Reference no: EM132712306
Problem 1.) PAS 34 guides about recognition of intangible assets that
A. Entity should follow normal recognition criteria.
B. Entity should follow special recognition criteria described in PAS 34paragraphs.
C. Management will choose criteria suitable to interim report.
Problem 2.) On 29 January 2020, management of an undertaking completes draft financial statements for the year to 31 December 2019. On 4 February 2020, the board of directors reviews the financial statements and approves them for issue. On 15 February 2020, the undertaking announces its profit and selected other financial information. On 18 March 2020, The financial statements are made available to shareholders, and others. On 25 April 2020, the shareholders approve the financial statements at the annual meeting. On 29 April 2020, the approved financial statements are then filed with a regulatory body. Which of the above dates marks the end of the period covered by PAS 10?
A. April 25
B. March 18
C. February 4
D. April 29
Problem 3.) Which of the following information cannot indicate that the asset was impaired at the end of the reporting period?
A. The bankruptcy of a customer after the reporting period
B. The sale of inventories after the reporting period
C. The destruction of a major production plant by a fire after the reporting period
D. All of the above
Problem 4.) Although PAS 34 focuses on content and form of interim financial reports but it does not encourages publicly traded entities to prepare interim financial reports
A. True
B. False
Problem 5.) IFRS 5 covers: 1. The classification, measurement and presentation of assets 'held for sale' 2. The classification and presentation of discontinued operations 3. The impairment of long-lived assets to be held and used
A. 1 and 2 only
B. 1, 2 and 3 all
C. 1 and 3 only
D. 2 and 3 only
Problem 6.) If the criteria are met after the end of reporting period, an undertaking shall:
A. When those criteria are met, after the end of reporting period, but before the approval of the financial statements for issue, the undertaking shall disclose the information in the notes
B. Classify a non-current asset as 'held for sale' in those financial statements
C. Classify a non-current asset as 'discontinued operations' in those financial statements