IFRS Generla purpose Fiancial Stmts

Question 1

How are expenses classify under IFRS

Answer 1

They are classify by buss. function or nature of the expense

Question 2

IFRS FS

Answer 2

1-Stmt of financial position-( U.S,bal sheet)
2-Stmt of comprehensive income
3- stmt of changes in equity
4-Stmt of cash flows
5.- Foot notes

Question 3

Stmt of financial position Clasification

Answer 3

1- Current A & L

-Non -current A & L

Question 4

Do extraordinary items get reports in IS in IFRS or GAAP

Answer 4

No, Gaap eliminated it in 2015

Question 5

IFRS Stmt of Financial position presentation

Answer 5

Assets
Non currente Assets
Current Assets
Equity
Liabilities
Non current Liabilities
Current Liabilities
Total equity and liabilities

Question 6

IFRS IS presentation

Answer 6

It can be presented as single step or multiple stepIFRS allo
Revenue
Finance cost
Share of the profit or loss of associates under equity mth
Tax expense
A single amt for after tax profit/loss on discotinue oper
and after tax gain/loss of disposal of discont. oper

Profit or loss
ea component of OCI
Share of OCI of associates unde the equity meth
Total Comprehensive income

Question 7

Stmt of changes in equity

Answer 7

similar to US GAAP, but it must be a separate stmt

Question 8

Stmt of CF

Answer 8

The diff is that some operating and financ in GAAP

could be either in IFRS

Question 9

IFRS allow the revaluation of Plant assets and intangilbes ot FV asa OCI item

Answer 9

Yes