Under international accounting standards, the pension-related asset or liability is recognized on the balance sheet as the

Answer

net amount of the difference between the projected benefit obligation and plan assets and the deferred items (prior service cost, deferred pension gain/loss).

difference between the projected benefit obligation and plan assets.

difference between the accumulated benefit obligation and plan assets.

difference between the vested benefit obligation and plan assets.

The measurement of deferred tax liabilities and assets under international accounting standards requires the use of

Answer

current-year tax rates; use of future-years tax rates even though enacted is prohibited.

currently-enacted tax rates for future years..

currently-enacted tax rates for future years and future tax rates that have been announced by the government but have not yet been formally enacted into law

tax rates in effect when the temporary difference originated.

Which of the following is correct regarding international accounting standards for the impairment of intangible assets?

Answer

Goodwill impairments may not be reversed.

Goodwill impairments may be reversed.

No impairment losses may be reversed.

A distinction is made between impairment procedures for intangibles with finite and indefinite lives.

1. Which of the following is correct regarding the treatment of short-term obligations expected to be refinanced?

   Answer

   		If an obligation has actually been refinanced or a firm refinancing agreement is in place by the date financial statements are issued, then reclassify the short-term obligation as long-term
   		Classify the short-term obligation as long-term if the obligation has been refinanced by the date the financial statements are issued
   		Classify the short-term obligation as long-term if the obligation has been refinanced by the balance sheet date.
   		There is no provision for reclassifying short-term obligations expected to refinanced as long-term obligations under international accounting standards.