When should a reversal of a goodwill impairment be recognised? a) © Immediately b) At the end of the accounting period c) © At management's discretion d) Never
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When should a reversal of a
- a) © Immediately
- b) At the end of the accounting period
- c) © At management's discretion
- d) Never
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- Which of the following statements about Accounting Changes isincorrect? A. When retrospective application is impracticable, the entity shall apply the new policy as at the beginning of the earliest period for which restatement is practicable, which may be the current period. A corresponding adjustment to each affected component of equity affected shall be made. B. Retrospective application is applying the new policy to the transactions, other events and conditions occurring after the date as at which the policy is changed and recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change. C. An entity shall correct material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery by restating the comparative amounts for the prior period(s) presented in which the error occurred. D. Changes in accounting policies do not include applying an accounting policy for…Which of the following statements about Accounting Changes is incorrect? When retrospective application is impracticable, the entity shall apply the new policy as at the beginning of the earliest period for which restatement is practicable, which may be the current period. A corresponding adjustment to each affected component of equity affected shall be made. Retrospective application is applying the new policy to the transactions, other events and conditions occurring after the date as at which the policy is changed and recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change. An entity shall correct material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery by restating the comparative amounts for the prior period(s) presented in which the error occurred. Changes in accounting policies do not include applying an…What should be done with the transaction on August 2019? a. Disclose as provision since the occurrence is probable. b. Recognize as provision since it is probable that Buwis Buhay will lose the case. c. Disclose as contingent asset because even if it is probable that the company will be successful, contingent asset is never recognized unless realized. d. Recognize as contingent liability since it is probable that Buwis Buhay will be indebted.
- When the required balance of the loss allowance decreases, a. the entity recognizes gain. b. the entity recognizes loss. c. the entity recognizes unearned interest to be amortized over the remaining term of the instrument. d. the entity recognizes a deferred charge to be amortized over the remaining term of the instrument.Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position in accordance with the Conceptual Framework 2018. The above aim is to normally achieve derecognising via the following below statements: Which of the statements as mentioned below is NOT correct to achieve the above aim? 1) Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired 2) Derecognizing any resultant income or expense 3) Recognizing any resultant income or expense 4) Continuing to recognize assets or liabilities retained (2)Explain how the closing process is different between accounting under IFRS versus U.S. GAAP
- Explain the accounting treatment in the event that an impairment review of a non-current asset which has been previously revalued with a revaluation surplus revealed that the non-current asset has suffered an impairment loss.In an equity-settled transaction, if the total compensation changes in the subsequent period, the change is A. Not accounted B. Deferred through the vesting period C. Accounted prospectively D. Accounted retrospectively9. For an SME, an impairment loss recognized for goodwill a. shall not be reversed in a subsequent period. b. shall be reversed in a subsequent period. c. shall be reversed in a subsequent period, but limited only to the amount of loss previously recognized. d. shall not be reversed in a subsequent period in profit or loss but may be reversed through other comprehensive income.
- TRUE OR FALSE? The prior period will be affected if during the current year the management of an entity decides to classify a non currrent asset as held for sale.Which of the following best describes goodwill impairment in accounting? A) Goodwill impairment occurs when the fair value of a reporting unit exceeds its carrying amount. B) Goodwill impairment is the process of recognizing a decrease in the value of an intangible asset beyond its recoverable amount. C) Goodwill impairment is the recognition of an expense when the carrying amount of goodwill on the balance sheet exceeds its fair value. D) Goodwill impairment occurs when the fair value of a reporting unit falls below its carrying amount, necessitating an adjustment to the goodwill balance.Assume that a business is headed for certain bankruptcy and it is evident that its liabilities greatly exceed its assets. Which principle would be violated if its financial statements wereprepared using standard U.S. GAAP?a. Entity assumptionb. Continuity assumptionc. Historical cost principled. Stable-monetary-unit assumption
