The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period Statement 1: If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of PAS 1 for a complete set of financial statements. Statement 2: Statement 3: An entity shall apply different accounting policies in its interim financial statements and in its annual financial statements. A. Only statement 1 is true B. Only statement 2 is true C. Only statement 3 is false D. All of the statements are true

The following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period Statement 1: If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of PAS 1 for a complete set of financial statements. Statement 2: Statement 3: An entity shall apply different accounting policies in its interim financial statements and in its annual financial statements. A. Only statement 1 is true B. Only statement 2 is true C. Only statement 3 is false D. All of the statements are true

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following audit objectives is to validate the assertion of presentation and disclosure? * A. Investment income is included on the statement of comprehensive income at the appropriate amount B. Income statement related items are appropriately recorded in the proper accounts in the statement of comprehensive income C. The entity owns, or has a legal right to the investments included on the statement of financial position D. Investments and related investment income accounts are properly classified described and disclosed in the financial statements, including notes, in accordance with the applicable PFRS
The Summary of Significant Accounting Policies : not required in the CAFR Describes the methods used in the financial accounting system . a summary of the financial results of the operations of the governmental unit . usally the last note found in the CAFR .
5. Which statement is correct concerning interim financial reporting?I. An entity shall apply the same accounting policies in its interim financial statements as are applied in the annual financial statements. II. If an entity’s interim financial report is in compliance with PFRS, that fact shall be disclosed.
A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?
Which of the following is not correct about special purpose financial statements? O a. This type of statement is usually required by a shareholder O b.A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users O . This type of statement is usually required by a government entity O d. Special-purpose financial statements may or may not be prepared in accordance with a financial reporting framework
the conceptual framework for financial reporting states that the purpose of financial reporting is to a. provide information to management accountants for decision making b. support and enhance transparent financial reporting by governments and other public sector entities c. provide tax authorities with information to be used for tax assessment d. none of the above
The International Accounting Standards Board (Board) issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework), a comprehensive set of concepts for financial reporting, in March 2018.Required:Discuss the importance of the Conceptual Framework for financial reporting.
What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?