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IAS 1 Test (Presentation of financials) Questions & Answers 2024/2025 $7.99   Add to cart

Exam (elaborations)

IAS 1 Test (Presentation of financials) Questions & Answers 2024/2025

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  • IAS 1
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  • IAS 1

IAS 1 Test (Presentation of financials) Questions & Answers 2024/2025

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  • September 7, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • IAS 1
  • IAS 1
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IAS 1 Test (Presentation of financials)
Questions & Answers 2024/2025

To what FS is this standard applied - ANSWERSEnd of year statements (BS, IS, Cash flow etc). It does not
apply to interim FS



What are material omissions - ANSWERSitems that could influence the decisions of the users of the FS



How is materiality determined - ANSWERS- 5% of income from continued operations

- 5% income before bonus

- 1/2-2% of revenues or expenses for NPOs

- 0.5% of total assets

- 1% of equity



** pre tax income



What is OCI - ANSWERScomprises items of income and expense that don't go through profit or loss

- revaluation surplus

- remeasurements of defined benefit pensions

- gains and losses on AFS instruments

- gains/losses of cash flow hedge



What is a complete set of FS - ANSWERS- BS

- statement of profit or loss for the period

- changes in equity

- cash flow statements

- notes with accounting policies

- statement of financial position at the begining of preceeding period

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