Financial Reporting Standards IFRS
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Questions and Answers

What is the main purpose of financial statements according to IAS 1?

  • To provide information about the company's management
  • To provide information about the company's operations
  • To provide information about the company's financial performance and position (correct)
  • To provide information about the company's marketing strategy

    • Which International Financial Reporting Standard (IFRS) is responsible for regulating the presentation of financial statements?

  • IAS 32
  • IFRS 9
  • IFRS 7
  • IAS 1 (correct)

    • What is the name of the South African governmental accounting standard-setting body established by the Companies Act 71 of 2008?

  • South Africa Revenue Service (SARS)
  • International Financial Reporting Standards (IFRS)
  • South African Institute of Chartered Accountants (SAICA)
  • Financial Reporting Standards Council (FRSC) (correct)

    • What is the underlying principle of financial reporting that assumes a company will continue to operate for the foreseeable future?

    <p>Going concern principle</p> Signup and view all the answers

    What is the primary purpose of applying IFRS in preparing financial statements?

    <p>To prepare financial statements that are usable and comparable across countries</p> Signup and view all the answers

    Which of the following IFRSs deals with financial instruments?

    <p>All of the above</p> Signup and view all the answers

    What type of entities are required to apply International Financial Reporting Standards (IFRS) when preparing financial statements?

    <p>Companies incorporated under the Companies Act</p> Signup and view all the answers

    Who serves as the technical advisor to the Financial Reporting Standards Council (FRSC)?

    <p>South African Institute of Chartered Accountants (SAICA)</p> Signup and view all the answers

    What are the two reporting frameworks available under IFRS?

    <p>Full IFRS and IFRS for SMEs</p> Signup and view all the answers

    Which of the following is NOT a concept enforced in IAS 1?

    <p>Materiality principle</p> Signup and view all the answers

    Who are the primary users of financial statements prepared under IFRS?

    <p>All of the above</p> Signup and view all the answers

    What is the main objective of IFRS in relation to financial statements?

    <p>To provide financial information that is usable and comparable across countries</p> Signup and view all the answers

    What is the main objective of financial statements according to the Conceptual Framework?

    <p>To provide information about the economic resources, financial position, and financial performance of an entity</p> Signup and view all the answers

    Which of the following is NOT one of the qualitative characteristics of financial statements according to the Conceptual Framework?

    <p>Depreciation</p> Signup and view all the answers

    What is the purpose of the Conceptual Framework regarding the preparation and presentation of financial statements?

    <p>All of the above</p> Signup and view all the answers

    Which type of business ownership must comply with IFRS?

    <p>Publicly traded companies</p> Signup and view all the answers

    What is the assumption underlying the preparation of financial statements according to the Conceptual Framework?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of the elements of financial statements, such as assets, liabilities, and equity?

    <p>To present financial information about an entity</p> Signup and view all the answers

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