Acca financial reporting - Study guides, Class notes & Summaries

How is revenue treated that is receivable 2 years after the goods are delivered? correct answer: The amount of revenue initially recognised is the amount receivable discounted to present value. Interst is then applied to the receivable as interest income over 2 years IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? correct answer: Fair value with changes going through profit or loss What are acce...

IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

How is revenue treated that is receivable 2 years after the goods are delivered? correct answer: The amount of revenue initially recognised is the amount receivable discounted to present value. Interst is then applied to the receivable as interest income over 2 years IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? correct answer: Fair value with changes going through profit or loss What are acce...

IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

IAS 1 Presentation of Financial Statements - Correct Answer States that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) - Correct Answer Tangible assets held by an entity for more than one accounting period for use in the production or suppl...

ACCA Financial Reporting (FR) CBE Final Mock Exam Mark Scheme 100% Correct ACCA_FR_Final Mock

How is revenue treated that is receivable 2 years after the goods are delivered? The amount of revenue initially recognised is the amount receivable discounted to present value. Interst is then applied to the receivable as interest income over 2 years IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? Fair value with changes going through profit or loss What are acceptable methods of accounting for a g...

ACCA Financial Reporting Exam Study Guide IAS 1 Presentation of Financial Statements - ANSWERStates that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A statement of cash flows - Accounting policies and explanatory notes Property, plant, and equipment (IAS 16) - ANSWERTangible assets held by an entity for more than one accounting period for use in...

ACCA - Audit and Assurance (AA) UPDATED Exam Questions and CORRECT Answers Objective of an external audit - Correct Answer- The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. An audit of financial statements is an example of an assurance engagement. Advantages of a non-statutory audit - Correct Answer- It...

ACCA - F7 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS 2024 What are the Pros and Cons of a reporting framework? - Correct Answer *Pros* Avoids "patchwork" approach Avoids criticism of political & external pressure Standards can be focused where needed (SOPL, SOFP) *Cons* -Reporting has multiple users/industries etc. One framework may not fit all cases -Different Standards may be needed -Actual implementation of a framework may still be difficult What are some sources of GA...