Which of the following are exceptions for PFRS 9 application? CHOICES Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument as if the contracts were financial instruments Derivatives that are embedded in leases Contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity’s expected purchase, sale or usage requirements All of the choices

Q: the core principle of the new accounting standard (IFRS 16) is that an entity shall recognise assets…

A: Lease is an agreement between two parties lessor and lessee. Lessor provides its asset for use to…

Q: FASB Statement No. 133 requires that all derivative financial instruments be reported at their: a.…

A: Derivatives are a form of financial instruments which changes their value with change in interest…

Q: Discuss how IFRS 16 treats financial and operating leases in the financial statements. In what way…

A: IFRS 16 is an international standard that serves its objective for financial reporting of leases and…

Q: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can…

A: Quoted price ( Unadjusted ) means price without adjustments.

Q: reverse repurchase agreement (Repo) a) A contract to sell a security or precious metals at a…

A: Reverse Repurchase agreements are very common in derivative market to prevents the losses.

Q: Financial assets

A: In accordance with PFRS 9, an entity may reclassify  Correct Answer:- b. Financial assets designated…

Q: In Note 4, “Summary of accounting policies,” part 4.14, “Leases,” AF states that“leases are…

A: Financial Accounting Standards Board:   It is commonly known as FASB. It is a private, non-profit…

Q: PRO Which of the 1. Financial assets in the form of investments in subsidiaries, associates and…

A: PAS 32 covers Contracts for delivery or receipt of commodity and other non financial assets that can…

Q: What are the measurement issues in the IFRS16 Leases standards.? a)Which basis of measurement is…

A: In the year 2016, The International Accounting Standards Board (IASB) published IFRS 16 - LEASES.…

Q: According to PAS 23, borrowing costs are capitalized when *       They relate directly to the…

A: Answer-    Correct Option is Option A - They relate directly to the acquisition, construction, or…

Q: TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Which of the following statements regarding assignments are true? A. Buying a share in a loan…

A: Loan assignment involves assigning the rights of the loan agreement to a new lender.

Q: Which of the following statements is not applicable to contract acquisition costs under ASC Topic…

A: In the given case all of the following statements is applicable to contract acquisition costs under…

Q: Which of the following is not included in the evaluation questions of IFRS 16 in identifying a lease…

A: These are all the questions tDoeso be evaluated whole entering into a lease contract:: the lessee…

Q: All of the following are instances that an entity shall not apply PFRS 16 to all leases, including…

A: IFRS 16: The international financial reporting standards 16 states the rules regarding the…

Q: xplicitly identified in the contract, it means that: a. the identified asset is never mentioned in…

A: When the asset is implicitly identified, this means asset is implied but is not directly expressed.…

Q: One of the following statements is false:      a. If the underlying asset will not revert to the…

A: A lease is a contract which provides the right to use an asset for consideration for a specified…

Q: A currently maturing obligation of the entity is classified on the SFP as a?

A: Here SFP stands for statement of financial position. In a SFP different assets and liabilities are…

Q: Which of the following accounting standards regulate the preparation and presentation of…

A: The purpose of the Indian Accounting Standard is to bring more transparency and accuracy to…

Q: 1. Which of the following may be measured subsequently at amortized cost? a. None of these b. A…

A: solution note: dear student as per the bartleby guideline we are required to solve the first…

Q: . PAS 28 defines an ‘associate’ as Choices An entity that controls one or more entities. An…

A: Solution 1:  PAS 28 defines an ‘associate’ as "An entity over which the investor has significant…

Q: financial asset at fair value through profit or loss a. a non derivative equity instrument b. all…

A: Solution: The following may be classified as a financial asset at fair value through profit or loss:…

Q: Under - PFRS 15, when shall entity recognize revenue from contract with customers? Select the…

A: The revenue   should  be satisfied  only when the services or goods that have been  transferred at a…

Q: If the fair value of the consideration for the sale of an asset does not equal the fair value of the…

A: If the fair value of the consideration for the sale of an asset does not equal the fair value of the…

Q: S1: Proportional reinsurance is a form or reinsurance where corporate is ceded on the basis of a…

A: Treaty reinsurance refers to a reinsurance contract between a ceding company and a reinsurer in…

Q: Which of the following statements are false under a sale a leaseback transaction? I. If a sale and…

A: In the given case Option II only is the incorrect and False Statement.... If the sale price is…

Q: Generally accepted accounting principles require that certain lease agreements be accounted for as…

A: Generally accepted accounting principles require that certain lease agreements be accounted for as…

Q: Statement No. 133 Accounting for Derivative Instruments and Hedging Activities establishes…

A: In the statement of financial position, an entity recognizes all derivatives as assets or…

Q: Which of the following may be classified as a financial asset at fair value through profit or loss?…

A: Solution: The following may be classified as a financial asset at fair value through profit or…

Q: Metheny Corporation's lease arrangements qualify as sales-type leases at the time of entering into…

A: Sale type leasing: An agreement created between the lessor and the lessee for an amount higher than…

Q: S1: Proportional reinsurance is a form or reinsurance where corporate is ceded on the basis of a…

A: SOLUTION EXPLANATION- 1-IN CASE OF PROPORTIONATE REINSURANCE CEDING COMPANY AND REINSURANCE COMPANY…

Q: Under PFRS 15, which of the following factors indicates that the revenue from contracts with…

A: Under IFRS 15  A performance obligation is on the seller or service provider who has an obligation…

Q: In the final settlement, of the contingent consideration, which of the following statements is…

A: I. If the contingent consideration is classified as equity, the amount shall be measured upon…

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: What is the principle for recognition of a financial asset in PFRS 9? A. A financial asset is…

A: Financial asset is a form or type of assets under which rights are obtained to receive future…

Q: If share-based options granted to employees under a share-based payment transaction vest immediately…

A: As per IFRS their can be some conditions that should be be fulfilled in order to entitle for share…

Q: cordance with PFRS 2, Share-based Payment, how should an entity recognize the change in fair value…

A: The grant of shares or share  based option to the employee and director by the most company in order…

Q: All of the following are differences with respect to the accounting for leases, under IFRS and GAAP,…

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: __ is a contract that involves compensation for specific potential future losses in exchange for…

A: Step 1 Currency swap forward contracts are frequently used by companies with international market…

Q: Metheny Corporation’s lease arrangements qualify assales-type leases at the time of entering into…

A:

Q: When the required balance of the loss allowance decreases, a. the entity recognizes gain. b. the…

A: As per IFRS 9, a loss Allowance is made for the expected losses on any asset.  It reduces the…

Q: An entity is solvent if it can pay its currently maturing obligation.

A: Solvency: Solvency is the ability of a company to pay off its debts using assets in other words the…

Q: Describe the primary differences between IFRS and U.S. GAAP in the way leases are classified as…

A:

Q: Any of the following criteria is considered satisfaction by an entity of performance obligation over…

A: As per IFRS 15, An entity transfers control of a good or service over time and, therefore, satisfies…

Q: contract purporting to

A: Statement I: In case of doubt, a contract purporting to be a sale with right of repurchase is…

Q: How should an entity account for a short-term or low-value lease under PFRS 16? Group of answer…

A: Lease is a contract between two parties lessor and lessee. Lessor provides it's asset for use to…