Accounting Standards

Question 1

Characteristics of SMEs

Answer 1

Do not have public accountability. Publish general purpose statements for external users.

Question 2

IAS 1

Answer 2

-Section 2 : Concepts and Principles
- Section 3 : Financial Statement Presentation (what is a full set and compliance with IFRS)
- Section 4: Statement of Financial Position aka Balance Sheet
- Section 5 : Statement of Comprehensive Income
- Section 6: Statement of Changes in Equity & Statement of Retained Earnings
- Section 8: Notes to the Financial Statements
Section 22: Liabilities & Equity

Question 3

IAS 2 IFRS for SMEs

Answer 3

Section 13: Inventories - must state in notes the valuation method

Question 4

IAS 16

Answer 4

Section 17 - Property,Plant,Equipment

Question 5

IAS 10

Answer 5

Section 32: Events after the end of the reporting period
Adjusting Entries & Non-Adjusting Entries

Question 6

IAS 37

Answer 6

Section 21 - Provision and Contingencies

Question 7

IAS 18

Answer 7

Section 32 Revenues