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IFRS Global Final Exam Questions & Answers 2024/2025
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IFRS Global Final Exam Questions & Answers 2024/2025 ISOCO Agreement - ANSWERSSet the necessary standards and improvements to existing standards for IASC to achieve acceptance of IAS as a basis of account for cross-border listings International Accounting Standards Board (IASB) - ANSWERS1. ...

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  • September 8, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ifrs global final exam questions answers 202420

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  • IFRS Global
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IFRS Global Final Exam Questions &
Answers 2024/2025

ISOCO Agreement - ANSWERSSet the necessary standards and improvements to existing standards for
IASC to achieve acceptance of IAS as a basis of account for cross-border listings



International Accounting Standards Board (IASB) - ANSWERS1. Develop high quality, globally accepted
financial reporting standards



2. Promote use and rigorous application of IFRS



3. Take into account needs of a wide range of entities and constituents



4. 14 members



IFRS Definition: Asset - ANSWERSA resource controlled by an entity as a result of past events from which
future economic benefits are expected to flow to the entity



IFRS Criteria: Asset - ANSWERS1. Only recognize an asset if the benefits from its use or sale are likely



2. Assets can be objectively measured



GAAP Definition: Asset - ANSWERSProbable future economic benefits obtained or controlled by a
particular entity as a result of past transactions or events



GAAP Criteria: Asset - ANSWERS1. It embodies a probable future benefit to contribute directly or
indirectly to future net cash inflows



2. Entity can obtain the benefit and control others' access to it

, 3. Transaction or other event giving rise to the entity's right to or control of the benefit has already
occurred



IFRS Definition: Liabilities - ANSWERSA present obligation arising from past events, the settlement of
which is expected to result in an outflow from the entity of resources embodying economic benefits



IFRS Criteria: Liabilities - ANSWERS1. The outflow of resources embodying economic benefits (such as
cash) from the entity is probable



2. The cost / value of the obligation can be measured reliably



GAAP Definition: Liabilities - ANSWERSProbable future sacrifices of economic benefits arising from
present obligations of a particular entity to transfer assets or provide services to other entities in the
future as a result of past transactions or events



GAAP Criteria: Liabilities - ANSWERS1. Probable



2. Future obligation resulting from past transactions



IFRS Definition: Revenue - ANSWERSThe gross inflow of economic benefits (cash, receivables, other
assets) arising from the ordinary operating activities of an entity



IFRS Criteria: Revenue - ANSWERS1. It is probable that any future economic benefit associated with the
item of revenue will flow to the entity



2. The amount of revenue can be measured with reliability



GAAP Definition: Revenue - ANSWERSInflows or other enhancements of assets of an entity or
settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering
services, or other activities that constitute the entity's ongoing major or central operations

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