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Accounting Guidelines > NZIAS 1 > Flashcards

NZIAS 1 Flashcards

1
Q

What is the full name of the Statement of Comprehensive Income under NZIAS 1 paragraph 81?

A

Statement of profit or loss and other comprehensive income

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2
Q

In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:

(a) _________;
(b) finance costs;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method; (d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]

A

revenue

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3
Q

In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:

(a) revenue;
(b) ___________________;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method; (d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]

A

finance costs

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4
Q

In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:

(a) revenue;
(b) finance costs;
(c) _________________________________
(d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]

A

share of the profit or loss of associates and joint ventures accounted for using the equity method

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5
Q

________ sets out the Presentation Requirements for Financial Reporting.

A

NZIAS 1

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6
Q

NZIAS 1 sets out the _________________ for Financial Reporting.

A

Presentation Requirements

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7
Q

NZIAS 1 sets out the Presentation Requirements for ________________.

A

Financial Reporting

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8
Q

Under NZIAS 1, paragraph ____, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

10

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9
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a __________________ as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

statement of financial position

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10
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a ________________ and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

statement of profit or loss

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11
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss _______________________ for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

and other comprehensive income

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12
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a __________________ for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

statement of changes in equity

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13
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a _________________ for the period;
(e) notes, comprising significant accounting policies and other explanatory information;

A

statement of cash flows

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14
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) _______, comprising significant accounting policies and other explanatory information;

A

notes

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15
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, _____________________ and other explanatory information;

A

comprising significant accounting policies

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16
Q

Under NZIAS 1, paragraph 10, a complete set of financial statements include:-

(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and _____________________;

A

other explanatory information

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17
Q

Section ___ of the Financial Reporting Act 2013 sets out the obligation to comply with financial reporting standards as part of complying with GAAP.

A

8

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18
Q

Section 8 of the _________________ sets out the obligation to comply with financial reporting standards as part of complying with GAAP.

A

Financial Reporting Act 2013

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19
Q

Section 8 of the Financial Reporting Act 2013 sets out the _____________ with financial reporting standards as part of complying with GAAP.

A

obligation to comply

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20
Q

Section 8 of the Financial Reporting Act 2013 sets out the obligation to comply with _______________ as part of complying with GAAP.

A

financial reporting standards

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21
Q

Section 8 of the Financial Reporting Act 2013 sets out the obligation to comply with financial reporting standards as part of complying with ____________.

A

GAAP

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22
Q

Under NZ IAS 1, _____________ is the residual interest in the assets of the entity after deducting all its liabilities.

A

Equity

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23
Q

Under NZ IAS 1, Equity is the ______________ in the assets of the entity after deducting all its liabilities.

A

residual interest

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24
Q

Under NZ IAS 1, Equity is the residual interest in the _______________ after deducting all its liabilities.

A

assets of the entity

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25
Q

Under NZ IAS 1, Equity is the residual interest in the assets of the entity _____________ all its liabilities.

A

after deducting

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26
Q

Under NZ IAS 1, Equity is the residual interest in the assets of the entity after deducting_______________.

A

all its liabilities.

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27
Q

___________ is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

A

Income

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28
Q

Income is ________________, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

A

increases in assets

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29
Q

Income is increases in assets, or ________________, that result in increases in equity, other than those relating to contributions from holders of equity claims.

A

decreases in liabilities

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30
Q

Income is increases in assets, or decreases in liabilities, ______________ increases in equity, other than those relating to contributions from holders of equity claims.

A

that result in

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31
Q

Income is increases in assets, or decreases in liabilities, that result in _______________, other than those relating to contributions from holders of equity claims.

A

increases in equity

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32
Q

Income is increases in assets, or decreases in liabilities, that result in increases in equity, ________________contributions from holders of equity claims.

A

other than those relating to

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33
Q

Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to _____________ holders of equity claims.

A

Contributions from

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34
Q

Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from _____________.

A

holders of equity claims

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35
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the ________ of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

selection

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36
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a _____________. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

measurement basis

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37
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a _____________. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

measurement basis

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38
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A _____________ is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

measurement basis

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39
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an _______________—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

identified feature

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40
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, ___________, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

historical cost

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41
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, _________ or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

fair value

42
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or _____________—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

fulfilment value

43
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—_________________. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

of an item being measured

44
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—___________ being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

of an item

45
Q

Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item ____________. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses

A

being measured

46
Q

According to the _________, there are four main measurement bases commonly used: historical cost, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

ESA Study Guide

47
Q

According to the ESA Study Guide, there are ______________ commonly used: historical cost, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

four main measurement bases

48
Q

According to the ESA Study Guide, there are four main measurement bases commonly used: ____________, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

historical cost

49
Q

According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, _____________, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

current cost

50
Q

According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, current cost, ___________ and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

realisable value

51
Q

According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, current cost, realisable value and _____________.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)

A

present value

52
Q
  1. ___________: Under __________ basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

Current cost

53
Q
  1. Current cost: Under current cost basis, assets are carried at the _________________ if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

amount of cash that would have to be paid

54
Q
  1. Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid _____________ was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

if the same or an equivalent asset

55
Q
  1. Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset _____________. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

was acquired currently

56
Q
  1. Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the _______________ that would be required to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

undiscounted amount of cash

57
Q
  1. Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash ____________ to settle the obligations currently.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

that would be required

58
Q
  1. Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required _____________________.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

to settle the obligations currently

59
Q
  1. ___________: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

Realisable value

60
Q
  1. Realisable value: Assets are carried at ______________ that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

the amount of cash

61
Q
  1. Realisable value: Assets are carried at the amount of cash __________________in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

that could currently be obtained by selling the asset

62
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset ___________. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

in an orderly disposal

63
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their __________; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

settlement values

64
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the ____________________ expected to be paid or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

undiscounted amount of cash

65
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash ___________ or satisfy the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

expected to be paid

66
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or _____________ in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

satisfy the liabilities

67
Q
  1. Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities _____________________.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

in the normal course of business

68
Q
  1. ___________: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

Present value

69
Q
  1. Present value: Assets are carried at the ______________ of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

present discounted value

70
Q
  1. Present value: Assets are carried at the present discounted value of the _____________ that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

of the future net cash inflows

71
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows _________________ in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

that the item is expected to generate

72
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate _______________. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

in the normal course of business

73
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the ______________ of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

present discounted value

74
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted ____________________ that are expected to be required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

value of the future net cash outflows

75
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows _________________ required to settle the liabilities in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

that are expected to be

76
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be ________________ in the normal course of business.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

required to settle the liabilities

77
Q
  1. Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities ____________________.
    https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
A

in the normal course of business

78
Q

Conceptual Framework 6.4 Unlike _______________, historical cost does not reflect changes in values, except to the extent that those changes relate to impairment of an asset or a liability becoming onerous

A

current value

79
Q

Conceptual Framework 6.4 Unlike current value, historical cost ______________________, except to the extent that those changes relate to impairment of an asset or a liability becoming onerous

A

does not reflect changes in values

80
Q

Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, except to the extent that those changes ________________ or a liability becoming onerous

A

relate to impairment of an asset

81
Q

Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, except to the extent that those changes relate to impairment of an asset ___________________

A

or a liability becoming onerous

82
Q

Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, __________________ relate to impairment of an asset or a liability becoming onerous

A

except to the extent that those changes

83
Q

The historical cost of a liability is __________________, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

updated over time to depict

84
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) _____________________, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

fulfilment of part or all of the liability

85
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by _______________________or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

by making payments that extinguish part or all of the liability

86
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or _______________________;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

by satisfying an obligation to deliver goods

87
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the ________________. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

the liability becomes onerous

88
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the ______________________ to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

the historical cost is no longer sufficient

89
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient _________________ to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

to depict the obligation

90
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to ________________; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

to fulfil the liability

91
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at ______________. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

amortised cost

92
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects _________________, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

estimates of future cash flows

93
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, _______________________. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.

A

discounted at a rate determined at initial recognition

94
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the __________________, the impairment of a financial asset and receipts or payments.

A

the accrual of interest

95
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, _________________ and receipts or payments.

A

the impairment of a financial asset

96
Q

The historical cost of a liability is updated over time to depict, if applicable:

(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and ______________.

A

receipts or payments.

97
Q

The historical cost of a liability is _____________ to depict, if applicable:

(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .

A

updated over time

98
Q

The historical cost of a liability is updated over time _______, if applicable:

(a) fulfillment of part or all of a liability . . .
(b) a liability becoming onerous . . .

A

to depict

99
Q

The historical cost of a liability is upd______ ov__ ti__ to dep____, if applicable:

(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .

A

updated over time to depict

100
Q

The historical cost of a liability is ____ated __er __me to ___pict, if applicable:

(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .

A

updated over time to depict

Accounting Guidelines (24 decks)

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