Question
1.) In preparing the opening statement of financial position, an entity is required to do the following except: a.Reclassify items that are previously classified as
1.) In preparing the opening statement of financial position, an entity is required to do the following except:
a.Reclassify items that are previously classified as another item in GAAP to a suspense account using PFRS
b.Recognize all assets and liabilities required by PFRS
c.Derecognize assets and liabilities not permitted by PFRS
d.Measure all recognized assets and liabilities in compliance with PFRS
2.) Financial statements presented by an entity in the current year would qualify as first PFRS financial statements under the following conditions except:
a.When an entity prepared financial statements in the previous period under PFRS but the financial statements were for internal use only
b.When the number of years of comparative information that an entity decides to present together with the financial statements in the year of adoption using PFRS
c.When an entity did not present financial statements in the previous period
d.When an entity prepared financial statements in the previous period under PFRS for consolidation purposes without preparing a complete set of financial statements
3.) Under which of the following circumstances would an entity's current year financial statements not qualify as first PFRS financial statements?
a.The entity prepared its financial statements in the previous year under PFRS for internal purposes
b.The entity prepared its financial statements in the previous year under its national GAAP
c.The entity prepared its financial statements in the previous year in conformity with all requirements of PFRS but did not contain an explicit and unreserved statement of compliance with PFRS
d.The entity prepared its financial statements in the previous year in conformity with all requirements of PFRS and contained an explicit and unreserved statement of compliance with PFRS
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started