100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
IFRS Test Questions & Answers 2024/2025 CA$13.64   Add to cart
Quickly navigate to
Preview
  2.  
  3. IFRS
  4.  
  5. IFRS

Exam (elaborations)

IFRS Test Questions & Answers 2024/2025
 12 views  0 purchase
  • Course
  • IFRS
  • Institution
  • IFRS

IFRS Test Questions & Answers 2024/2025 IFRS is a core principals based approach which is tied to the ______ ________ where significant ____ ____ is required and minimal ____. - ANSWERSconceptual framework professional judgement guidance IFRS is more principles and is therefore harder to...

[Show more]

Preview 3 out of 17  pages

Document information

  • September 8, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ifrs test questions answers

Written for

  • IFRS
  • IFRS

Seller

avatar-seller
Bensuda

Reviews received

Content preview

IFRS Test Questions & Answers
2024/2025

IFRS is a core principals based approach which is tied to the ______ ________ where significant ____
____ is required and minimal ____. - ANSWERSconceptual framework

professional judgement

guidance



IFRS is more principles and is therefore harder to ______. But it does make it easier to _______. -
ANSWERSaudit

translate



a coherent system of interrelated objectives and fundamental concepts that prescribes the nature,
function, and limits of financial accounting and reporting and that is expected to lead to consistent
guidance. - ANSWERSconceptual framework



refers to how you see things on the financial statements - ANSWERSpresentaiton



IASB combines the presentation and disclosure chapters into - ANSWERSone



IASB has _______________ principles (when something should go on the books and when something
should come off the books) - ANSWERSrecognition and derecognition



IASB also has a chapter called capital and capital maintenance - stewardship management has to
maintain capital - FASB - ANSWERSdoes not have



what are the five parts of the conceptual frameowkr for the fasb - ANSWERSqualitative characteristics

disclosure concepts

presentation concepts

,reporting entity

measurment concepts

element definitions



to provide financial information about the reporting entity that is useful to existing and potential
investors, lenders and other creditors in making decisions about providing resources to the entity -
ANSWERS"The objective of general purpose financial reporting



The scope of financial reporting includes - ANSWERSonly finances - nothing else



You only want to capture information that defines the - ANSWERSreporting entity



Investors, creditor's, and lenders are the - ANSWERSend users - both now and in the future



Financial reporting not intended to create - ANSWERSvalue



Describe the types (ie qualities) of information that are likely to be most useful...

Establishes concepts to underlie the use of judgment - ANSWERSqualitative characteristics of the
conceptual framework



Management has access to whatever information they want- financial reporting is for - ANSWERSoutside
users



Qualitative characteristics establish concepts that - ANSWERSunderlie the use of judgement



Conservatism does not exist anywhere in - ANSWERSFASB or IASB framework



IASB framework talks about __________ not presented in a way that biases a user of the financial
statements in a positive or negative way - ANSWERSneutrality

, IASB says ________ is about good estimates and exercising caution - conservativism is about lowballing
the numbers - ANSWERSprudence



ALL the fundamental qualitative characteristics




_______ - capable of making a difference in the decisions made by users

___ _______- can make good predictions of future

economic activity

____ ____- value that can confirm past

predictions

_______-information is material if omitting or

misstating is could misstate F/S - it is entity

specific - material for one company may not be

material for another

___ _____- faithfully represents the economic phenomena that it purports to represent

_____: all information with numbers or

words that describes accurately or actually

portrays the economic phenomena that occurs

within the company

____

______ ___ ____- estimates cant be free from error - should be good support in making estimates -
correctness is describing the process - ANSWERSrelevance

predictive value

confirmatory value

materialtiy

faithful representation

complete

netural

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$13.64. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$13.64
  • (0)
  Add to cart