The IASB’s Conceptual framework for financial reporting defines recognition as the process

The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria.

Which of the following elements should be recognised in the financial statements of an entity in the manner described?

A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanes

B.In equity: irredeemable preference shares

C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a finance company with no recourse to the seller

D.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintained by the seller for three years as part of the sale agreement


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  • 发布时间:2018-11-21
Under certain circumstances, profits made on transactions between members of a group need to be eliminated from the consolidated financial statements under IFRS.Which of the following statements about intra-group profits in consolidated financial statements is/are correct?(i) The profit made by a parent on the sale of goods to a subsidiary is only realised when the subsidiary sells the goods to a third party(ii) Eliminating intra-group unrealised profits never affects non-controlling interests(iii) The profit element of goods supplied by the parent to an associate and held in year-end inventory must be eliminated in full

A.(i) only

B.(i) and (ii)

C.(ii) and (iii)

D.(iii) only

Which of the following statements about IAS 20 Accounting for Government Grants and Disclosure of Government Assistance are true?(i) A government grant related to the purchase of an asset must be deducted from the carrying amount of the asset in the statement of financial position(ii) A government grant related to the purchase of an asset should be recognised in profit or loss over the life of the asset(iii) Free marketing advice provided by a government department is excluded from the definition of government grants(iv) Any required repayment of a government grant received in an earlier reporting period is treated as prior period adjustment

A.(i) and (ii)

B.(ii) and (iii)

C.(ii) and (iv)

D.(iii) and (iv)

In a review of its provisions for the year ended 31 March 2015, Cumla’s assistant accountant has suggested the following accounting treatments:(i) Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to be returned by retail customers after the year end under the company’s advertised 30-day returns policy(ii) Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end(iii) The partial reversal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years(iv) Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property during March 2015 even though Cumla has no intention of selling the property in the near futureWhich of the above suggested treatments of provisions is/are permitted by IFRS?

A.(i) only

B.(i) and (ii)

C.(ii) and (iii)


At 1 April 2014, Tilly owned a property with a carrying amount of $800,000 which had a remaining estimated life of 16 years. The property had not been revalued. On 1 October 2014, Tilly decided to sell the property and correctly classified it as being ‘held-for-sale’. A property agent reported that the property’s fair value less costs to sell at 1 October 2014 was expected to be $790,500 which had not changed at 31 March 2015.What should be the carrying amount of the property in Tilly’s statement of financial position as at 31 March 2015?







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