Conceptual Framework WITH ANSWERS

International Financial Reporting Standards
Quiz:
Conceptual Framework
for Financial Reporting
Joint World Bank and IFRS Foundation train
the trainers workshop hosted by the ECCB,
30 April to 4 May 2012
K
The
Theviews
viewsexpressed
presenter,
expressedininthis
not necessarily
not necessarily
thispresentation
those of the
presentationare
those
IASB
of or
theIFRS
arethose
thoseofofthe
IASBFoundation.
the presenter,
or IFRS Foundation.
IFRS
IFRSFoundation
Foundation| |3030Cannon
CannonStreet
Street| |London
LondonEC4M
EC4M6XH
6XH| |UK.
UK.www.ifrs.org
www.ifrs.org
Quiz: purpose of the Conceptual
2
Framework for Financial Reporting
Question 1: The purpose of the Conceptual
Framework for Financial Reporting is:
a. to assist the IASB in setting IFRSs?
b. to assist preparers of financial
statements in applying IFRSs?
c. to assist auditors in forming an opinion
on whether financial statements
comply with IFRSs?
d. to assist users of financial statements
in interpreting IFRS financial
statements?
e. all of the above?
IFRS
Foundation
2012 IFRS| Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Street6XH | UK. www.ifrs.org
| London EC4M 6XH | UK | www.ifrs.org
Quiz: purpose of the Conceptual
3
Framework for Financial Reporting
Question 1: The purpose of the Conceptual
Framework for Financial Reporting is:
a. to assist the IASB in setting IFRSs?
b. to assist preparers of financial
statements in applying IFRSs?
c. to assist auditors in forming an opinion
on whether financial statements
comply with IFRSs?
d. to assist users of financial statements
in interpreting IFRS financial
statements?
e. all of the above?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: objective of general purpose of
4
financial reporting
Question 2: The objective of general
purpose financial reporting is:
a. provide financial information about the
reporting entity that is useful to
existing and potential investors,
lenders and other creditors in making
decisions about providing resources to
the entity?
b. to inform government statistics?
c. to support the entitys tax return?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
5
financial reporting
d. to meet all the information needs of all
the users of an entitys financial
statements?
e. to inform economic decision-making
by a broad range of users (including
managers, investors, creditors and
prudential regulators)?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
6
financial reporting
a. provide financial information about the
reporting entity that is useful to existing and
potential investors, lenders and other
creditors in making decisions about
providing resources to the entity?
b. to inform government statistics?
c. to support the entitys tax return?
d. to meet all the information needs of all the
users of an entitys financial statements?
e. to inform economic decision-making by a
broad range of users (including managers,
investors, creditors and prudential
regulators)?
2012 IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.ifrs.org
Quiz: objective of general purpose
7
financial reporting
Question 3: Which of the following could most closely be associated
with the objective of financial reporting:
a. have a bias toward understating assets

and income and overstating liabilities
and expenses?
b. transparency and neutrality?
c. financial stability through
conservatism/prudence?
d. management discretion in reporting
financial information?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: objective of general purpose
8
financial reporting
Question 3: Which of the following could most closely be associated
with the objective of financial reporting:
a. have a bias toward understating assets

and income and overstating liabilities
and expenses?
b. transparency and neutrality?
c. financial stability through
conservatism/prudence?
d. management discretion in reporting
financial information?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: fundamental qualitative
9
characteristics
Question 4: The fundamental qualitative
characteristics are:
a. comparability and relevance?
b. relevance and reliability?
c. relevance, reliability and
comparability?
d. relevance and faithful representation?
e. comparability, relevance and faithful
representation?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: fundamental qualitative
10
characteristics
Question 4: The fundamental qualitative
characteristics are:
a. comparability and relevance?
b. relevance and reliability?
c. relevance, reliability and
comparability?
d. relevance and faithful representation?
e. comparability, relevance and faithful
representation?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: qualitative characteristics 11
Question 5: verifiability means knowledgeable and independent observers:
a. would reach complete agreement that a

depiction is a faithful representation?
b. cannot reach consensus that a
c. could reach consensus, but not
necessarily complete agreement, that a
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Question 5: verifiability means knowledgeable and independent observers:
a. would reach complete agreement that a

b. cannot reach consensus that a
c. could reach consensus, but not
necessarily complete agreement, that a
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Question 6: which statement/s are true?

a. Relevance is a fundamental qualitative
characteristic.
b. Financial information without both
relevance and faithful representation is
not useful.
c. Financial information without both
relevance and faithful representation
cannot be made useful by being more
comparable, verifiable, timely or
understandable.
2012 IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.ifrs.org
Question 6: which of the statements below are true?
d. Financial information that is relevant

and faithfully represented may still be
useful even if it does not have any of
the enhancing qualitative
characteristics
e. All of the above statements.
f. None of the above statements.
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Question 6: which of the statements below are true?
d. Financial information that is relevant

and faithfully represented may still be
useful even if it does not have any of
the enhancing qualitative
characteristics
e. All of the above statements.
f. None of the above statements.
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: recognition 16
Question 7: Expenses are recognised in comprehensive income

(profit or OCI):
a. using the matching basison the

basis of a direct association between
the costs incurred and the earning of
specific items of income?
b. using the accrual basisitems are
recognised as assets, liabilities, equity,
income or expenses when they satisfy
the definitions and recognition criteria
for those items?
c. at the discretion of management?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: recognition 17
Question 7: Expenses are recognised in comprehensive income

(profit or OCI):
a. using the matching basison the

basis of a direct association between
the costs incurred and the earning of
specific items of income?
b. using the accrual basisitems are
recognised as assets, liabilities, equity,
income or expenses when they satisfy
the definitions and recognition criteria
for those items?
c. at the discretion of management?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: uncertain future cash flows 18
Question 8: Recognition criteria determine when

to recognise an item.
Measurement is determining the monetary
amounts at which to measure an item.
Uncertainties about the extent of future cash
flows:
a. only affect the decision about whether to
recognise?
b. only affect the estimation of the amount
at which to measure the item?
c. could affect both recognition and
measurement?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: uncertain future cash flows 19
Question 8: Recognition criteria determine when

to recognise an item.
Measurement is determining the monetary
amounts at which to measure an item.
Uncertainties about the extent of future cash
flows:
a. only affect the decision about whether to
recognise?
b. only affect the estimation of the amount
at which to measure the item?
c. could affect both recognition and
measurement?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: measurement 20
Question 9: How many measurement bases

does IFRSs specify for the measurement of
assets?
a. onehistorical cost
b. onefair value
c. twohistorical cost and fair value
d. manyincluding historical cost, fair
value, value in use, estimated selling
price less costs to complete and sell,
etc
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: measurement 21
Question 9: How many measurement bases

does the IFRSs specify for the measurement
of assets?
a. onehistorical cost
b. onefair value
c. twohistorical cost and fair value
d. manyincluding historical cost, fair
value, value in use, estimated selling
price less costs to complete and sell,
etc
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: status of Conceptual Framework 22
Question 10: the Conceptual Framework:

a. is an IFRS?
b. overrides all other IFRS requirements?
c. does not define standards for any
particular measurement or disclosure
issue?
d. is in the hierarchy that management must
in the absence of a specific IFRS
requirement apply in developing an
accounting policy that results in
information that is relevant?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Quiz: status of Conceptual Framework 23
Question 10: the Conceptual Framework:

a. is an IFRS?
b. overrides all other IFRS requirements?
c. does not define standards for any
particular measurement or disclosure
issue?
d. is in the hierarchy that management must
in the absence of a specific IFRS
requirement apply in developing an
accounting policy that results in
information that is relevant?
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
Questions or comments? 24
Expressions of individual views by

members of the IASB and its staff
are encouraged.
The views expressed in this

presentation are those of the
presenter.
Official positions of the IASB on

accounting matters are determined
only after extensive due process
and deliberation.
IFRS
Foundation
30 Cannon Street
| 30| Cannon
London EC4M
25
The requirements are set out in International Financial

Reporting Standards (IFRSs), as issued by the IASB at 1
January 2012 with an effective date after 1 January 2012 but
not the IFRSs they will replace.
The IFRS Foundation, the authors, the presenters and the
publishers do not accept responsibility for loss caused to
any person who acts or refrains from acting in reliance on
the material in this PowerPoint presentation, whether such
loss is caused by negligence or otherwise.
2011
IFRS Foundation | 30 Cannon
IFRS Foundation | 30Street | London
Cannon EC4M
Street 6XH | UK.
| London EC4Mwww.ifrs.org
6XH | UK | www.ifrs.org

Conceptual Framework WITH ANSWERS

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Conceptual Framework WITH ANSWERS

Caricato da

Copyright:

Formati disponibili

International Financial Reporting Standards

a. have a bias toward understating assets

a. have a bias toward understating assets

Question 5: verifiability means knowledgeable and independent observers:

a. would reach complete agreement that a

Question 5: verifiability means knowledgeable and independent observers:

a. would reach complete agreement that a

Question 6: which statement/s are true?

Question 6: which of the statements below are true?

d. Financial information that is relevant

Question 6: which of the statements below are true?

d. Financial information that is relevant

Question 7: Expenses are recognised in comprehensive income

a. using the matching basison the

Question 7: Expenses are recognised in comprehensive income

a. using the matching basison the

Question 8: Recognition criteria determine when

Question 8: Recognition criteria determine when

Question 9: How many measurement bases

Question 9: How many measurement bases

Question 10: the Conceptual Framework:

Question 10: the Conceptual Framework:

Expressions of individual views by

The views expressed in this

Official positions of the IASB on

The requirements are set out in International Financial

Potrebbero piacerti anche