In applying the PFRS 9 impairment requirements, an entity needs to follow Group of answer choices Any of these The general approach The simplified approach The purchased or originated credit-impaired approach
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- 41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A. Past experiences on the collectability of the receivablesB. Present condition of the debtor, including the present economic environmentC. Future expectations based on information that are available without undue cost and effort a. A, B and C b. A and B only c. A only d. B only14 - Which of the following cannot be qualified as a commodity certificate?A) Certificate of willB) StockC) Mortgage debtD) Bill of ladingE) WarrantIntermediate Accounting 105 May I please have a GAAP explanation, along with examples providing concepts? Under what conditions should a short-term obligation be excluded from current liabilities? Thank you so much
- With reference to IAS 37, identify the correct statements from the following: I. A contingent asset should be disclosed by note if an inflow of economic benefits is probable. II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise. III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote. a- I, II and III b- I and II only c- II and III only d- I and III onlyAnalyse the issue(s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and Contingent AssetsDiscuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assets
- Using IFRS, a change in accounting policy for which a standard does not include specific transitional provisions should be applied a. prospectively. b. practicably. c. in accordance with management’s judgment. d. retrospectively.27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expensesHow shall an entity subsequently measure financial liabilities? Is IFRS measurement of financial liabilities similar to that of U.S. GAAP? Also briefly describe the requirements regarding an option to designate a financial liability at fair value through profit and loss. Q: Does U.S. GAAP allow fair value option for financial assets and liabilities? Q; What is “own credit” issue related to financial liabilities measured at fair value through profit and loss? Q: How does IFRS 9 address this “own credit” issue?
- Analyse the issue(s)/problem(s) faced by SSB by referring to the MFRS 137 Provisions, Contingent Liabilities and Contingent Assets (CTPS Question –Problem analysis)Which of the following is not true regarding the accounting of provisions for customer premium offers under IFRS 15? transaction price recognized partly as revenue and a liability When premiums are distributed, revenue is recognized. When premiums are distributed, premium expense is recognized. The transaction price is allocated base on the stand-alone selling price of the product sold and the premium.Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.