Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a.    Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b.    The presentation formats required by IFRS and GAAP for the balance sheet are similar. c.    Both IFRS and GAAP require that comparative information be reported.

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: Which statement is incorrect regarding presentation and disclosure of financial assets? a.…

A: Solution: The incorrect statement regarding presentation and disclosure of financial assets " The…

Q: PFRS 9, Financial Instruments deals with the measurement and classification of which of the…

A: Financial Instruments deal with the measurement and classification of financial assets, Financial…

Q: Which of the following is not one of the general features of financial statements under PAS 1? *…

A: In case of going concern  Company prepare it's books of accounts on the basis of going concern…

Q: purpose of recognizing depreciation on the financial statements?  Is it designed to report PPE at…

A: Property, plant, and equipment (PPE) are long-term assets that are crucial to business operations.…

Q: Which statement about US GAAP and IFRS accounting standards is true? US GAAP requires that assets be…

A: US GAAP is a set of principles which all are followed by all company in U.S. and  IFRS is also…

Q: What is an asset and liability per the IASB framework definition for the preparation and…

A: Financial statement includes: 1) Balance sheet  2) Income statement 3) Cash flow statement  4)…

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: not a correct classification of assets in the statement of affairs

A: In the statement of affairs, assets are classified according to the nature of pledge created on them…

Q: 0) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all…

A: The Statement of financial position is an essential requirement for the financial statement it is…

Q: The Standard IAS 37 sets the criteria for recognition and measurement of Provisions; Contingent…

A: Contingent liabilities are those  possible obligations whose existence shall be confirmed by the…

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: (Based on Appendix 7B) Do U.S. GAAP and IFRS differ in the ability of a company to recognize in net…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What method of determining operating income is required under GAAP for financial statement…

A: There are two basic types of accounting methods to determine the operating profit of a company which…

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: GAAP requires that debt issue costs be recorded separately and amortized over the term of the…

A:

Q: Which of the following best describes the application ofgenerally accepted accounting principles to…

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: This type of presentation of statement of financial position does not show distinctions between…

A: Statement of financial position is one of the financial statements of a company, prepared at the end…

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

A:

Q: Do the IASB and FASB conceptual frameworks differ in terms of the role of financial reporting?

A: International accounting standard board (IASB) is an independent authority under International…

Q: The main steps required in the preparation of a restated statement of financial position (in…

A: IAS 29 stands for Financial Reporting in Hyperinflationary Economies applies where an entity's…

Q: Contrast U.S. GAAP financial statement terms with their different IFRS terms.

A: U.S. GAAP, generally accepted accounting principles in the United States, are the measurement rules…

Q: Which of the following statements is not correct regarding combined statement of financial position…

A: The balance sheet includes the assets, liabilities, and stockholders' equity that shows the…

Q: Which statement is incorrect regarding presentation and disclosure of financial assets?  Group of…

A: Solution: The incorrect statement regarding presentation and disclosure of financial assets is  "The…

Q: Which of the following statement is correct regarding accounting changes that result in financial…

A: Introduction:- The following statement is correct regarding accounting changes that result in…

Q: AASB 101 indicates that when presenting a statement of financial position, an entity should:…

A: The accounting standard AASB 101 prescribes the basis for the presentation of the general purpose…

Q: On a statement of financial affairs, how are liabilities classified?a. Current and noncurrent.b.…

A: Statement of affairs: It refers to a statement of the assets and liabilities of a company. A…

Q: Describe the apparent differences in the order of presentation of the componentsof liabilities and…

A: GAAP also known as Generally Accepted Accounting Principles which is followed by an organization in…

Q: What are two differences between IFRS and U.S. GAAP with respect to the classification of financial…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: How should the assets and liabilities of a disposal group held for sale be reported? A. The assets…

A: A disposal group is a group of assets and liabilities that are proposed to be sold off or discarded…

Q: Which statement is incorrect regarding reclassification of financial assets? All…

A: Reclassification of Financial Assets : (1) The Reclassification of the financial assets are…

Q: It is referred to as: Distinguishing current and non-current items on the balance sheet and…

A: A little introduction and the significance of it all:

Q: statements are to be recognized and carried in the statement of financial position and statement of…

A: Answer: Option D is the Correct Answer i.e. Measurement

Q: Distinguishing between current and non-current items on the balance sheet and presenting a subtotal…

A: A balance sheet of a company shows a company’s financial position at a particular point.…

Q: Determine the impact that specific differences between IFRS and U.S. GAAP have on financial…

A: The distinctive points  are listed below: S. GAAP is only used in USA (United States of America),…

Q: The disclosure of a line item for Other current assets in the Statement of financial position would…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Other…

Q: Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP.…

A: US GAAP and IFRS are accounting standards used for preparation and presentation of financial…

Q: Under the U.S.​ GAAP, which of the following is not an approach used to determine when to report an​…

A: The U.S. GAAP are accounting policies followed by US companies for financial reporting purposes.

Q: Which of the following is correct? Under the Assets test, the reportable segments are A, B, C O…

A: Introduction:- The following conditions satisfy for segment reporting as follows under:-  10% of the…

Q: The issues that the FASB and IASB must address in developing a conceptual framework include all of…

A: FASB Financial Accounting Standard Board and IASB international Accounting Standard Board are the…

Q: Which of the following is not a component ofa complete set of financial statements?

A: A financial statement are formal record of all financial activities in a standard manner. Based on…

Q: Choose the correct.Which of the following items is not required to be reported in interim financial…

A:

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: Which of the following operating segment disclosures is not required under current U.S. accounting…

A: The management disaggregates the enterprise for making operating decisions. These disaggregated…

Q: Give any two limitations of the analysis of financial statements.

A: Limitations on the analysis of financial statements are as follows:In financial statements many…

Q: Which statement is incorrect regarding presentation and disclosure of financial assets? Group of…

A: Option (c) i.e. FA@AC shall be presented as noncurrent is the answer.  Explanation is given in next…

Q: n case of erroneous recording or omission of reportable segments , how does it affect the financial…

A: Financial reports are useful when it reflects a true picture of the financial health of the…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.