under the conceptual framework for internationai financial reporting a non-contraling interest fits the cefinition of: Select one: a. an asset. D. an equity irem. c. a labity. a. an expense.
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A: The program is given as,
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A: The correct calculation of the solution is given in the following steps.
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- Under the conceptual framework for international financial reporting a non-controlling interest fits the definition of: a liability. an equity item. an asset.How 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?Which of the following is not a category of financial assets under GAM? Group of answer choices A.Held to maturity investments B.Available for sale financial assets C.Financial asset at fair value through other comprehensive income D.Loans and receivable
- A formal obligation that entitles one party to receive payments and/or a share of assets from another party is called as a. Financial Institutions b. Medium of exchange c. Financial Instruments d. Financial MarketsIFRS requires companies to measure their financial assets at fair value except when based on:(a) whether the equity method of accounting is used.(b) whether the fi nancial asset is a debt investment.(c) whether the fi nancial asset is an equity investment.(d) whether an investment is classifi ed as trading.Which of the following loan commitments are within the scope of IPFRS 9? * Loan commitments that the entity designates as financial liabilities at fair value through profit or loss Loan commitments that can be settled net in cash or by delivering or issuing another financial instrument Commitments to provide a loan at a below-market interest rate
- International accounting standards differ from U.S. Generally Accepted Accounting Principles in that International standards Select one: a. state that firm sale or purchase commitments may not be treated as a hedged transaction. b. permit firm sale or purchase commitments to be accounted for as either fair value hedges or cash flow hedges. c. require that firm sale or purchase commitments are accounted for as fair value hedges. d. require that firm sale or purchase commitments are accounted for as cash flow hedges.Which of the following is not an alternative for a capital charge for Operational Risk as stated in Basel II? a. Advanced Measurement Approach (AMA) b. Asset-Liability Matching c. Basic Indicator (15% of annual gross income) d. Standardized (different percentage for each business line)IFRS requires companies to measure their financial assets at fair value except when based on: a. whether the equity method of accounting is used. b. whether the financial asset is a debt investment. c. whether the financial asset is an equity investment. d. whether an investment is classified as trading.
- Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securitiesWhich of the following is not one of the components of other comprehensive income? a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedgeWhich of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of these
