Which of the following accounting standards regulate the preparation and presentation of consolidated financial statements? (i) IAS 27, Consolidation and Separate Financial Statements (ii) IFRS 10, Consolidated Financial Statements (iii) IFRS 12, Disclosure of Interests with Other Entities (iv) IAS17, Leases Select one: a. (i), (ii) and (iii) only b. (i) only c. (i), (ii), (iii) and (iv) d. (ii) and (iii) only
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Q19
Which of the following accounting standards regulate the preparation and presentation of consolidated financial statements?
(i) IAS 27, Consolidation and Separate Financial Statements
(ii) IFRS 10, Consolidated Financial Statements
(iii) IFRS 12, Disclosure of Interests with Other Entities
(iv) IAS17, Leases
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- Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and ErrorsIn accordance with PFRS 9, an entity may reclassify a. Derivatives b. Financial assets designated at FVTPL c.None of these d. incestments in equity instruments designated at fvtoci1. PAS 28 defines an ‘associate’ as Choices An entity that controls one or more entities. An entity over which the investor has significant influence. A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An entity that is controlled by another entity. 2. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? Choices None of these. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. Reclassification of financial assets out of the FVTPL measurement category.
- A parent company is required to prepare consolidated financial statement for the group according to International Financial Reporting Standards IFRS 10. Required. Briefly explain the exceptions allowed by IFRS 10Entity A is the parent company of Entity B. Which of the following is required to be disclosed in the group's (Entity A and B's) consolidated financial statements? * the related party transactions during the period all of the choices the outstanding balances the related party relationship between Entity A and Entity BTRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NI
- IFRS 10: Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate other entities it controls. The control principle in IFRS 10 sets out the following three elements of control: power over the investee; exposure, or rights, to variable returns from involvement with the investee; and. the ability to use power over the investee to affect the amount of those returns. Required:i) What are Consolidated Financial Statements? ii) Identify FOUR (4) circumstances under which a company may gain control over another company but will not be allowed to prepare consolidated financial statements. (c) IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.Required:Explain and justify how IFRS 10 Consolidated Financial Statements determines elements of…IPSAS 35 'Consolidated financial statements' sets out the reporting requirement(s) as which of the following? Please select the right answers. A controlling entity shall prepare consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances. Consolidation of a controlled entity shall begin from the date the entity obtains control of the other entity and cease when the entity loses control of the other entity. A controlling entity shall prepare consolidated financial statements using accounting policies that are determined by the controlling entity. None of these are correctWhich of the following statements is incorrect concerning the preparation of consolidated financial statements? * A. Consolidated financial statem ents shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances. b. The financial statements of the parent and its subsidiaries shall be consolidated on a line by line basis by adding together like items of assets, liabilities, equity, income and expenses. c. Intragroup balances, transactions, income and expenses shall be eliminated in full. d. When the reporting dates of the parent and a subsidiary are different, the difference shall be no more than six months.
- Discuss the similarities and the differences between the consolidated financial statements in Part A and the consolidated financial statements in Part BThe following statements are based on PAS 34 – "Interim Financial Reporting": Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements for an interim period Statement 1: If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of PAS 1 for a complete set of financial statements. Statement 2: Statement 3: An entity shall apply different accounting policies in its interim financial statements and in its annual financial statements. A. Only statement 1 is true В. Only statement 2 is true С. Only statement 3 is false D. All of the statements are truePFRS 3 must be applied when accounting for business combinations, but does not apply to:i. Formation of a joint arrangementii. The acquisition of an asset or group of assets that is not a business although general guidance is provided on how such transactions should be accounted foriii. Combination of entities or businesses under common controliv. Acquisitions by an investment entity of a subsidiary that is required to be measured at fair value through profit or loss under PFRS 10 Consolidated Financial Statementsv. Mutual entitiesvi. Not-for-profit organizations a. i, ii, iii, iv, and v b. i, ii, iii, and iv c. i, ii, iii, iv, v, and iv d. i, ii, iii, iv, and vi