IFRS

Question 1

IFRS/IACs/IFRIs/IASB

Answer 1

International Financial Reporting Standards/ International Accounting Standards/International Financial Reporting Interpretations/ International Accounting Standards Board

Question 2

What is the Qualitative Characteristics of faithful representation ? (IFRS)

Answer 2

The same as FASB - free from error, completeness and neutrality

Question 3

Recognition (IASB) ???

Answer 3

process of incorporating an item in the financial statements when it meets the definition of the element and satisfies the criteria for recognition. An item is recognized when there might be future economic benefit and the item cost/value can be measured with reliability .

Question 4

What are the 5 elements of the F/S

Answer 4

Asset, Liability, Equity, Income, & expense

revenue & gain is included in income

Question 5

IFRS for SMEs

Answer 5

International for small and medium sized entitys is the alternative to OCBOA ( other comprehensive basis of accounting

Question 6

Operating,Investing or Financing activities for both IFRS &US - Interest paid

Answer 6

Operating or financing (I)

Operating (U)

Question 7

Operating,Investing or Financing activities for both IFRS &US - Interest Received

Answer 7

Operating/ Investing (i)

Operating (U)

Question 8

Operating,Investing or Financing activities for both IFRS &US - Taxes Paid

Answer 8

Both operating

For ISAB depends on the item it could be Investing or Financing

Question 9

Operating,Investing or Financing activities for both IFRS &US - Dividends received

Answer 9

Operating/Investing (i)

Operating (U)

Question 10

Operating,Investing or Financing activities for both IFRS &US - Dividends Paid

Answer 10

Operating or financing (i)

Financing ( U)