Small and Medium-sized Entities
Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs?
Concepts and Pervasive Principles
How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
Financial Statement Presentation
Fair presentation requires a faithful representation of the effect of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in Section 2. Fair presentation, in accordance with the IFRS for SMEs, is presumed to result from:
Concepts and Pervasive Principles
Recognition criteria determine when to recognise an item. Measurement is determining the monetary amounts at which to measure an item. Uncertainties about the extent of future cash flows:
Concepts and Pervasive Principles
Which of the following satisfies the definition of a liability?
Statement of Financial Position
When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
Statement of Financial Position
In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
Financial Statement Presentation
If the changes to the equity of an entity during the periods for which financial statements are presented arise only from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy:
Concepts and Pervasive Principles
One of the criteria that must be satisfied for a liability to be recognised in an entity’s financial statements is that it must be probable that future economic benefits will flow from the entity. Which of the following statements is true?
Financial Statement Presentation
An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
Financial Statement Presentation
Concepts and Pervasive Principles
Which of the following is not an element for which there is a concept in Section 2?
Financial Statement Presentation
Which of the following entities is not a going concern?
Concepts and Pervasive Principles
The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
Financial Statement Presentation
Items of dissimilar nature or function:
Concepts and Pervasive Principles
Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
Small and Medium-sized Entities
Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs?
Statement of Financial Position
Section 4 Statement of Financial Position of the IFRS for SMEs :
Small and Medium-sized Entities
In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements?
Statement of Financial Position
Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
Concepts and Pervasive Principles
Which qualitative characteristics are fundamental to general purpose financial information?
Concepts and Pervasive Principles
The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
Statement of Financial Position
In accordance with the IFRS for SMEs , in presenting a statement of financial position, an entity:
Concepts and Pervasive Principles
Small and Medium-sized Entities
Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs?