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B prior period adjustments are just captured in the

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b.Prior period adjustments are just captured in theopening balance of the current year, but withappropriate disclosures.c.For defined benefit plans, an entity is required touse the accrual approach in calculating benefitobligations in accordance with Republic Act (RA)7641,The Philippine Retirement Pay Law,orcompany policy (if superior than RA 7641).d.All of these.13.Which the following topics in PFRS for SMEs apply tosmall entities?a.Finance leasesc.Hedge accountingb.Onerous contractsd.None of these14.Items of other comprehensive income of small entitiesincludeI.Some gains and losses arising on translating thefinancial statements of a foreign operation.II.Some actuarial gains and losses.III.Changes in revaluation surplus.IV.Somechangesinfairvaluesofhedginginstruments.a.I, II, III and IVc.II and IV onlyb.II, III and IV onlyd.None of them15.Section 2 of PFRS for SEsConcepts and PervasivePrinciplesprovides guidance onI.Objective of financial statementsII.Information provided by the financial statementsIII.Recognition of the elements of financial statementsIV.Use of accrual basisV.Fair value of an assetVI.Offsetting of the elements of financial statementsa.I, II, III, IV, V and VIc.I, III and VI onlyb.I, II, III, IV and VI onlyd.I and III only16.In accordance with Section 3 of PFRS for SEs, which ofthe following financial statements is not applicable to asmall entity?a.Statement of financial positionb.Statement of comprehensive incomec.Statement of changes in equityd.Statement of cash flows17.In accordance with Section 4 of PFRS for SEs, an entityshall account for all its investments in subsidiariesusingI.Cost modelII.Equity methodIII.Fair value modelIV.Consolidation methoda.I, II, III or IVc.II or IV onlyb.I or II onlyd.IV only18.In accordance with Section 5 of PFRS for SEs, which ofthe following requires restatement of comparativeinformation?a.Change in accounting estimatesb.Change in accounting policiesc.Correction of prior period errorsd.None of these19.In accordance with Section 6 of PFRS for SEs, basicfinancial instruments excludea.Cashb.Trade receivables and payablesc.Loans receivable and payabled.Investments in convertible preference shares20.In accordance with Section 6 of PFRS for SEs, afinancial asset or liability is measured initially ata.Transaction price, including transaction costsb.Transaction price, excluding transaction costsc.Fair value, including transaction costsd.Fair value, excluding transaction costs21.In accordance with Section 6 of PFRS for SEs,investments in shares that are traded in an activemarket shall be measured subsequently ata.Costc.Lower of a or bb.Fair valued.Amortized cost22.In accordance with Section 7 of PFRS for SEs, afinancial asset or liability is measured initially ata.Transaction price, including transaction costsb.Transaction price, excluding transaction costsc.Fair value, including transaction costsd.Fair value, excluding transaction costs23.In accordance with Section 7 of PFRS for SEs, financialinstruments within the scope of the section shall bemeasured subsequently ata.

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Depreciation, International Financial Reporting Standards, FRSC

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