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IFRS Ch1-5 Exam Questions & Answers 2024/2025
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IFRS Ch1-5 Exam Questions & Answers 2024/2025
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IFRS Ch1-5 Exam Questions & Answers2024/2025
Statutory Accounting Principles - ANSWERSThe accounting principles and practices that are prescribed or
permitted by an insurer's domiciliary state and that insurers must follow.
Fair Value - ANSWERSThe market value either actual or estimated of an asset or a liability
FASB is recognized by the SEC as - ANSWERSthe private sector authority charged with establishing and
maintaining GAAP standards
IASB or International Accounting Standard Board - ANSWERSis the independent standard setting body of
the international Accounting Committee (IASC) foundation
International Financial Reporting Standards or (IFRS)are intended to be single set: - ANSWERSHigh
quality, understandable, enforceable, and globally accepted standards designed to meet the needs of the
financial global economy
Historical cost provides an objective - ANSWERSValue for asset or liability, reduces the amount of
judgment necessary to value the asset or liability, simplifies the accounting process
GAAP Defines Fair Value as - ANSWERSthe price that would be received to sell an asset or paid to
transfer a liability in a orderly transaction at the measurement date
IFRS Define Fair value as - ANSWERSamount which an asset could be exchanged or for which a liability
could be settled between willing parties in an Arms'-length deal
When fair value is used to recognize accounting income and net worth; - ANSWERSchanges in asset or
liability values (realized and unrealized gains) are recognized on the income statement and on the
balance sheet; consistent with economic income and economic net worth, which is based on market
valuation
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