PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. Group of answer choices Neither 1 nor 2 Either 1 or 2 1 only 2 only

PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. Group of answer choices Neither 1 nor 2 Either 1 or 2 1 only 2 only

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter12: Valuation: Cash-flow Based Approaches

Section: Chapter Questions

Problem 2DIC

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PFRS 9 permits an entityto make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income 1. May be subsequently transferred to profit or loss 2. Shall be subsequently transferred to retained earnings a) Neither 1 nor 2 b) either 1 or 2 c) 1 only d) 2 only
TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NI
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95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…
Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity. a.→Defined benefit obligation b.→Plan asset c.→Right-of-use asset d.→Contract asset e.→ Unearned revenue f.→ Deferred tax asset g.→Accumulated other comprehensive losse
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17. Gain contingencies should a. be accrued if they are probable and can be reasonably estimatedb. not be accrued in the accountsc. be accrued only if they are the result of litigation or government appropriationd. not be accrued or disclosed in the footnotes
1. PAS 28 defines an ‘associate’ as Choices An entity that controls one or more entities. An entity over which the investor has significant influence. A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An entity that is controlled by another entity. 2. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? Choices None of these. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. Reclassification of financial assets out of the FVTPL measurement category.
11. For financial reporting purposes, how should an assignor present equity on assigned account? a. as a current asset in its statement of financial position b. none of the given choices is correct c. as a non-current asset in its statement of financial position d. as a contra-equity account e. as addition under equity portion of the statement of financial position
S1: Only public entities are required to prescribe the accounting requirements of PAS 12 S2: Financial income is for external reporting purposes while taxable income is for compliance purposes Choices: True, False False, TrueFalse, FalseTrue, True
Requirement: Compute for the income tax expense for the 1st arf Co. earns profit before tax of P280,000 during the first quarter of 20x1. Peauirement: Compute for the income tax expense for the 1st quarter of 20x1. PROBLEM 4: MULTIPLE CHOICE – THEORY 1 Which of the following entities are required under PAS 34 to and present interim financial reports? prepare listed entities b. financial institutions a. C. a and b d. none of these 2. PAS 34 shall be applied by a. entities which are required by the government or other entities to provide interim financial reports b. those who choose to provide interim financial reports C. a and b d. all reporting entities who are adopting the "full" PFRSS 3. PAS 34 applies to a a. condensed set of financial statements b. complete set of financial statements с. a or b d. none of these 4. Which of the following expenses is recognized immediately in the interim period and not allocated to the other interim periods? a. Annual depreciation of equipment that…