Conceptual Framework

Question 1

The ______________ of the Conceptual Framework is to © assist all parties to understand and interpret the standards.

Answer 1

purpose

Question 2

The purpose of the _____________________ is to © assist all parties to understand and interpret the standards.

Answer 2

Conceptual Framework

Question 3

The purpose of the Conceptual Framework is to ____ assist all parties to understand and interpret the standards.

Answer 3

©

Question 4

The purpose of the Conceptual Framework is to © assist _______________ to understand and interpret the standards.

Answer 4

assist all parties

Question 5

The purpose of the Conceptual Framework is to © assist all parties ____________________________.

Answer 5

to understand and interpret the standards.

Question 6

The purpose of the Conceptual Framework is to © assist all parties _____________ and interpret the standards.

Answer 6

to understand

Question 7

The purpose of the Conceptual Framework is to © assist all parties to understand and ____________ the standards.

Answer 7

interpret

Question 8

The purpose of the Conceptual Framework is to © assist all parties to understand and interpret _____________.

Answer 8

the standards

Question 9

______________ on important topics, the role of stewardship, and measurement uncertainty in financial reporting

Answer 9

clarifications

Question 10

clarifications ________________, the role of stewardship, and measurement uncertainty in financial reporting

Answer 10

on important topics

Question 11

c____________ o___ i____________ t___________, the role of stewardship, and measurement uncertainty in financial reporting

Answer 11

clarifications on important topics

Question 12

the revised framework (March 2018) includes a new chapter on measurement, ______________reporting financial performance, improved definitions and guidance (e.g. the roles of stewardship, prudence and measurement in financial reporting).

Answer 12

guidance on

Question 13

the revised framework (March 2018) includes a new chapter on measurement, guidance on ___________ financial performance, improved definitions and guidance (e.g. the roles of

Answer 13

stewardship, prudence and measurement in financial reporting).

Question 14

the revised framework (March 2018) includes a new chapter on measurement, guidance on reporting _____________, improved definitions and guidance (e.g. the roles of stewardship, prudence and measurement in financial reporting).

Answer 14

financial performance

Question 15

the revised framework (March 2018) includes a new chapter on measurement, g________ o__ r_________ f____________ p___________, improved definitions and guidance (e.g. the roles of stewardship, prudence and measurement in financial reporting).

Answer 15

guidance on reporting financial performance

Question 16

IASB maintains that the _______________ does not override any specific (IFRS) standard.

Answer 16

Conceptual framework

Question 17

IASB maintains that the Conceptual framework ____________ any specific (IFRS) standard.

Answer 17

does not override

Question 18

IASB maintains that the Conceptual framework does not override ___________________.

Answer 18

any specific (IFRS) standard

Question 19

IASB maintains that the Conceptual framework do___ not ov________ any specific (IFRS) standard.

Answer 19

does not override

Question 20

The term asset is defined in part ___ of the New Zealand Conceptual Framework.

Answer 20

4

Question 21

The term asset is defined in part 4 of the ________________________.

Answer 21

New Zealand Conceptual Framework

Question 22

Under part 4 of the New Zealand Conceptual Framework:-
An asset is a:-
• Present economic resource controlled by the entity as a result of past events;
• An __________________ is a right that has the potential to produce economic benefits.

Answer 22

economic resource

Question 23

Under part 4 of the New Zealand Conceptual Framework:-
An asset is a:-
• Present economic resource controlled by the entity as a result of past events;
• An economic resource is a _______ that has the potential to produce economic benefits.

Answer 23

right

Question 24

Under part 4 of the New Zealand Conceptual Framework:-
An asset is a:-
• Present economic resource controlled by the entity as a result of past events;
• An economic resource is a right that _________________ to produce economic benefits.

Answer 24

has the potential

Question 25

Under part 4 of the New Zealand Conceptual Framework:-
An asset is a:-
• Present economic resource controlled by the entity as a result of past events;
• An economic resource is a right that has the potential ________________________.

Answer 25

to produce economic benefits

Question 26

A _________ is a present obligation of the entity to transfer an economic resource as a result of past events.

Answer 26

liability

Question 27

A liability is a _______________ of the entity to transfer an economic resource as a result of past events.

Answer 27

present obligation

Question 28

A liability is a present obligation ____________ to transfer an economic resource as a result of past events.

Answer 28

of the entity

Question 29

A liability is a present obligation of the entity ___________________ as a result of past events.

Answer 29

to transfer an economic resource

Question 30

A liability is a present obligation of the entity to transfer an economic resource __________________.

Answer 30

as a result of past events.