The Standard IAS 37 sets the criteria for recognition and measurement of Provisions; Contingent liabilities and Contingent assets; and requires several disclosures about these items to understand them better. Where do you find contingent liabilities in the financial statements? a.

Q: 16. Liabilities whose amounts must be estimated are disclosed in financial statements by a.…

A: Liabilities whose amounts must be estimated are disclosed in financial statements by   a. including…

Q: While accounting for provisions, contingent assets, and contingent liabilities if probability of…

A: A contingent asset is a prospective asset that may develop as a result of a gain that is contingent…

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: PROVIS A provision is an existing liability of uncertain timing uncertain amount. The essence of a…

A: Provision is an amount kept separately for some uncertain event that may happen in the future (Just…

Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…

A: Answer -   According to IAS 1 - Liabilities are basically classified as Current and Non Current…

Q: S1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated…

A: SOLUTION- INSURANCE CONTRACTS MIX OPTIONS OF EACH A MONEY INSTRUMENTS AND A CONTRACT . ADDITIONALLY…

Q: Which of the following statements about contingent liabilities is incorrect? Group of answer choices…

A: A contingent liability is a potential liability that may arise in the future, such as unresolved…

Q: Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for…

A: Similar features of balance sheet in IFRS and GAAP: GAAP encourages private firms to produce these…

Q: Within the current liabilities section, how do you believethe accounts should be listed? Defend your…

A:

Q: Which of the following loan commitments are within the scope of IPFRS 9? * Loan commitments that the…

A: the following loan commitments are within the scope of IPFRS 9:: Loan commitments that can be…

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: These are obligations which exist on balance sheet date although their amount is indefinite.  Is…

A: There are two types of event (1) Adjusting event (2) Non Adjusting event.   Adjusting event are…

Q: Which of the following statements about IFRS and GAAP accounting and reporting requirements for the…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Assume you are working in public accounting and the client you are assisting has a question on the…

A: A bond discount expense has been incurred and being an employee for a Public Accounting what…

Q: Which of the following statements is true concerning contingent liabilities?     a. Such liabilities…

A: A contingent liability is a liability that may occur depending on the outcome of an uncertain future…

Q: In relation to receivables, an entity is required.by PFRSS to O All of these. Classify receivables…

A: Accounts Receivables - Accounts Receivable is represented as the amount due to the company on…

Q: TRUE OR FLASE? An entity must make the current and noncurrent presentation of assets and…

A: Assets are the resources owned by an entity either for sale (such as inventory) or for the future…

Q: 29. In accordance with the GAM for NGAs and the Revised Chart of Accounts, how does a government…

A: Government entity have their own Rules and manuals to record any journal,. GAM is Government…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: With reference to IAS 37, identify the correct statements from the following:  I.     A contingent…

A: Contingent Liabilities In simple term contingent liabilities means unexpected loss or expenses…

Q: With respect to Long-Term Debt, please describe the tests of controls and substantive procedures…

A: Auditors primary responsibility is to form an opinion on financial statements. To form an opinion on…

Q: A deposit premium can be defined as The initial payment schedule required to institute a premium…

A: An insurance contract is a contract where the insured pays the insurer premiums for coverage…

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: Explain the measurement principles for provisions in IAS No: 37, for " Provisions, Contingent…

A:

Q: the classified balance sheet will show which liability subsections? A. current liabilities and…

A: Current liability: Amounts which are payable with in one year will be treated as current…

Q: Amounts collected for third parties represent liabilities until remitted. Provide several examples…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: A long-term note receivable should be disclosed in Other Assets in a classified balance sheet

A: Answer: Balance sheet consists of assets and liabilities and the classification of assets and…

Q: Contingent liabilities are not recorded in the financial statements. True False

A: As per IAS 37, Provisions, contingent assets and contingent liabilities  A contingent liability is a…

Q: Which statement is incorrect in the measurement of a provision? * a. The risks and uncertainties…

A: Provisions are made when there is ambiguity about the relative price of discharge of these…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: Which statement/s is/are correct? S1 PFRS permits the introduction of an accounting policy that…

A: Insurance contracts mix options of each a money instrument and a contract. Additionally, several…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? A. those…

A: International financial reporting standard 17 or IFRS 17 deals with the standards relating to…

Q: Which would be the appropriate section in the codification for the following:  "Borrowings…

A: The Financial Accounting Standards Board (FASB) is an accounting body whose main purpose is to set,…

Q: What are the audit procedures used to identify contingent liabilities?

A:

Q: Application of the full disclosure principle _____________.   a.requires that the financial…

A: Accounting principles are those rules and guidelines which are used by the accountants in completing…

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: S1: PFRS 17 permits the introduction of an accounting policy that involves remeasuring designated…

A: Insurance contracts mix options of each a money instrument and a contract. Additionally, several…

Q: Required: Discuss whether the provision has been accounted for correctly under IAS 37 Provisions,…

A: IAS 37 Provisions , contingent liabilities , and contingent assets defines each item as under.…

Q: Which of the following is not an issue associated with liabilities?

A: Liabilities:   Liabilities are the obligation of the business or amount payable by the business.…

Q: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: Which of the following is not one of the groupings of insurance contracts under PFRS 17? those that…

A: PFRS is accounting standard or approach related to insurance contracts. It means how an insurance…

Q: Trade receivables are preferably presented on the face of the statement of financial position Select…

A: Solution: Trade receivables are the receivables arises from sales of goods or Sales of services.…

Q: With reference to IAS 37, identify the correct statements from the following: I A contingent asset…

A: Contingent assets refer to the assets that are a result of past event and inflow from those assets…

Q: While accounting for provisions, contingent assets, and contingent liabilities if probability of…

A: A contingent liability or asset which has a chance of arising in future but are not present…

Q: 33. Contingent liabilities are:* Disclosed in the notes unless the possibility of an outflow of…

A: A liability whose occurrence depends upon the happening or non happening of future uncertain events…

Q: n the case of a non-adjusting event, IAS 10 requires it to be: Select one alternative: disclosed…

A: Solution: In the case of a non-adjusting event, IAS 10 requires it to be "disclosed by way of note…