Ias1
Homework on Standard Setting/ Conceptual Framework and IAS/PAS No. 1
A. Identification- Write the word(s) best described by the statements below:
1. The financial report that shows the reporting entity’s economic resources and claims.
2. Refers to the ability of the business to raise cash to meet unexpected cash requirements.
3. Refers to the capacity of financial information to make a difference in the decisions made by users.
4. An entity-specific aspect of relevance which is based on the nature or magnitude of the item.
5. The underlying accounting assumption explicitly stated in the IFRS framework.
6. An enhancing qualitative characteristic of financial information that allows different knowledgeable and independent observers to reach a consensus.
7. A fundamental qualitative characteristic other than relevance.
8. A concept in capital maintenance that requires the adoption of the current cost basis of measurement.
9. Portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.
10. The entity responsible for the preparation and presentation of financial statements.
11. Sets out the recognition, measurement, presentation and disclosure requirements of transactions and events that are important in financial statements.
12. Contain information in addition to that presented in the statement of financial position, statement of comprehensive income, statement of changes in equity and the statement of cash flows.
13. An overall consideration that requires the selection and application of appropriate accounting policies.
14. A committee appointed by the FRSC that issues implementing guidelines on PFRS.
15. The required number of approval from the IASB members for an exposure draft to be published for public comment.
B. Fill in the blanks – Write the word(s) to make the statements complete and correct.
1.
A. Identification- Write the word(s) best described by the statements below:
1. The financial report that shows the reporting entity’s economic resources and claims.
2. Refers to the ability of the business to raise cash to meet unexpected cash requirements.
3. Refers to the capacity of financial information to make a difference in the decisions made by users.
4. An entity-specific aspect of relevance which is based on the nature or magnitude of the item.
5. The underlying accounting assumption explicitly stated in the IFRS framework.
6. An enhancing qualitative characteristic of financial information that allows different knowledgeable and independent observers to reach a consensus.
7. A fundamental qualitative characteristic other than relevance.
8. A concept in capital maintenance that requires the adoption of the current cost basis of measurement.
9. Portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.
10. The entity responsible for the preparation and presentation of financial statements.
11. Sets out the recognition, measurement, presentation and disclosure requirements of transactions and events that are important in financial statements.
12. Contain information in addition to that presented in the statement of financial position, statement of comprehensive income, statement of changes in equity and the statement of cash flows.
13. An overall consideration that requires the selection and application of appropriate accounting policies.
14. A committee appointed by the FRSC that issues implementing guidelines on PFRS.
15. The required number of approval from the IASB members for an exposure draft to be published for public comment.
B. Fill in the blanks – Write the word(s) to make the statements complete and correct.
1.