Identify two examples of judgments

Assignment Help Accounting Basics

Reference no: EM132694457

Management Judgments

Unlike U.S. GAAP, IFRS requires that an entity disclose both (a) management judgments with the most significant effect on the financial statements and (b) information about the major sources of estimation uncertainty that may result in a material misstatement to the carrying values of the entities assets and liabilities. These disclosure requirements are included in Applying IFRS: Enhancing Communication Effectiveness (Links to an external site.).

Question 1: Identify where judgments in the financial statements should be disclosed.

Question 2: Identify two examples of judgments that could have a significant impact on the financial statements.

Question 3: Identify four examples of estimation uncertainty that could result in a material adjustment in future years?

Question 4: Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year.

Reference no: EM132694457

Questions Cloud

Describe cloud bursting : Discuss how an IT manager might use load testing on a site. Discuss key items that should be included in an SLA. Define and describe cloud bursting.

Compute the percentage of allowance for doubtful accounts : Compute the percentage of the allowance for doubtful accounts to the accounts receivable for MGM. Round to one decimal place

Face value and the price of a bill maturing : Calculate the D = Dollar discount, which is equal to the difference between the face value and the price of a bill maturing in t days.

What is the break point of the retained earnings : ABC Corp. expects the retained earnings of $2 million. If the company's optimal capital structure is 60% equity and 40% debt, what is the break point of the ret

Identify two examples of judgments : Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year.

Find the amount for amortization of the premium : Determine the write down or the amount for amortization of the premium in the 7th coupon payment.

Identifying physical properties and meaning : Data examination: Identifying physical properties and meaning. Enhancing your data through modification and consolidation.

Examine the purpose of liquidation and required disclosures : Analyze management judgments and their effect on the financial statements. Examine the purpose of liquidation and required disclosures.

Considering the importance of data in organization : Considering the importance of data in organization, it is absolutely essential to secure the data present in the database.

User Account

All Pages