Acca ias 12 - Study guides, Class notes & Summaries

Financial Reporting F7 ACCA 2024 Exam Questions and Answers purpose of financial reporting - ANSWERto provide information to the users i.e. creditor, lendor and investers. they are the primary users IFRS 9 effective interest rate table - ANSWERAC B/F... interest expense... interest paid.... AC C/F. BF+IE-IP=CF intangible Asset Conditions - ANSWER1. no physical existence 2. should be non monetary .... not cash not receivable but PPE 3. Seperable or Identifiable. we can seperate it. 6 sta...

ACCA Strategic Business Reporting (UK) Exam Study Guide The code of ethics and conduct - ANSWER• Integrity • Objectivity • Professional Competence and Due Care • Confidentiality • Professional behaviour Consequences of unethical behaviour - ANSWERThe consequences for individuals include: • Fines • The loss of professional reputation • Being prevented from acting as a director or officer of a public company in the future • The possibility of being expelled by a profes...

ACCA P2 IFRS/ IAS STUDY TERMS WITH DEFINITIONS IAS 1 - ANSWERPresentation of Financial Statements IAS 2 - ANSWERInventories IAS 7 - ANSWERStatement of Cash Flows IAS 8 - ANSWERAccounting Policies, changes in accounting estimates and errors IAS 10 - ANSWEREvents after the reporting period IAS 12 - ANSWERIncome Taxes IAS 16 - ANSWERProperty, Plant & Equipment IAS 17 - ANSWERLeases IAS 19 - ANSWEREmployee benefits IAS 20 - ANSWERAccounting for government grants and disclosure of governme...

ACCA Advanced Audit and Assurance Exam Practice Questions and Answers Define materiality - ANSWERMatters are material if their omission or misstatement could influence the economic decisions of users of the financial statements. What are the materiality benchmarks? - ANSWER- Above 1⁄2- 1% of revenue - Above 1 - 2% of total assets - Above 5 - 10% of profit before tax Define performance materiality - ANSWERThis is an amount set by the auditor that is less than the overall materiality thr...

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards B) The cost of the IASB to regulate compliance with many national accounting standards C) The reduction in effectiveness of the international m...

A summary mind map on how to treat income taxes when preparing the financial statements in ACCA exams