ead and summarise the following standards in not more than 2 pages for each standard. 1. IFRS 3 Business Combinations 2. IFRS 10 Consolidated Financial Statements 3. IAS 27 Separate Financial Statements
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Read and summarise the following standards in not more than 2 pages for each standard.
1. IFRS 3 Business Combinations
2. IFRS 10 Consolidated Financial Statements
3. IAS 27 Separate Financial Statements
4. IAS 28 Investment in Associates
5. IFRS 11 Joint Arrangements
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- Give a detailed explanation of the following standards. 1. IFRS 3 Business Combinations2. IFRS 10 Consolidated Financial Statements 3. IAS 27 Separate Financial StatementsConceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics are not dealt with in the PFRS for SMEs. These topics include: a. Going concern b. Periodicity c. Consistency of presentation d. Earnings per share 2. Entity with total assets of more than P3.0M to P100M or total liabilities of more than P3.0M to P100M are a. Micro entity b. Small sized entity c. Medium sized entity d. Corporation 3. .Entity with total assets of more than P100.0M to P350M or total liabilities of more than P100.0M to P250M are a. Micro entity b. Small sized entity c. Medium sized entity d. CorporationQuestion Read and summarise the following standards in not more than 2 pages for each standard. 1. IAS 28 Investment in Associates 2. IFRS 11 Joint Arrangements
- 1. For external reporting, the individual financial statements of the home office and the branch are combined a. by using complex consolidation procedures. b. by recognizing the home office's own assets, liabilities, income and expenses plus its share in the branch's assets, liabilities, income and expenses. c. by adding together similar items of assets, liabilities, income and expenses. d. by adding together similar items of assets, liabilities, income and expenses 'and eliminating reciprocal accounts. 2. A credit memo received from the branch is recorded by the home office as a. Credit to home office account b. Credit to allocated expense c.Credit to investment account d. Debit to investment accountWhich 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 ErrorsThe accounting standards and financial reporting implications for business combinations are covered under------ Select one: a. International Financial Reporting Standard b. International Accepted Accounting Standard c. International Financial Principle Standard d. International Financial Accounting Standard
- Statement 1: The balance in the “allowance for mark-up” account represents the home office’s realized mark-up on shipments to the branch. Statement 2: The branch records an allocated overhead expense form the home office as a credit to the “home office” account. Statement 3: A subsidiary is not excluded from consolidation simply because the investor is a venture capital organization, mutual fund, unit trust or similar entity. Statement 4: Influence is the power to govern the financial and operating polices of an entity so as to obtain benefits from its activities. Which of the statements above are correct?PLEASE ANSWER ALL 4. Management accounting informationa. Pertains to entity as a whole and is highly aggregated.b. Must be prepared according to generally accepted accounting principles.c. Pertains to subunits of the entity and maybe very detailed.d. Is prepared only once a year. 5. Which of the following is not an internal user?a. Corporate officersb. Staff employeesc. Stockholdersd. Department manager 6. Which term describes management accounting reports?a. GAAP reportsb. Special purposec. General-purposed. Regulatory reportsMatch each form of business organization with its description. Business Organizations Descriptions 1. Sole proprietorship a. Business owned by two or more persons. 2. Partnership b. Entity legally separate from its owners. 3. Corporation c. Business owned by a single person.
- MCQS: External reporting is the result of? (a) Financial accounting (b) Management accounting (c) Cost accounting (d) Social accounting Which of the following business entity is collectively known as firm? (a) Sole trader-ship (b) Partnership (c) Co-operative society (d) CompanyConceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. The PFRS for SMEs requires that entity’s financial statements should be prepared using an accrual basis of accounting. True of False? 2.The PFRS for SMEs states that the objective of financial statements is to provide information about the financial position, performance and cash flows of the entity that is useful for economic decision-making by a broad range of users who are not in a position to demand reports tailored to meet their particular information needs. True or False? 3. The PFRS for SMEs allows offsetting in assets and liabilities, or income and expenses. True or False?Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASBAccounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equityusing the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity?2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensiveincome on the statement of shareholders’ equity?
