Question
1*Financial statements of Kansas Ltd (Fr) for 2X13 are authorized by management and auditors on February 15, 2X13 for issuance on February 28, 2X13. On
1*Financial statements of Kansas Ltd (Fr) for 2X13 are authorized by management and auditors on February 15, 2X13 for issuance on February 28, 2X13. On February 20, Kansas settles as a plaintiff (payer of settlement) a 5 million Euro lawsuit. CFO of Kansas Ltd (Fr) makes a second decision regarding the presentation of the financial statements and decides this settlement does not need to be recognized in 2X13. He is:
a) In compliance with the IFRS
b) Committing fraud
c) Manipulating Data
2*US GAAP and the IFRS differ on their definition of financial assets in that only the IFRS defines it as: a) Cash b) An equity instrument (of another entity) c) A contractual right to receive cash d) There is no difference in the definition between US GAAP and the IFRS
3*Fiduciary funds are reported
a-As additional information is required
b-By type of fund in the financial statements of the fund c-By type of fund in the financial statements of the entire government d-Both in the financial statements of the fund and in the financial statements of the entire government
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