Acca sbr exam questions - Study guides, Class notes & Summaries

ACCA SBR Exam Questions with Correct Answers What if not followed IAS or IFRS? - Answer-Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? - Answer-Principles harder to circumvent Why have a FRAMEWORK? - Answer-Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information - Answer-RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION = Complete, Neutral, No Errors Wha...

ACCA SBR 2023 Exam Questions with Complete Solutions What if not followed IAS or IFRS? - ANSWER Not True and Fair = UNETHICAL Why PRINCIPLES not RULES? - ANSWER Principles harder to circumvent Why have a FRAMEWORK? - ANSWER Provides guidances for standards setters Gives guidance where no standards exist Helps all parties with intrerpretation 2 x Useful qualities of financial information - ANSWER RELEVANCE = Influences Decisions FAITHFUL REPRESENTATION =...

ACCA SBR 2023 Exam Questions with Complete Solutions

ACCA SBR: IFRS Standards Exam Questions and Answers What is the standard relating to adopting IFRS standard for the first time and from when does it apply? - ANSWERIFRS 1 From the date of transition What must an entity do/produce when adopting IFRS standards for the first time (IFRS1)? - ANSWERProduce an opening SFP where they must: - recognise, derecognise & measure assets/liabilities according to IFRS - put any gain/losses @ transition date to RE What standard refers to business combi...