IFRS Global Final Exam Questions & Answers 2024/2025
6 views 0 purchase
Course
IFRS Global
Institution
IFRS Global
IFRS Global Final Exam Questions & Answers 2024/2025
ISOCO Agreement - ANSWERSSet the necessary standards and improvements to existing standards for IASC to achieve acceptance of IAS as a basis of account for cross-border listings
International Accounting Standards Board (IASB) - ANSWERS1. ...
IFRS Global Final Exam Questions &
Answers 2024/2025
ISOCO Agreement - ANSWERSSet the necessary standards and improvements to existing standards for
IASC to achieve acceptance of IAS as a basis of account for cross-border listings
International Accounting Standards Board (IASB) - ANSWERS1. Develop high quality, globally accepted
financial reporting standards
2. Promote use and rigorous application of IFRS
3. Take into account needs of a wide range of entities and constituents
4. 14 members
IFRS Definition: Asset - ANSWERSA resource controlled by an entity as a result of past events from which
future economic benefits are expected to flow to the entity
IFRS Criteria: Asset - ANSWERS1. Only recognize an asset if the benefits from its use or sale are likely
2. Assets can be objectively measured
GAAP Definition: Asset - ANSWERSProbable future economic benefits obtained or controlled by a
particular entity as a result of past transactions or events
GAAP Criteria: Asset - ANSWERS1. It embodies a probable future benefit to contribute directly or
indirectly to future net cash inflows
2. Entity can obtain the benefit and control others' access to it
, 3. Transaction or other event giving rise to the entity's right to or control of the benefit has already
occurred
IFRS Definition: Liabilities - ANSWERSA present obligation arising from past events, the settlement of
which is expected to result in an outflow from the entity of resources embodying economic benefits
IFRS Criteria: Liabilities - ANSWERS1. The outflow of resources embodying economic benefits (such as
cash) from the entity is probable
2. The cost / value of the obligation can be measured reliably
GAAP Definition: Liabilities - ANSWERSProbable future sacrifices of economic benefits arising from
present obligations of a particular entity to transfer assets or provide services to other entities in the
future as a result of past transactions or events
GAAP Criteria: Liabilities - ANSWERS1. Probable
2. Future obligation resulting from past transactions
IFRS Definition: Revenue - ANSWERSThe gross inflow of economic benefits (cash, receivables, other
assets) arising from the ordinary operating activities of an entity
IFRS Criteria: Revenue - ANSWERS1. It is probable that any future economic benefit associated with the
item of revenue will flow to the entity
2. The amount of revenue can be measured with reliability
GAAP Definition: Revenue - ANSWERSInflows or other enhancements of assets of an entity or
settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering
services, or other activities that constitute the entity's ongoing major or central operations
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 this summary 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 this summary for R158,74. You're not tied to anything after your purchase.
