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- do not copy What are financial statements and explain different types of users of finanacial statement including their interests?There are areas of differences between IFRS and GAAP definition recognition measurements allowing alternatives for recognition and measurement lack of requirements presentation of items in financial statements disclosure in the notes of Financial Statements Please explain and analyze the effects of the differences mentioned above on the Financial Statements with regard to the following: Current liabilities Provisions Employee benefits Share-based payment Income Taxes Revenue Financial Instruments Leases For example, you can explain how IFRS and GAAP define "Current liabilities." Then how do they recognize and measure "Current liabilities", do both standards have alternative ways of recognition and measurement? If yes, how does this impact the financial statements? Also, do both standards lack some requirements about "Inventories," and do they differ in presentation and disclosure in the notes of the financial statements? so the same should apply on the rest i.e. Provisions,…18. Which of the following is not an incentive for company managers to exercise their accounting discretion? Select one: a. Accounting-based debt covenants b. Contests for corporate control c. Management compensation contracts d. Report a company's performance faithfully
- 17. Which of the following is correct regarding the classification of investment in debt instruments as financial asset at fair value through OCI? Group of answer choices In order to be classified as such, a debt instrument needs to both have simple principal and interest cash flows and be held in a business model in which both holding and selling financial assets are integral to meeting management’s objectives. An entity may make an irrevocable election to classify investment in a debt instrument that is not ‘held for trading’ as such. All of these. This classification is not allowed for investment in debt instruments.Application of the full disclosure principle _____________. a.requires that the financial statements be consistent and comparable b.is violated when important financial information is buried in the notes to the financial statements c.is theoretically desirable but not practical because the costs of complete disclosure exceed the benefits d.is demonstrated by the use of supplementary information explaining the effects of financing arrangementThe following are disclosed when there are related party transactions during the periods covered by the financial statements: Select the correct response: Doubtful debts recognized on the outstanding balances All of these Nature, terms and amount of the transaction and outstanding balances Nature of the related party relationship Which of the following cost formulas is not allowed under PAS 2? Select the correct response: Weighted average LIFO Specific identification FIFO
- The principle of conservatism is concerned with Oa. the company's procedures for recording activities at their initial exchange price. Ob. the company's ability to carry out its existing commitments. Oc. the avoidance of overstating assets or income in the preparation of financial statements. Od. the minimization of costs associated with providing financial information.defination of non financial reporting with source? and define the element should included in non financial reporting18. The financial statements do not provide information about an entity’s __________. a. None of the options b. Equity c. Liabilities d. Assets
- “IFRS 10 Consolidated Financial Statements states that there are few ways to ascertain if the investor ‘controls’ and ‘influences’ its investees.”TRUE OR FALSE 7.If the financial asset is held for trading or if the financial asset is measured at fair value through profit or loss, transaction costs are expensed outright. 8.Significant influence is the power to participate in the financial and operating policy decisions of the investee entity but not control or joint control over those policies. 9.Amortization of discount decreases the accounts Investment in Bonds and Interest Income. 10.Amortization of premium increases the accounts Investment in Bonds and Interest Income.13. Identify the risks described in each statement: 1st: Dependent on the covenants set and agreed in between the lenders and the borrowers.2nd: Classified as a systematic risk because it arises from external forces or based on the movement of the industry. a. Legal; Market b. Market; Legal c. Contractual; Industry d. Industry; Contractual