Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Tessa S2 > IFRS 1 > Flashcards

IFRS 1 Flashcards

1
Q

Public perception: of accounting

Our understanding:

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

International Financial Reporting: A Global Language

A

Use of International Financial Reporting Standards (IFRS) by jurisdiction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Chapter 1: Financial Reporting & Accounting Standards

A
  • Explain the growing relevance of globalized financial markets and its relation to corporate financial reporting.
  • Describe the objectives of financial reporting.
  • Identify the major financial reporting institutions and their role
  • Discuss the challenges related to financial reporting.
  • Differentiate between single and consolidated financial statements
  • Describe the key consequences of the EU’s IAS-Regulation adopted in 2002 and explain the endorsement process with regards to new IFRS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Accounting and Financial Reporting: Global Market

A
  • Accounting is a system to process information and summarize business activities.
  • Through financial reporting, we present it to enable better (economic) decision making!

​Essential characteristics of accounting and financial reporting are:

– the identification, measurement, and communication of business transactions, i.e. financial information about

– economic entities to
– interested parties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Information Environment and Financial Reporting

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Accounting – Financial reporting – Capital allocation

A

Resources are limited: Efficient use of resources often determines whether a business thrives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Demands of decision makers around the globe

A

Globalization demands a single set of high-quality, international accounting standards.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Summary: Need for international accounting standards

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Objective of general purpose financial reporting

-Objective of Financial Reporting

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Focus of general purpose financial reporting

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Financial Reporting Institutions

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Financial Reporting Institutions: EU environment

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

European IFRS Endorsement Process

A

„Endorsement“: Every -new or revised- standard (IAS/IFRS) or official interpretation (IFRIC) is subject to endorsement by the European Union, before it becomes effective in the European Union.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Financial Reporting Institutions: The ‘Standard-Setter’

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Financial Reporting Institutions: The ‘Standard-Setter’ 2

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Financial Reporting Institutions: The ‘Standard-Setter’ 3

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

IASB Pronouncements- Hierarchy of IFRS

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

IAS published

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

IAS/ IFRS published

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Application of IFRS in the European Union

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

IAS Regulation includes member state options

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Financial Reporting Challenges- IFRS in a Political Environment

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Financial Reporting Challenges- Ethics in the Environment of Financial Accounting

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Chapter 2: Conceptual Framework for Financial Reporting

A
  • Explain the usefulness of a conceptual framework and the objective of financial reporting.
  • Describe the qualitative characteristics of accounting information and the basic elements of financial statements.
  • Know the basic assumptions of accounting.
  • Illustrate the application of the basic principles of accounting.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Conceptual Framework for Financial Reporting

A

A Conceptual Framework establishes the concepts that underlie financial reporting.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Conceptual Framework

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Structure and Contents of the Conceptual Framework

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Hierarchy of Fundamental Financial Reporting Qualities

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Fundamental Qualitative Characteristics

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Fundamental Qualitative Characteristics- Faithful Representation

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Qualitative Characteristics of Accounting Information

-Enhancing Qualitative Characteristics

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Review Quiz 1

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Review Quiz 2

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Review Quiz 3

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Review Quiz 4

A
36
Q

2.2.2 Assumptions underlying Financial Accounting

A
37
Q

2.2.3 Elements of Financial Statements

A
38
Q

2.2.4 Recognition, Measurement, and Disclosure Concepts

A
39
Q

Recognition Principles

A
40
Q

Measurement Principles

A
41
Q

Disclosure Concepts

A
42
Q

Review of the contents in Chapter 2:

A
43
Q

3.IAS 1 “Presentation of Financial Statements”

A
44
Q

Chapter 3.1: Statement of Financial Position

A
45
Q

Statement of Financial Position-elements

A
46
Q

Balance Sheet: Minimum required information (see IAS 1.54)

A
47
Q

Statement of Financial Position- Classification (current vs. non-current)

A
48
Q

Statement of Financial Position- Classification (current vs. non-current)

A
49
Q

Current assets

A
50
Q

Non-current Assets

A
51
Q

Statement of Financial Position-Equity

A
52
Q

Statement of Financial Position- Current liabilities

A
53
Q

Statement of Financial Position-Non-current liabilities

A
54
Q

Review of the contents in Chapter 3.1:

A
55
Q

Chapter 3.2: Statement of Comprehensive Income

A
56
Q

Elements of the income statement

A
57
Q

Elements of the income statement 2

A
58
Q

Income Statement 3

A
59
Q

Income Statement-Limitations

A
60
Q

‘Earnings management and earnings quality’- Income statement

A
61
Q

Income Statement (Format)–Nature of expense vs. function of expense method

A
62
Q

Income Statement–Results of “operating” or “ordinary” activities

A
63
Q

Statement of Comprehensive Income–Review of the contents in Chapter 3.2

A
64
Q

Statement of Changes in Equity

A
65
Q

Statement of Changes in Equity
Example (I/II):

A

Statement of Changes in Equity
Example (II/II):

66
Q

Related Equity Statements–What are “Retained Earnings”?

A

Restrictions on Retained Earnings

67
Q

Statement of Changes in Equity
Review of the contents in Chapter 3.3:

A
68
Q

Statement of Cash Flows

A
69
Q

Statement of cash flow—Purposes

A
70
Q

Statement of Cash Flows—Definitions

A
71
Q

Statement of Cash Flows—Content, Format & Classification

A
72
Q

Statement of Cash Flows—-Methods to report Operating Cash Flows

A
73
Q

Statement of Cash Flows–Example 1

A
74
Q

Statement of Cash Flows–Exercise

A
75
Q

Statement of Cash Flows—Cash flows from operations…

A
76
Q

Statement of Cash Flows
Disclosure (I/II)

A
77
Q

Statement of Cash Flows
Summary Quiz 1

A
78
Q

Statement of Cash Flows
Summary Quiz 2

A
79
Q

Statement of Cash Flows
Summary Quiz 3

A
80
Q

Statement of Cash Flows
Review of the contents in Chapter 3.4:

A
81
Q

Chapter 3.5: Notes to the Financial Statements

A
82
Q

Notes to the Financial Statements

A
83
Q

Notes to the Financial Statements—Other disclosures, including:

A
84
Q

Notes to the Financial Statements—Additional Information

A

Guidelines for Financial Reporting

85
Q

Notes to the Financial Statements—-Review of the contents in Chapter 3.5:

A

Tessa S2 (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions