ALL IAS + IFRS

Question 1

IFRS 13

Answer 1

Fair value measurement - the fair value of an asset is the price which would be receive on that measurement date

Question 1

IAS 21

Answer 1

The effects of changes in foreign exchange rates - how the currency is translated into the financial statements

Question 2

IAS 37

Answer 2

Provisions - to ensure the appropriate recognition and measurement is used and information is correctly disclosed

Question 3

IAS 27

Answer 3

Separate financial statements - this standard requires an entity to account for its investments in subsidiaries, joint ventures and associates either at *COST * IFRS 9 financial instruments * using the equity method under IAS 28 investments in joint ventures

Question 4

IFRS 5

Answer 4

Non current assets held for sale and discontinued operations - when a entity plans to recover its value by selling it rather than using it and a discontinued operation is a component of an entity that has been disposed of or classified as held for sale

Question 5

IFRS 3

Answer 5

Business combinations - when a business obtain controls of a business

Question 6

Combined

IFRS 10

Answer 6

Consolidated financial statement - an investor controls invested where it has power over invested, exposure to rights as variable returns and ability to use power to affect the variable returns

Question 7

IAS 38

Answer 7

Intangible assets - non Monterey item that lacks physical substance. Recognition can only apply if it is probable that the future economic benefits will flow to the entity and the cost can be measured reliability - measured at cost or revaluation and amortised over their useful life

Question 8

IFRS 2

Answer 8

Share based payments - director receives share options or other residual interest in the company net assets

Question 9

IAS 19

Answer 9

Employee benefits - all forms of consideration expect shares, in exchange for service rendered by employees

Question 10

IFRS 8

Answer 10

Operating segments - reportable segments are those operating segments must be separately disclosed. They must have similar operating characteristics to be disclosed as an operating segment

Question 11

IFRS 15

Answer 11

Revenue from contracts with customers - Must have commercial substance contract, transaction price has been considered, performance obligation throughout service/contract life, allocation of the product to a stand alone item

Question 12

IAS 16

Answer 12

PPE - recognition based upon the probability that future benefits will flow from the entity from the asset that can be measured reliability

Question 13

IAS 20

Answer 13

Government grants and disclosure of government assistance - government grant is recognised when there is reasonable assurance that entity will company with the conditions attached to the grant and the grant will be received

Question 14

IAS 38

Answer 14

Intangibles - must be identifiable from contracts or legal rights / control over benefits of asset / probable future economic benefits such as revenues

Question 15

IAS 1

Answer 15

Presentation of financial statements - should be on the going concern basis and accruals concept

Question 16

IAS 2

Answer 16

Inventories - valued at the lower of cost or NRV

Question 17

IAS 7

Answer 17

Statement of cashflow - Categorised as investing activites, operating activities and financing activities

Question 18

IAS 8

Answer 18

Changes in accounting policies, estimates and errors - accounting policies and errors are made retrospectively and estimates are made prospectively. This is to ensure that information is relevant and comparable

Question 19

IAS 10

Answer 19

Events after the reporting date - Adjusting event existed at the time of the reporting date

Question 20

IAS 12

Answer 20

Income tax - takes into the timing differences between the carrying amount of assets and the tax base of assets

Question 21

IAS 16

Answer 21

measured at cost or revaluation model - recognition when probable future economic benefits can flow and can be measured reliability

Question 22

IAS 23

Answer 22

Borrowing costs - costs incurred that are directly attributable to the construction of asset must be capitalised

Question 23

IAS 24

Answer 23

Related party disclosure - Disclosure of key management personal transactions

Question 24

IAS 28

Answer 24

Investments in associate or joint venture - significant influence or controlIA

Question 25

IAS 32

Answer 25

Financial instruments - classification of financial assets and liability and equity instruments

Question 26

IAS 33

Answer 26

EPS - calculated using the weighted average number of shares

Question 27

IAS 34

Answer 27

Interim financial reporting

Question 28

IAS 36

Answer 28

Impairment of assets - ensures that an entity is not carrying assets more than their recoverable amount

Question 29

IAS 40

Answer 29

Investment property - held for activities of investment only - revaluation can only be used

Question 30

IAS 41

Answer 30

Agriculture - biological assets are measured at fair value less cost to sell

Question 31

IFRS 1

Answer 31

First time adoption of IFRS - set out procedure that entity must follow to when adopts IFRS

Question 32

IFRS 7

Answer 32

Financial instruments disclosure - about the significance of the financial instruments to an entity

Question 33

IFRS 11

Answer 33

Joint arrangements - Joint control and agreement

Question 34

IFRS 12

Answer 34

Disclosure of interest in other entities

Question 35

IFRS 16

Answer 35

Leases - recognition, measurement, presentation and disclosure of the lease