Homework Answers
Preparation of quarterly financial statements is required by both ASPE and IFRS.
Financial statements are often done on an interim basis each year. Interim reports can be monthly, quarterly, or some other reporting period. Under International financial reporting standards (IFRS) and Acccounting standards for private enterprises (ASPE), preparation of interim financial statements is required. Financial statements requirements are fundamentally same under ASPE and IFRS.
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Preparation of quarterly financial statements is required by Select one: a. both ASPE and IFRS b....
Which of the following statements is true? Select one: a. Separation of continuing operations' income from...
Which of the following statements is true? Select one: a. Separation of continuing operations' income from discontinued operations' income is required only by IFRS, but not by ASPE. b. Separation of continuing operations' income from discontinued operations' income is required only by ASPE, but not by IFRS C. Separation of continuing operations' incomefrom discontinued operations' income is required by both IFRS and ASPE. d. Separation of continuing operations' income from discontinued operations' income is not required by IFRS or ASPE
Private Canadian enterprises can choose to follow either Select one: a. GAAP or CAS b. IFRS...
Private Canadian enterprises can choose to follow either Select one: a. GAAP or CAS b. IFRS or ASPE c. IFRS or CAS d. ASPE or GAAP
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B....
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
The IFRS Interpretations include (choose two): Select one or more: A) The IFRS Framework B) Standards...
The IFRS Interpretations include (choose two): Select one or more: A) The IFRS Framework B) Standards Interpretations Committee (SIC) Interpretations, issued pre-2001 C) IFRS Interpretations Committee (IFRIC) Interpretations, issued since 2001 D) International Financial Reporting Standards (IFRS), issued since 2001 E) International Accounting Standards (IAS), issued pre-2001
The term used in the Framework for the Preparation and Presentation of Financial Statements for income...
The term used in the Framework for the Preparation and Presentation of Financial Statements for income which arises in the course of the ordinary activities of an entity is: Select one: a profit. b. gain. c. fees. d. revenue.
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS....
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS. Its net income in Year 2 was $200,000, and shareholders' equity at December 31, Year 2, was $1,800,000. Mr. Lombardi, the major shareholder, has made an offer to buy out the other shareholders, delist the company, and take it private. Thereafter, the company will report under ASPE. You have identified the following two areas in which Fast's accounting principles differ between IFRS and ASPE....
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS....
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS. Its net income in Year 2 was $215,000, and shareholders’ equity at December 31, Year 2, was $1,950,000. Mr. Lombardi, the major shareholder, has made an offer to buy out the other shareholders, delist the company, and take it private. Thereafter, the company will report under ASPE. You have identified the following two areas in which Fast’s accounting principles differ between IFRS and ASPE....
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS....
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS. Its net income in Year 2 was $215,000, and shareholders’ equity at December 31, Year 2, was $1,950,000. Mr. Lombardi, the major shareholder, has made an offer to buy out the other shareholders, delist the company, and take it private. Thereafter, the company will report under ASPE. You have identified the following two areas in which Fast’s accounting principles differ between IFRS and ASPE....
Two fundamental qualitative characteristics defined by IFRS that are required to provide useful financial information are:...
Two fundamental qualitative characteristics defined by IFRS that are required to provide useful financial information are: Select one: a. relevance and faithful representation b. completeness and neutrality c. materiality and completeness d. completeness and full disclosure
Under IFRS, in the shareholders' equity section of the statement of financial position, Select one: a....
Under IFRS, in the shareholders' equity section of the statement of financial position, Select one: a. accumulated other comprehensive income is not presented b. retained earnings and accumulated other comprehensive income are reported separately C. retained earnings is not presented d. accumulated other comprehensive income is reported as a sub-category of retained earnings
Which of the following statements is true? Select one: a. Separation of continuing operations' income from discontinued operations' income is required only by IFRS, but not by ASPE. b. Separation of continuing operations' income from discontinued operations' income is required only by ASPE, but not by IFRS C. Separation of continuing operations' incomefrom discontinued operations' income is required by both IFRS and ASPE. d. Separation of continuing operations' income from discontinued operations' income is not required by IFRS or ASPE
Fast Ltd. is a public company that prepares its consolidated financial statements in accordance with IFRS. Its net income in Year 2 was $200,000, and shareholders' equity at December 31, Year 2, was $1,800,000. Mr. Lombardi, the major shareholder, has made an offer to buy out the other shareholders, delist the company, and take it private. Thereafter, the company will report under ASPE. You have identified the following two areas in which Fast's accounting principles differ between IFRS and ASPE....
Under IFRS, in the shareholders' equity section of the statement of financial position, Select one: a. accumulated other comprehensive income is not presented b. retained earnings and accumulated other comprehensive income are reported separately C. retained earnings is not presented d. accumulated other comprehensive income is reported as a sub-category of retained earnings
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