Subject: financial reporting

1. Recognition of elements in Financial Statements Required Assess whether each of the following would be recognised in the financial statements: (a) A gift of cash received by a company (b) A payment of a dividend to sharebolders (c) An upwards revaluation of a building (d) Polution released into the sea, destroying marine life. No government fines exist for this in the country of operation. 2. Framework I Required )Explain and give an example of the effect on a set of published financial statements of a company, if the going concern convention is beld not to apply b) Explain in general terms what the LASB's Conceptual Framework for Financial Reporting c) Describe the advantages and disadvantages of offering companies the option of departing d) List the 5 elements of financial statements as defined in the LASB's Conceptual e) Identify and explain the 6 qualitative characteristics of useful financial information is trying to achieve from the detailed requirements of IFRS's in order to achieve a fair presentation Framework for Financial Reporting and explain the meaning of each. 3. Framework II MCQs 1) Which of the following characteristics of financial information contribute to faithful representation per the LASB's Conceptual Framework for Financial Reporting? 1. Noutrality 2. Freedom fun manal 4.Consistency A. All 4 characteristice B. 1, 2 3 only C. 1,2 and 4 only D. 3 and 4 only