PAS 1, encpurages, but does not require the presentation of the preceding years financial statements as comparative information to the current year's financial statement. True or false?
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A: Option d is correct.
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Q: true or false according to PAS 1, PFRS apply to financial statements as well as to other…
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A: Given: The definition of the subsequent event for the purpose of reporting.
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Q: interim financial reports
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PAS 1, encpurages, but does not require the presentation of the preceding years financial statements as comparative information to the current year's financial statement. True or false?
According to PAS 1,PFRSs apply to financial statements as well as to other information presented in an annual report a regulatory filing or another document. True or false?
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- 5. Which statement is correct concerning interim financial reporting?I. An entity shall apply the same accounting policies in its interim financial statements as are applied in the annual financial statements. II. If an entity’s interim financial report is in compliance with PFRS, that fact shall be disclosed.Which statement is true regarding interim financial statements? interim financial statements must be presented with the most recent annual financial statements if interim financial statements are presented, only a statement of financial position and a statement of comprehensive income are required interim financial statements are required if interim financial statements are presented, four basic financial statements are requiredThe objective of IAS 10, Events after the Reporting Period, is to prescribe when an entity should adjust its financial statements for events after the reporting period, and what disclosures the entity should make about the events after the reporting period. With reference to IAS 10, Events after the Reporting Period, discuss the identification and accounting treatments of adjusting and non-adjusting events, with at least three relevant examples of each type of event
- A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?For a publicly owned company, indicate which of the fol-lowing accounting activities are likely to occur at or shortly after year-end. (More than one answer may be correct.)a. Preparation of income tax returns.b. Adjusting and closing of the accounts.c. Drafting of disclosures that accompany the fi nancialstatements.d. An audit of the fi nancial statements by an independentCPA fi rm.Which of the following statement is correct regarding accounting changes that result in financial statements that are effect the statements of a different reporting entity? a.The financial statements of all prior periods presented are adjusted retrospectively. b.No restatements or adjustments are required if the changes involve the cost r equity methods of accounting for investments. c.Cumulative-effect adjustments should be reported as a separate item in the financial statements pertaining to the year of the change. d.No restatements or adjustments are required if the changes involve the cost or equity methods of accounting for investments.
- After the end of the reporting period, a contingency comes into existence. Under what circumstances, if any, should the contingency be reported in the financial statements for the period ended?Choose the correct. In considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?a. As a special type of reporting that need not follow generally accepted accounting principles.b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.c. As reporting for a basic accounting period.d. As reporting for an integral part of an annual period.In considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?a. As a special type of reporting that need not follow generally accepted accounting principles.b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.c. As reporting for a basic accounting period.d. As reporting for an integral part of an annual period.
- What is the purpose of Regulation S–K? Choose the correct.a. Defines generally accepted accounting principles in the United States.b. Establishes required disclosure of nonfinancial information with the SEC.c. Establishes required financial disclosures with the SEC.d. Indicates which companies must file with the SEC on an annual basis.1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?If an event occurs ‘after the reporting period’, then from the perspective of accounting standards, it is considered that the event has occurred between the ‘end of the reporting period’ and the ‘date when the financial statements are authorised for issue’. What is the date when the financial statements are authorised for issue’?
