Reference no: EM132765868

Problem 1: All of the following are characteristics of loans and receivables, except

a) With a fixed or determinable payments

b) The holder can recover substantially all of the investment unless there has been credit deterioration

c) Unquoted in an active market

d) The holder has a demonstrated positive intention and ability to hold to maturity.

Problem 2: Under PFRS 6, an entity is required to consider which of the following in developing accounting policy for the recognition of exploration and evaluation asset?

a) The requirements and guidance in PFRS dealing with similar and related issues

b) The definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Conceptual Framework.

c) Recent pronouncements of standard-setting bodies

d) Whether the accounting policy results in information that is relevant and reliable