Discuss accounting issue related to the financial instrument

Reference no: EM133157877

Assurance - Integrated Problem

Assessment Opportunity #1

The candidate assesses the risk of material misstatement at the overall financial statement level.

CAS 315 Identifying and Assessing the Risks of Material Misstatement, paragraph A195, defines risk of material misstatement (RMM) at the overall financial statement level as "risks that relate pervasively to the financial statements as a whole, and potentially affect many assertions."

Assessment Opportunity #2

The candidate discusses the accounting issue related to the financial instrument.

The candidate demonstrates competence in Financial Reporting.

Determine which classification is appropriate given SI's business model and the characteristics of these investments.

To consider if the amortized cost classification is acceptable, IFRS 9.4.1.2 states:

A financial asset shall be measured at amortised cost if both of the following conditions are met:
(a) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Assessment Opportunity #3

The candidate assesses the risk of material misstatement at the assertion level.

The candidate demonstrates competence in Assurance.

Assessment Opportunity #4

The candidate discusses how recent events impact the going-concern basis of accounting and audit work.

Assessment Opportunity #5

The candidate discusses the impact of the going-concern basis of accounting on the audit report.

Reference no: EM133157877

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