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10 Cards in this Set
- Front
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b. First PFRS financial statements |
This is defined as the first annual financial statement in which an entity adopts PFRS by an explicit and unreserved statement of compliance with PFRS. a. PFRS financial statements b. First PFRS financial statements c. Opening PFRS statement of financial position d. First audited financial statements |
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c. A first time adopter |
An entity that presents first annual financial statements that conform with PFRS is known as a. An originating entity b. A provisional presenter c. A first time adopter d. An initial reporter |
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c. The beginning of the earliest period for which an entity presents full comparative information under PFRS |
What is the date of transition to PFRS? a. The beginning of the latest period in the most recent annual financial statements under previous GAAP b. The end of the latest period in the most recent annual financial statements under previous GAAP c. The beginning of the earliest period for which an entity presents full comparative information under PFRS d. The end of the earliest period for which an entity presents full comparative information under PFRS |
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c. January 1, 2018 |
An entity is a first tune adopter of PFRS. The most recent financial statements it presented under previous GAAP were on December 31, 2019. The entity adopted PFRS for the first time and intended to present the first PFRS financial statements on December 31, 2020. The entity plans to present a two-year comparative information for years 2019 and 2018. The opening PFRS statement of financial position should be prepared on a. January 1, 2019 b. January 1, 2017 c. January 1, 2018 d. January 1, 2020 |
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c. Opening PFRS statement of financial position |
The statement of financial position at the date of transition to PFRS is best described as a. Provisional PFRS statement of financial position b. Closing PFRS statement of financial position c. Opening PFRS statement of financial position d. Originating PFRS statement of financial position |
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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. |
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. |
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d. All of these conditions would qualify the current year financial statements of an entity as first PFRS financial statements. |
Under what condition would an entity’s current year financial statements qualify as first PFRS financial statements? a. When an entity prepared its most recent previous financial statements containing an explicit and unreserved statement of compliance with some but not all PFRS. b. When an entity prepared financial statements in the previous period under PFRS for consolidation purposes without preparing a complete set of financial statements. c. When an entity did not present financial statements in the previous period. d. All of these conditions would qualify the current year financial statements of an entity as first PFRS financial statements. |
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c. Disclose as comparative information all figures under previous GAAP alongside figures for the current year presented under PFRS |
Which is not a required adjustment in an opening PFRS statement of financial position? a. Recognize all assets and liabilities required under PFRS b.Derecognize assets and liabilities not permitted by PFRS c. Disclose as comparative information all figures under previous GAAP alongside figures for the current year presented under PFRS d. Measure all recognized assets and liabilities according to principles contained in PFRS |
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d. All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another category of equity. |
How should a first time adopter of PFRS recognize the adjustments required to present the opening PFRS statement of financial position?
a. All of the adjustments should be recognized in profit or loss. b. Adjustments that are capital in nature should be recognized in retained earnings and adjustments that are revenue in nature should be recognized in profit or loss. c. Current adjustments should be recognized in profit or lose and noncurrent adjustments should be recognized in retained earnings. d. All of the adjustments should be recognized directly in retained earnings or, if appropriate, in another category of equity. |
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d. All of these statements would be included in the first PFRS Enancial statements |
Which of the following would be included in the first PFRS financial statements? a. Three statements of financial position at the end of current year, at the end of the prior year and at the date of transition to PFRS b. Two statements of comprehensive income for the current year and prior year c. Two statements of changes in equity and two statements of cash flows for the current year and prior year d. All of these statements would be included in the first PFRS Enancial statements |
