UK GAAP

Question 1

What will ISSB focus on?

Answer 1

Climate related disclosueres

Question 2

What is an aspect of relevance according to IFRS?

Answer 2

Materiality

Question 3

According to the conceptual framework for financial reporting, what are enhancing qualitative characteristics?

Answer 3

Materiality
Understandability
Measurability
Reliability

Question 4

What does the gov need to establish with a sole trader?

Answer 4

Tax revenue
produce national stats

Question 5

What are 2 primary objectives of financial statements according to of IAS 1?

Answer 5

Show results of management’s stewardship

Provide info about financial decision, performance and cash flow

Question 6

When is financial info capable of making a difference?

Answer 6

If it has predictive and confirmatory value

Question 7

What is the accounting period that in times of rising prices understates asset value and overstates profits?

Answer 7

Historical cost concept

Question 8

Under IFRS, does a specific disclosure need to be satisfied if info is immaterial?

Answer 8

No

Question 9

What does financial information have to be?

Answer 9

Fairly represented - Relevant and faithful

Question 10

What is the going concern accounting concept under IAS 1?

Answer 10

Director’s don’t intend to liquidate or cease trading in the near future

Question 11

According to IAS 1, if an item influences the economic decision of the users what is it?

Answer 11

material