IFRS Exam 1 Questions with 100% Correct Answers 2024/2025
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Course
IFRS
Institution
IFRS
IFRS Exam 1 Questions with 100% Correct Answers 2024/2025
Countries Adoption of IFRS - ANSWERSBrazil, Canada, China/Hong Kong, France, India, Japan, New Zealand
How does IFRS affect me? - ANSWERS1. customer/vendors to mergers, contracts, and relationships
2. adoption of how to manage subsi...
Pros of Adopting IFRS - ANSWERS1. US will have more say in standard
2. principle requires judgement actually make prepares more accountable
3. comparability
4. easier to operate subsidiaries
5. Eliminate dual reporting
6. Easier access to foreign capital markets
Cons of Adopting IFRS - ANSWERS1. US is a bigger economy (trend setter)
2. principles cause problems and is costly
3. translation error
4. not regulated
5. IFRS can be manipulated
6. US GAAP fits US needs better.
IFRS is considered more of a _______ - ANSWERSprinciple based
US GAAP is considered more of a _______ - ANSWERSrule based
, Name of standard in IFRS - ANSWERS1. IASC
2. SIC
3. IASB
4. IFRIC
IFRS Framework: - ANSWERS1. the objective of financial reporting
2. the qualitative characteristics of useful financials information
3. the definition recognition and measurement of the statement are constructed
4. concept of capital and capital maintenance
IAS 8 establishes a "hierarchy" when choosing IFRS accounting policies: - ANSWERS1. Apply any specific
IFRS; consider any relevant implementation guidance
2. Refer to other IFRS dealing with similar or related issues
3. IFRS framework: assists prepares to develop consistent accounting policies when no standard event, or
when a standard transaction are event, or when a standard allows a choice of accounting policy
4. consider pronouncement of other standard setting bodies (similar concepts) or industry practices
IFRS income statement can be listed by ______ - ANSWERSnature or by function (IAS #1)
Function requires is more .... - ANSWERSjudgement
EX: COGS and selling & administration
Nature is more .... - ANSWERSrelevant
EX: payroll, depreciation, and change in inventory
IAS 1 requires - ANSWERSmanagement to select presentation that is reliable and relevant
Nature is easier - ANSWERSto predict cash flows
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