INTERMEDIATE ACCOUNTING-LL W/CONNECT
10th Edition
ISBN: 9781264009206
Author: SPICELAND
Publisher: MCG
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What are the steps that a company must follow in preparing its initial set of IFRS financial statements upon the company’s first-time adoption of IFRS?
List the minimum disclosure requirements for interim financial reports.
Discuss the disclosure requirements for related-party transactions, post-balance-sheet events, major business segments, and interim reporting
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- Explain (with reasons) how and where (including class/category where applicable) each of theevents/transactions described below would be treated, recognised and/or disclosed in thefinancial reports of Vurture Ltd for the year ended 30 June 2021.Note: You need to consider whether information about the event or transaction needs to bepresented separately. Journal entries and actual disclosure notes are NOT required.(a) On 5 July 2021, the government announced new regulations relating to the sale anduse of the flying exo-suits. Part of the new regulations require that from 1 September2021 exo-suits can only be sold to persons who have a 'Flying Exo-Suit Permit'. A personmust apply to the government for a permit and pay a fee of $400. The permit must beprovided before an exo-suit can be sold. Vulture sells two types of exo-suits: aneconomic exo-suit and an advanced exo-suit, and sales have been increasing forVulture Ltd over the last 3 years. There is expected to be a significant increase…arrow_forwardWhat total amount of current assets should be reported by the entity on December 31, 2019?arrow_forwardWhich of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.arrow_forward
- Determine the list of the initial financial statements in accordance with IFRS.arrow_forwardWhat are the disclosures and important key points of interim financial reporting PAS 34 and employee benefits PAS 19?arrow_forwardEntities desiring to issue equity or debt must provide a set of financial statements to any prospective purchaser. This set of financial statements and other information for prospective purchasers is known as aa. Prospectus.b. Review.c. Patron’s acquisition statement.d. Projected audited financial information.arrow_forward
- Notes 11. Which of the following is not a purpose of the notes? a. to present information about the basis of preparation of the financial statements and the specific accounting policies b. to disclose the information required by PFRSS that is not presented elsewhere in the financial statements c. to provide information that is not presented elsewhere in the financial statements but is relevant to au understanding of any of the financial statements. d. to rectify inappropriate accounting policies.arrow_forward5. Which statement is correct concerning interim financial reporting?I. An entity shall apply the same accounting policies in its interim financial statements as are applied in the annual financial statements. II. If an entity’s interim financial report is in compliance with PFRS, that fact shall be disclosed.arrow_forwardIdentify and explain current business taxation requirements for this public company relating to the ATO, including reporting periods and taxation payment timings.arrow_forward
- It is the date when an entity's management authorizes the financial statements for issue, regardless of whether such authorization is for final issuance or for further approval by other parties. * Date of authorization of financial statements for issue O Financial reporting date O Balance sheet date O Valentine's datearrow_forwardThe following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period Statement 1: If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of PAS 1 for a complete set of financial statements. Statement 2: Statement 3: An entity shall apply different accounting policies in its interim financial statements and in its annual financial statements. A. Only statement 1 is true В. Only statement 2 is true С. Only statement 3 is false D. All of the statements are truearrow_forwardExplain how earnings per share should be computed and how the information should be disclosed in the corporation's financial statements.arrow_forward
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