historical cost or fair value relates to which of the following components in accounting policy decisions? Definition B Measurement Disclosure Recognition
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- 10.True and fair override is Unusual feature of British accountingSelect one:TrueFalseA.66. What is due process in the context of standard-setting at the IASB? A. IASB operates in full view of the public.B. Interested parties can make their views known.C. Public hearings are held on proposed accounting standards.D. All of these.7. Setting accounting standards by the private sector isSelect one:a. Independent discipline approachb. Microeconomic approachc. Common law accountingd. Code law accounting
- 16 PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. Group of answer choices Neither 1 nor 2 Either 1 or 2 1 only 2 only35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…MFRS108: 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.
- Support for Politicization of rule making for accounting standards38. provision be recognized when there is a legal obligation arising from a past event, the probability of the outflow of resources is more than remote, and a reliable estimate can be made of the amount of the obligation. Select one: True or False 39. Probable but not reliably estimable loss is ignored for financial accounting purposes. Select one: True or False51. The Conceptual Framework serves as a guide in developing future financial reporting standards and in reviewing existing ones. TRUE OR FALSE
- PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. Neither 1 or 2 either 1 or 2 1 2A. 64. Financial accounting standard-setting A. is based solely on research and empirical findings.B. is a legalistic process based on rules promulgated by governmental agencies.C. is democratic in the sense that a majority of accountants must agree with a standardbefore it becomes enforceable.D. can be described as a social process which reflects political actions of various interesteduser groups as well as a product of research and logic.Question 27 How is the auditor's responsibility for expressing the opinion on financial statements of a public company disclosed in the standard unmodified (unqualified) report? Stated explicitly in the Auditor's Responsibility section Unstated but under stood by the user. Stated in the opinion section of the report. Stated in the introductory paragraph.