CFE Final Review Flashcards
1
Q
Joint arrangements
A
Definition of joint arrangement
Classify either joint venture or joint operation
Joint venture - equity method
Joint operation - no investment accounts, just recognize % share of assets/liabilities/revenue/expenses
2
Q
Criteria for liability
A
- Present obligation
- As a result of a past event
- The settlement of which is expected to result in an outflow of economic benefits.
3
Q
Recognition criteria for provision IFRS
A
- Present legal or constructive obligation as a result of a past event
- Probable future outflow to settle obligation (more likely than not)
- Reliable estimate can be made of obligation
4
Q
Provision IFRS
Initial and subsequent measurement
A
