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 2 Questions & Answers 2024/2025 CA$14.36   Add to cart
Quickly navigate to
Preview
  2.  
  3. IFRS
  4.  
  5. IFRS

Exam (elaborations)

IFRS Test 2 Questions & Answers 2024/2025
 4 views  0 purchase
  • Course
  • IFRS
  • Institution
  • IFRS

IFRS Test 2 Questions & Answers 2024/2025 a present economic resource controlled by the entity as a result of past events - ANSWERSIASB's defintion of an asset a right that has the potential to produce economic bneefits - ANSWERSeconomic resource a present obligation of the entity to tra...

[Show more]

Preview 3 out of 19  pages

Document information

  • September 9, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ifrs test 2 questions answers

Written for

  • IFRS
  • IFRS

Seller

avatar-seller
Bensuda

Reviews received

Content preview

IFRS Test 2 Questions & Answers
2024/2025

a present economic resource controlled by the entity as a result of past events - ANSWERSIASB's
defintion of an asset



a right that has the potential to produce economic bneefits - ANSWERSeconomic resource



a present obligation of the entity to transfer an economic resource as a result of past events -
ANSWERSliability



a liability occurs under IASB when: - ANSWERSno practical ability to avoid the transfer

the obligation arises from past events



the residual interest in the assets of the entity after deducting all its liabilites - ANSWERSequity



increases in assets or decreases in liabilities that result in increases in equity - ANSWERSincome



decrease in assets or increases in liabilites that result in decreases in equity - ANSWERSexpenses



both income and expenses are other than those relating to - ANSWERScontributions from/distributions
to holders of equity claims



Without the clause: both income and expense are other than those relating to contributions
from/distribution to holders of equity claims dividends would be an - ANSWERSexpnese



Two categories of measurement under IASB - ANSWERShistorical cost

current value

,provides information derived from the transaction or event that created them - ANSWERShistorical cost



provides information that is updated to reflect conditions at the measurement date - ANSWERScurrent
value



the price that would be received to sell an asset or paid to transfer a liability - ANSWERSfair value



present value of cash flows expected from continuing use/fulfilment - ANSWERSvalue in use (asset) or
fulfilment value (liability)



recoverable cost of the unconsumed part of an asset - ANSWERSthe historical cost for the financial
position



price that would be received to transfer the asset - ANSWERSthe fair value at the financial position



the present value of estimated cash flows from continuing use - ANSWERSvalue in use for the financial
position



past costs consumed in current period - ANSWERSthe historical cost for reporting resources consumed in
the period



the value at time of consumptiion of resources consumed - ANSWERSthe fair value for reporting
resources consumed in the period



the cost at time of performance of resources consumed - ANSWERSthe value in use for reporting
resources consumed in the period



if changes in measurement are caused by impairment or passage of time use the - ANSWERShistorical
cost



if changes in measurment are caused by impairment; changes in interest rates, cash flow estimates,
amount of risk or price use the - ANSWERSfair value or vlaue in use

, refinanced short term debt is normally classified under GAAP as ___ ___; but under IFRS if it is
refinanced prior to the B/S date it is classified as _____. US GAAP allows it to be considered LT if it is
_____ or ____ prior to the B/S/ date - ANSWERSshort term

long term

refinanced



classified as a current liability unless a waiver is issued by the lender by the balance sheet date extending
a grace period of more than 12 months by the balance sheet date for IFRS - ANSWERSamount payable on
demand due to violation of debt covenant



For GAAP if the waiver is obtained by the ___ date the amount payable on demand due to violation of
debt covenant can be treated as long term

FOR IFRS it must be by the - ANSWERSissuance

B/S date extedning a grace period of > 12 months



Overdrafts under GAAP are always considered to be __ ____

OVer drafts under IFRS can - ANSWERScurrent liabilites

sometimes be netted against cash



U.S. GAAP only uses the term contingent liability

IFRS breaks the term into - ANSWERSprovision and contingent liability



liability of uncertain timing or amount - ANSWERSprovision



a POSSIBLE obligation whose existence will be confirmed by the occurence or non-occurence of future
events - ANSWERScontingent liability



Contingent liabilites are NOT recognized because: - ANSWERS1) it isnt probable that an outflow of
resources will be required to settle the obligation OR

2) the amount of the obligation cannot be reliably measured

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$14.36. 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$14.36
  • (0)
  Add to cart