Which statement is correct concerning compliance with PFRS? I An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes. II An entity shall not describe financial statements as complying with PFRS unless they comply with all the requirements of each applicable PFRS. a. I only b. II only c. Both I and II d. Neither I nor II
4. Which statement is correct concerning compliance with PFRS?
I An entity whose financial statements comply with PFRS shall make an
explicit and unreserved statement of such compliance in the notes.
II An entity shall not describe financial statements as complying with
PFRS unless they comply with all the requirements of each applicable PFRS.
a. I only
b. II only
c. Both I and II
d. Neither I nor II
5. Which information is not included in the “notes to financial statements”?
a. Statement of compliance with PFRS
b. Statement of measurement basis and accounting policies used
c. Supporting computation for line items presented and aggregated
d. Cash Flows
6. These are defined as “the specific principles, methods, practices, rules, bases and
conventions adopted by an entity in preparing and presenting financial statements.
a. Contingencies and commitments
b. Notes to financial statements
c. Nonfinancial disclosures
d. Accounting Policies
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