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ACYFAR 5 > Other Reporting Frameworks > Flashcards

Other Reporting Frameworks Flashcards

1
Q

They have no provisions for SMEs.

A
  1. FVOCI
  2. NCAHFS
  3. Operating Segments
  4. Interims
  5. Bearer Plants
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2
Q

These are not necessary for SMEs

A
  1. SOCI
  2. SOCE
  3. SOFP
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3
Q

Instead of SOCE, what can an SME provide instead?

A

SIRE: Statement of Income and Retained Earnings

(As long as it follows the PPCC rule)

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4
Q

What are the conditions that an SME can present a SIRE instead of SOCE?

A

When changes in equity arise from:

  1. Profit or Loss
  2. Payment of Dividends
  3. Correction of Errors
  4. Changes in Policies
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5
Q

What are the items measured at CA or FV when it comes to SMEs?

A
  1. Financial Instruments
  2. Investment Property
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6
Q

What item/s is/are measured at FVLCTS or Cost when it comes to SMEs?

A

Agriculture

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7
Q

These are the items recognized as income or expense outright for SMEs?

A
  1. Borrowing Cost
  2. R&D Cost
  3. Lease Payments & Receipts
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8
Q

These are the items amortized with a UL of less than 10 years for SMEs?

A
  1. IA (Intangible Asset)
  2. Goodwill from Business Combination
  3. Goodwill from Investment in Associate
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9
Q

These are the items measured at FV for SMEs?

A
  1. Government Grant
  2. Share Options
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10
Q

These are recognized through the cost model alone?

A
  1. Intangible Asset
  2. Intangible Exploration
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11
Q

What are the choices that an SME has to measure Investment in Associate?

A
  1. Cost Model
  2. Equity Model
  3. Fair Value Model
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12
Q

What are the choices of an SME in accounting for Actuarial G/L?

A
  1. P/L
  2. OCI
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13
Q

What are the two choices for an SME in recording for Tangible Exploration?

A
  1. Cost Model
  2. Revaluation Model
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14
Q

When it comes to changes in accounting policy for SE’s, how do SE’s account for it?

A
  1. Cumulative effect shall be recognized in Retained Earnings or in another equity component
  2. Comparative information shall not be restated
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15
Q

When it comes to correction of prior period errors, how do SE’s account for it?

A
  1. Cumulative effect shall be recognized in Retained Earnings or in another equity component
  2. Comparative information shall not be restated

Same as changes in accounting policy

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16
Q

According to PFRS for small entities, these are the basic financial instruments.

A
  1. Cash
  2. Bank Deposits
  3. Trade receivables and payables
  4. Notes + loans receivable and payable
  5. Investments in nonconvertible preference shares and non-puttable ordinary shares
17
Q

What is the initial measurement of basic financial transactions for small entities?

A

Transaction price including transaction cost

18
Q

What is the difference in measurement for Inventories under SMEs and SEs?

A
  1. SMEs - measure it at LCNRV
  2. SEs - measure at cost, then subsequently measure it at LCFV
19
Q

How do you account for the Biological Assets under SE’s?

A
  1. Cost Model
  2. Current market price model - FV model
20
Q

What are the two methods that government grants are recognized for SE’s

A
  1. Non-recognition
  2. Recognition at fair value
21
Q

What classification do SEs have for leases as compared to SMEs?

A
  1. SEs only recognize leases as operating leases
  2. SMEs can recognize both finance and operating leases
22
Q

What are the two choices of recognizing income tax when it comes to SEs?

A
  1. Taxes Paybale Method (shall only recognize current taxes)
  2. Deferred Taxes Method (shall recognize deferred taxes)
23
Q

When it comes to post-employment benefits for SEs, what are the provisions?

A
  1. It is accounted for using the accrual method
  2. No considerations for changes in future salary
  3. No recognition of actuarial gains and losses
24
Q

For equity-settled share based payments, how is this measured for SEs?

A

NAV (Net Asset Value)
NAV = Total Assets - Liabilities / Number of Shares Outstanding

ACYFAR 5 (5 decks)

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