Financial assets
Q: For each class of provision, an entity shall disclose except * O unused amounts reversed during the…
A: For each class of provision, an entity shall disclose the following :- Unused amounts reversed…
Q: According to AASB 10/IFRS 10 Consolidated Financial Statement, an investor has control of an…
A: IFRS 10 Consolidated Financial Statements provides the requirements for preparation and presentation…
Q: definition and recognition criteria of liabilities
A: Liability is the obligation to be repaid or loss to be met in future.
Q: Under IFRS, companies have the choice to use the effective - interest method or straight-line method…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: none of the choices?
A: IFRS 9-:IFRS 9 is simply an International Financial Reporting Standard circulated by the…
Q: Understand supplemental LIFO disclosures and the effect of LIFO liquidations onnet income.
A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…
Q: When comparing fi nancial statements prepared under IFRS with those prepared underUS GAAP, analysts…
A: IFRS and US GAAP follows similar accounting policies when it comes to realized losses and unrealized…
Q: Offsetting of assets and liabilities i
A: (Note: Since you have posted multiple questions, we will solve the first three parts for you. For…
Q: All of the following are true of the effect of fair value accounting on the financial statements…
A: Fair value accounting: uses the Current Market Values as the basis for Recognizing Assets &…
Q: TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE…
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: An entity shall measure equity instruments issued to extinguish all or part of a financial liability…
A: An entity shall measure equity instruments issued to extinguish all or part of a financial liability…
Q: TRUE OR FALSE 1. A contingent asset is only be disclosed when it is probable and possible. 2. A…
A: The 3 basic financial statements are enumerated as below : 1.Profit and Loss Account 2. Balance…
Q: Where should the noncontrolling interest’s claims be reported in a set of consolidated financial…
A: Identify where non-controlling interest's claims be reported in a set of consolidated financial…
Q: 18. n accordance with PFRS 9, an entity may reclassify Group of answer choices Financial assets…
A: concept reclassification of securities Equity securities Initially FVTPL or FVTOCI Cant be…
Q: As per PAS 24 related party’s doubtful debts recognized on the outstanding balance should be…
A: Doubtful debts are those debts which are doubtful to be recovered from the debtors. AS per IAS 24…
Q: Which of the following accounting standards regulate the preparation and presentation of…
A: The purpose of the Indian Accounting Standard is to bring more transparency and accuracy to…
Q: All of the following situations will arise to actual disposition except ______________. Question…
A: Actual disposal represents the removal of assets or securities so that it does not reported in the…
Q: Unrealized holding gains and losses are included in net income for securities that are…
A: Unrealized holding gains and losses refer to changes in the fair value of securities that are held…
Q: The non-controlling interest section of the income statement is:(a) required under GAAP but not…
A: Generally Accepted Accounting Principle (GAAP): Generally Accepted Accounting Principle (GAAP) is a…
Q: Marketable securities are accounted for at their current fair value using mark-to-market accounting.…
A: Mark-to-Market accounting is an accounting practice that helps to adjust the value of an asset on…
Q: 10) Some contingencies/provisions are recorded, some are disclosed and some are not addressed in the…
A: This question focuses on identifying the treatment variations between US GAAP and IFRS and how…
Q: Define each of the following terms:e. Priority of claims in liquidation
A: Answer: Liquidation is a mechanism by which the corporation liquidates properties to repay the debt…
Q: 5. an example for available for s
A: Available for sale (AFS) is a type of securities are purchased with the intention to be sold before…
Q: 30. The following statements are incorrect, except: a. Issued instruments are classified as…
A: Incorrect Statements that have been correct as below. a. Issued instruments are classified as…
Q: Which is part of IFRS accounting for financial instruments? Disclosure of fair value information for…
A: Business organizations use fair value accounting to measure the company's liabilities and assets at…
Q: The following statement An entity presents on a net basis gains and losses arising from a group of…
A: Answer is POINT 'C'
Q: Under PFRS9, reclassification of investment in equity securities: A. Is allowed as long as it is…
A: Introduction:- This question is related to the accounting treatment of investments in equity…
Q: The FASB ASC paragraph 810-10-45-16 states: “The noncontrolling interest shall be reported in the…
A: The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) is a…
Q: Under PFRS 3, when is a gain recognized in consolidating financial information? a. In a combination…
A: Introduction:- The merger and purchase of several smaller enterprises into a few considerably bigger…
Q: Describe the presentation of the consolidated balance sheet and income statement indicating a) The…
A: Presentation of Balance Sheet and Income Statement is very crucial aspect in industry to compare and…
Q: One of these components is not included in the current asset of an organisation. O A. Short term…
A: Current assets include those assets that a company can convert into cash within a year. Current…
Q: PFRS 9
A: In accordance with PFRS 9, an entity may reclassify Answer :- Investments in equity instruments…
Q: PFRS 9 permits an entityto make an irrevocable election to present in other comprehensive income…
A: Solution: According to PFRS 9, "An entity may make an irrevocable election to present in other…
Q: For all financial instruments within the scope of PFRS 7, but to which the impairment requirements…
A: Financial instrument refers to the contract among the parties which holds the monetary value and…
Q: The UCC does not cover:. a. investment securities. b. sales of copyrights. c. sales of…
A: UCC stands for Uniform commercial code refers to the rules that are formed for commercial and…
Q: All of the following situations will arise to actual disposition except ______________. Question…
A: Answer is option a) Purchase of debt or shares Purchase of debt or share is a investment by the…
Q: classification of items in the financial statements E one period to the next unless a PFRS/IFRS…
A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…
Q: 1. Investments in debt securities are classified for accounting purposes as: A. Financial asset at…
A: Debt investments and equity investments recorded using the cost method are classified as trading…
Q: An arrangement for creditors to accept an amount less than the amount owed to them is referred to as…
A: The debtor typically proposes a payment plan that offers to pay a certain percentage of the total…
Q: S1 Bond investments classified and accounted for as financial asset at amortized cost are recognized…
A:
Q: Under IFRS 9, the cumulative balance of equity as a result of measuring financial assets at fair…
A: The equity account represents the changes in the equity shareholders of the company. The treasury…
Q: Statement I: The equity securities issued as part of the consideration transferred shall be…
A: In the given case the statement given that is::: Statement I: The equity securities issued as part…
In accordance with PFRS 9, an entity may reclassify
a. Derivatives
b. Financial assets designated at FVTPL
c.None of these
d. incestments in equity instruments designated at fvtoci
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- Demonstrate how to identify and account for debt investments classified forreporting purposes as trading securities5. A contract that will be settled in the entity’s own equity instruments and under which the entity is obliged to deliver a variable number of the entity’s own equity instruments with a total value equal to a fixed amount is classified as a financial liability in the financial statements of the entity. True or FalseWhich of the following statements describe situations potentially subject to the special valuation rules under IRC Chapter 14? transfers of publicly traded securities transfers of term interests in trust restrictions upon the right to acquire, use, or sell property at less than fair market value lapses of voting or liquidation rights in business entities A) II, III, and IV B) I and III C) III and IV D) I and II
- Which of the following assets are initially and subsequently measured at Fair Value? Biological assets Available for sale securities Inventories Property and Equipment Held for trading securities Intangible assets I and II only I, II, III and V only I, II and III only I, II, IV, and V onlyWhy are unrealized gains and losses on available-for-sale securities not reported in theincome statement, but instead are reported in other comprehensive income, and thenshown in accumulated other comprehensive income (AOCI) in the balance sheet?Under the conceptual framework for international financial reporting a non-controlling interest fits the definition of: a liability. an equity item. an asset.
- In investment in debt securities accounted for at fair value through other comprehensive income, the difference between the fair value and the accumulated unrealized gain or loss - OCI presented in the statement of financial position would normally equal to: * A. The unrealized gain or loss - OCI presented as part of other comprehensive income B. The amortized cost of the debt securities C. The interest income for the period D. The fair value of the debt securities in the previous periodRelated party transactions and their outstanding balances are only reported in the group’s consolidated FS. TRUE OR FALSEDescribe the accounting treatment for convertible debt and for debt issued with detachable stock warrants. How does the treatment differ and what justification does FASB use for requiring different treatment?.
- Explain the adjustments made in the equity method when the fair value of the net assets underlying an investment exceeds their book value at acquisition.Statement 1. Bonds held for the purpose of accruing profit due to changes in fair value are classified as fair value asset. The changes in fair value of bonds are recognized in the income statement. Statement 2: Bonds held for the purpose of collecting contractual cash flows are classified as financial assets at amortized cost. The changes in fair value of bonds are ignored. Both statements are trueBoth statements are falseStatement 1 only is trueStatement 2 only is true Statement 1: Under the equity method of accounting, the maximum investor’s share in the loss of the investee is the carrying amount of investment balance. Statement 2: An investor shall discontinue to use the equity method from the date that the investor ceases to have significant influence over the investee. Both statements are true Both statements are falseStatement 1 only is trueStatement 2 only is true
