Which of these are the main sources of regulations governing financial reporting in Australia?
The Corporations Act, The AASB, CLERP
Accounting standards, conceptual framework, stock exchange listing rules
Government legislation, stock exchange listing rules, accounting standards
AASB, FRC, government legislation.
If there is a conflict between the provisions of the Framework and the requirements of the accounting standards
The statements of accounting concepts prevail
The accounting standards prevail
The AASB must rule on the conflict
The accounts must contain a note on the conflict
Which statement is true?
The historical cost measurement basis is specifically designed to meet the decision-usefulness objectives
The provision of information for control is regarded as a more appropriate objective for external reporting than the decision-usefulness objective.
Decision-usefulness as the objective for financial reporting is a relatively recent innovation
None of the statement are true.
The correct statement is
If value-in-use is higher than value-in-exchange the asset should be offered for sale
An asset is considered to be impaired if its value-in-use is higher than its value-in-exchange
Value-in-use is lower than value-in-exchange for most assets
The recoverable amount of an asset us the higher of its value-in-use and its value-in-exchange
In class during week one we watched a video of Sir David Tweedie in which he claimed
The United States of America had agreed to adopt International Financial Reporting standards (IFRS) from 2010 onwards
China did not need to adopt IRFS at any point in the near future
The International Accounting standards Boards (IASB) supported the adoption of the 'gold standard' for reporting worldwide
Individual countries should adjust IFRS to suit their needs
It's not part of the role of the financial Reporting council
To appoint members of the AASB
To promote a greater role for international accounting standards in Australia
To review the content of...