1.Derecognition normally occurs for asset when the entity no longer has a present obligation for all or part of the recognized liability

TRUE

FALSE

2.The Board used the Accounting Standard Advisory Council as its consultative group for the Conceptual Framework project. It comprises national accounting standard-settersand regional bodies with an interest in financial reporting..

TRUE

FALSE

3.A present economic resource controlled by theentity as a result of past events. An economic resource is a right that has thepotential to produce economic benefits

4.What is SMILE?

5.when does IASB 1st adopted the conceptual framework? (Month year)

6.In the 2011 Agenda Consultation stakeholders identified revision of the Conceptual Framework as a priority project for the Board.

TRUE

FALSE

7.Part two of Feedback Statement summarises the feedback on the proposals that preceded the 2018 Conceptual Framework and the Board's response to that feedback. It focuses on the more significant matters that prompted the most feedback from stakeholders.

TRUE

FALSE

8.the IFRS foundation issued the conceptual framework

TRUE

FALSE

9.The Board held 250 meetings with stakeholders and considered their feedback in finalizing the 2018 Conceptual Framework.

TRUE

FALSE

10.the benefit of providing the information needs to justify the cost of providing and using the information

11.It is the residual interest in the assets of the entity after deducting all its liabilities

12.In principle, income and expenses included in other comprehensive income in one period are recycled to the statement of profit or loss in a future period when doing so results in the statement of profit or loss providing more relevant information or a more faithful representation

TRUE

FALSE

13.is a contract that is equallyunperformed. It establishes a single asset or liabilityfor the inseparable combined right and obligation toexchange economic resources.

14.reflects entity-specific current expectations about theamount, timing and uncertainty of future cash flows

15.Decreases in assets, or increases in liabilities,that result in decreases in equity, other thanthose relating to distributions to holders ofequity claims

16.A type of presentation that provide information about assets,liabilities, equity, income andexpenses of two or more entitiesthat are not all linked by aparent-subsidiary relationship

17.the board, company and all other users are focus on the development of a consistent standards and accounting policies

TRUE

FALSE

18.what is ASK?

19.the right(s) or obligation(s), or group of rights and obligations, to which recognition criteria and measurement concepts are applied

20.In selecting a measurement basis, it is necessary to consider the nature of the information in both the statement of financial position, cashflows and the statement(s)of financial performance.

TRUE

FALSE

21.The Board published the following proposals over thec ourse of the project a Discussion Paper A Review of the Conceptual Framework for Financial Reporting in 2015

TRUE

FALSE

22.A characteristic of information that it must faithfully represent the substance of what it purports to represent to the maximum extent possible, complete, neutral and free from error

23.the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date

24.A type of presentation that provide information about assets, liabilities, equity, in1come and expenses of the parent only

25.what is ASK?

26.Normally, a faithful representation of a transferof an asset or liability is achieved by derecognition ofthe asset or liability with appropriate presentationand disclosure.

TRUE

FALSE

27.The process of capturing for inclusion in the statement of financial position orthe statement(s) of financial performance an item that meets the definition of anasset, a liability, equity, income or expenses

28.It is the residual interest in the assets of the entity after deducting all its liabilities

29.In the 2011 Agenda Consultation stakeholders identified revision of the Conceptual Framework as a priority project for the Board.

TRUE

FALSE

30.It is the exercise of caution when making judgements under conditions of uncertainty. It does not allow for overstatement or understatement of assets, liabilities, income or expenses

31.In exceptional circumstances, the Board may decide to exclude from the statement of profit or loss income or expenses arising from a change in current value of an asset or liability and include those income and expenses in other comprehensive income

TRUE

FALSE

32.The statement of profit or loss is the primary source of information about an entity's financial performance for the reporting period

TRUE

FALSE

MATCHING TYPE. write the letter which corresponds to your answer:

A. TOOLS

B. INPUT

C. PROCESS

D. OUTPUT

E. STORAGE

1.Objective of general purpose financial reporting

2.Financial statement presentation and disclosure

3.Concepts of capital and capital maintenance

4.Measurement of accounting elements

5.Qualitative characteristics of useful financial information

6.Concepts and guidance