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