IFRS – Knowsia

Title: FR – L2 – Q11 – Accounting Policies

Define accounting policies as per IAS 8 requirements.

Question

(a) Define accounting policies.

(b) State the main factors that IAS 8 requires management to consider in selecting and applying accounting policies in the absence of any IFRS Accounting Standard.

(i) Property, plant, and equipment

(ii) Inventories

(iii) Depreciation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting policies, Depreciation, IFRS, Inventories, Property Plant Equipment
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q5 – Conceptual Framework for Financial Reporting

Explain relevance, faithful representation, and comparability in financial information per IASB's Conceptual Framework.

Question

CHAPTER TWO
Chapter 2 of the IASB’s Conceptual Framework states that in order to be useful for decision making purposes information must have certain characteristics. It goes on to describe both fundamental and enhancing qualitative characteristics of financial information.
Fundamental qualitative characteristics are relevance and faithful representation. Enhancing qualitative characteristics include comparability.

Required
Explain what is meant by relevance, faithful representation and comparability and how they make financial information useful.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, Conceptual Framework, Faithful representation, Financial Reporting, IASB, IFRS, Qualitative characteristics, Relevance
Level: Level 2

Topic: Conceptual Framework for Financial Reporting

Tag (SQ): IFRS

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

Title: FR – L2 – Q11 – Accounting Policies

Define accounting policies as per IAS 8 requirements.

FR – L2 – Q5 – Conceptual Framework for Financial Reporting

Explain relevance, faithful representation, and comparability in financial information per IASB's Conceptual Framework.

Our offerings

Contact Info

Customer

Get In Touch

Tag (SQ): IFRS

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

Title: FR – L2 – Q11 – Accounting Policies

Define accounting policies as per IAS 8 requirements.

You're reporting an error for "Title: FR – L2 – Q11 – Accounting Policies"

FR – L2 – Q5 – Conceptual Framework for Financial Reporting

Explain relevance, faithful representation, and comparability in financial information per IASB's Conceptual Framework.

You're reporting an error for "FR – L2 – Q5 – Conceptual Framework for Financial Reporting"

Our offerings

Contact Info

Customer

Get In Touch

admin