[Financial Statement Presentation]
When the classification of items in its financial statements is changed, the entity:
[Financial Statement Presentation]
Items of dissimilar nature or function:
[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?
[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:
[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:
[Statement of Financial Position]
Section 4 Statement of Financial Position of the IFRS for SMEs:
[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?
[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?
[Financial Statement Presentation]
Which of the following entities is not a going concern?
[Concepts and Pervasive Principles]
Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
[Concepts and Pervasive Principles]
Which of the following satisfies the definition of a liability?
[Concepts and Pervasive Principles]
Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
[Concepts and Pervasive Principles]
An entity made an unusually high profit for the year ended 31 December 20X7 because it negotiated a significantly lower cost price for its main raw material at a time when the selling price of its products was rising sharply. Management does not want to make public the unusually high profit because they believe that knowledge of the entity’s profitability would result in their customers seeking to negotiate lower selling prices when purchasing goods from the entity. Consequently, management would like to decrease profit for the year by recognising a provision for unforeseen possible expenses.
[Concepts and Pervasive Principles]
The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
[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?
[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]
[Concepts and Pervasive Principles]
Which of the following is not an element for which there is a concept in Section 2?
[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]
In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
[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]
The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
[Financial Statement Presentation]
[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?