erecognition of Provision PAS 37

Q: classified balance sheet

A: Classified balance sheet is a part of financial statements in which items are classified under…

Q: Define Unclassifi ed balance sheet

A: Introduction: Unclassified balance sheets are typically utilized only for internal purposes.…

Q: In term of the detir Theory. which stat coherent set? а. Accounting theory inquiry

A: Accounting theory is the statement of Principles and Methodology of Accounting.

Q: essons for financial reoporting th

A: financial reporting that effect Covid-19 The COVID-19 pandemic has created an unprecedented…

Q: , IFRS Financial Instruments One of the following is not within the scope of the standard

A: The scope of the standard applies to all financial instrument except: 1. Interest associated with an…

Q: c. Distinguish between financial assets and real assets for each of the followingcharacteristics.…

A: Assets can be any resources that possess and administrated by any entity. It includes resources such…

Q: TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: 2. What indicators does the Codification list that suggest an entity is a principal? Determine the…

A:

Q: s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and…

A: Contingent liabilities refer to the liability that arises to an entity out of an unexpected future…

Q: 0) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all…

A: The Statement of financial position is an essential requirement for the financial statement it is…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: 23.1  What is the principal accounting for a compound financial instrument? a. The issuer shall…

A: Solution : Compound financial instrument Concept               Compound financial instrument are…

Q: What method of determining operating income is required under GAAP for financial statement…

A: The operating income is determined using the two methods. Variable costing method Absorption…

Q: Question 3 of 14: The US GAAP provides rules and guidance for what two primary financial reporting…

A: Introduction Financial Accounting Financial accounting is the process of recording, summarizing,…

Q: 20 The scope of conceptual framework for financial reporting concerned with Which of the following…

A: The scope of the conceptual framework for financial reporting addresses: qualitative…

Q: Which of the following entity is involved in regulating the financial sector Ⓒa PFRDA Ob. SEBI OC…

A: The financial sector is a sector that is responsible for providing financial services to the…

Q: According to IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets choose two of the…

A: IAS 37 is accounting standard which deals and provides guidelines about provisions and the…

Q: What are the classifications of financial assets in accordance with IFRS 9?

A: SOLUTION- FINANCIAL INSTRUMENT- 1-A CONTRACT THAT GIVE RISE TO FINANCIAL ASSETS FOR ONE PARTY AND…

Q: Explain the nature and purpose of classificationsin financial statements.

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Contrast U.S. GAAP financial statement terms with their different IFRS terms.

A: U.S. GAAP, generally accepted accounting principles in the United States, are the measurement rules…

Q: Define agency debt

A: Agency debt are generally the debentures, bonds which is issued by agencies such as federal agencies…

Q: What are three differences between IFRS and U.S. GAAP with respect to the recognition of financial…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: What are three difference between IFRS and U.S. GAAP with respect to the measurement of financial…

A: Three differences between IFRS and US GAAP with respect to the measurement of financial statement…

Q: AASB 101 indicates that when presenting a statement of financial position, an entity should:…

A: The accounting standard AASB 101 prescribes the basis for the presentation of the general purpose…

Q: Are the following statements true or false, according to IAS1 Presentation of Financial Statements?…

A: Lets discuss IAS 1 here. As per IAS 1 deals with the presentation of the financial statement. It…

Q: Describe the apparent differences in the order of presentation of the componentsof liabilities and…

A: GAAP also known as Generally Accepted Accounting Principles which is followed by an organization in…

Q: Determine the impact that specific differences between IFRS and U.S. GAAP have on financial…

A: The distinctive points  are listed below: S. GAAP is only used in USA (United States of America),…

Q: Presentation of Financial Statements, expresses preference for a presentation

A: Correct Answer is c Current, non-current distinction

Q: How shall an entity subsequently measure financial liabilities?  Is IFRS measurement of financial…

A: Financial liabilities can be measured at amortized cost by using effective interest method and it…

Q: What are the classifications of financial assets in accordance with PFRS 9?

A: PFRS :  It stands for Philippines Financial Reporting Standard which is fully converged with IFRS.…

Q: What are Fiscal instrument

A: The instruments used in making the fiscal policy effective and efficient are generally called Fiscal…

Q: 36 - Which of the following is the basic accounting equivalence? A) Resources = Assets + Liabilities…

A: An asset is a resource having an economic value that is owned or regulated by a person,…

Q: Define Securities and Exchange Commission (SEC)

A: The SEC was established in 1934 by the reference of The securities exchange act,1934 in response to…

Q: The subject matter of an attestation can be one of the following Except   a. Financial statements or…

A: SOLUTION- An attestation engagement in which a practitioner performs specific procedures on subject…

Q: Define debt service requirements

A: Debt service requirement is very much essential for a company if it wants to maintain a good credit…

Q: Explain pro forma financial statement

A: Financial Statements provide details about financial position & performance of an organisation.…

Q: 10. Explain the nature and general purpose of Financial Statements.

A: 10. Financial statements: These are the reports which say the financial information of the entity in…

Q: What are the important key points of interim financial reporting PAS 34?

A: The important key points of interim financial reporting PAS 34 are as follows:- The objective of…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: 73. According to the GAM for NGAs, the statement of financial position is presented in comparative…

A: Statement of financial position is one of the financial statement which shows financial analysis of…