PAS 34 - Interim Financial Reporting

26問 • 9ヶ月前

問題一覧

What does PAS 34 prescribe for an interim financial report?

minimum content

Which entities are encouraged to provide at least a financial report for the first half of the year according to the reference text?

publicly listed entities

What is the timeframe within which SEC and PSE require certain entities to provide quarterly financial reports?

45 days

What does PAS 34 encourage regarding the disclosure of financial information for highly seasonal businesses?

Disclosure for the latest 12 months

What is the purpose of interim reports according to the reference text?

To provide an update on significant events and transactions

What is the significance of materiality in interim measurements according to PAS 34?

Materiality is more significant in interim measurements

What view considers the interim period as an integral part of the annual accounting period?

integral view

What disclosures are required in interim financial statements according to the reference text?

Multiple disclosures including accounting policies, seasonality, unusual items, changes in estimates, and more

What is the timeframe within which SEC requires entities covered under the Rules of Commercial Papers and Financing Act to file quarterly financial reports?

Quarterly financial reports

What does PAS 34 prohibit regarding the preparation of financial statements for interim reporting?

Preparing a complete set of financial statements

Interim financial reports shall be published

Whenever the entity wishes

There is a presumption that anyone reading interim financial reports shall

c.Have access to the most recent annual report

Mount Company operates in the travel industry and incurs costs unevenly throughout the year. Advertising costs of P2,000,000 were incurred on March 1, and staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20,000,000 for the year. Of the sum, P3,000,000 would relate to the period ending March 31. What total amount of expenses should be included in the quarterly financial report ending March 31?

7,000,000

Due to a decline in market price in the second quarter, an entity incurred an inventory loss. The market price is expected to return to previous level by the end of the year. At the end of the year, the decline had not reversed. When should the loss be reported in the interim income statement?

in the second quarter

How is income tax expense for the third quarter interim period computed?

The estimated tax for the first three quarters based on an annual rate less a similar estimate for the first two quarters

Conceptually, interim financial statements can be described as emphasizing

timeliness over reliability

If financial report contains both the consolidated financial statements of a parent and the parent's

the consolidated financial statement only

If an entity does not prepare interim financial reports

the year-end financial statements compliance with IFRS is not affected

Interim financial reporting should be viewed

As reporting for an integral part of an annual period

Which of the following describes requirements regarding interim financial statements

If interim financial statements are presented, four basic financial statements are required

All of the following statements are true regarding interim reporting, except

IFRS requires a complete set of financial statements at the interim reporting dates

The accounting profession indicates that

The same accounting principles used for the annual report should be employed for interim periods

Which of the following is true regarding interim reporting?

each statement must be marked "unaudited

An entity owns a number of farms that harvest produce seasonally. Approximately 80% of the sales are in the period August to October: Because the business is seasonal, what does the standard suggests

Disclosure of the financial information for the latest and comparative 12-month period in addition to the interim report

Are the following statements in relation to an interim financial report true or false, according to PAS 34 Interim Financial Reporting? I. It is necessary to count inventories in full at the end of each interim accounting period. II. The net realizable value of inventories is determined by reference to selling price at interim date

statement 1 is false, statement 2 is true

The Acollo Company is preparing interim financial statements for the six months to 30 June 2019 in accordance with the minimum requirements of PAS 34. Its accounting year ends on 31 December each year. In the interim financial statements for the six months to 30 June 2019, a statement of financial position at 30 June 2019 and the statement of comprehensive income for the six months to 30 June 2019 will be presented. In addition, which TWO of the following should be presented? A. Statement of financial position at 30 June 201 B. Statement of financial position at 31 December 2018 C. Statement of comprehensive income for the half year to 30 June 2018 D. Statement of comprehensive income for the half year to 31 December 2018

b and c

Cfas (overview of accounting)

ユーザ名非公開 · 75問 · 11ヶ月前

Cfas (overview of accounting)