1. Which statement is incorrect regarding materiality judgments? A. An entity is only required to apply recognition and measurement equirements in PFRSS when the effect of applying them material. B. An entity need not provide a disclosure specified by a PFRS if the information resulting from that disclosure is not material. C. Public availability of information relieves an entity of the obligation to provide material information in its financial statements. D. It is inappropriate for the entity to make, or leave uncorrected, immaterial departures from PFRSs to achieve a particular presentation of its financial position, financial performance or cash flows.
1. Which statement is incorrect regarding materiality judgments?
A. An entity is only required to apply recognition and measurement equirements in PFRSS when the effect of applying them material.
B. An entity need not provide a disclosure specified by a PFRS if the information resulting from that disclosure is not material.
C. Public availability of information relieves an entity of the obligation to provide material information in its financial statements.
D. It is inappropriate for the entity to make, or leave uncorrected, immaterial departures from PFRSs to achieve a particular presentation of its financial position, financial performance or
2. Which of the following is an appropriate aggregation?
A. Cash and cash equivalents (Cash in bank and sinking fund)
B. Trade and other receivables (
C. Trade and other payables (Accounts payable and accruals)
D. Provisions (Income tax payable and warranty liability)
3. Which of the following is inappropriate aggregation?
A. Cash and cash equivalents (Cash on hand and time deposits)
B. Trade. and other receivables (Notes receivable and advances to employees)
C. Trade and other payables (Notes and bonds payable)
D. Provisions (Liability from pending litigation and purchase
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