Reference no: EM132702657
Problem 1. Which is the first step within the hierarchy of guidance when selecting accounting policies?
a. Consider the most recent pronouncements of other standard setting bodies.
b. Consider the applicability of the definitions, recognition criteria and measurement concepts in the conceptual Framework.
c. Apply a standard from IFRS if it specifically relates to the transaction.
d. Apply the requirements in IFRS dealing with similar and related issue.
Problem 2. Which is the reason why entities are permitted to change accounting policy?
a. The change is required by law.
b. The change is made by the internal auditor.
c. The change would allow the presentation of a more favorable profit picture.
d. The change would result in providing more reliable and relevant information about financial position, financial performance and cash flows.
Problem 3. Which method is required for reporting a change in accounting policy?
a. Averaging approach
b. Cumulative effect approach
c. Retrospective approach
d. Prospective approach
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