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IFRS Test 2 Questions & Answers 2024/2025 $9.99   Add to cart

Exam (elaborations)

IFRS Test 2 Questions & Answers 2024/2025

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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...

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

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