Question Tag: Accounting Standards

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AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards

Identifies a major deficiency of local standards compared to IFRS in the presentation of non-current assets.

Question

One of the major deficiencies of our Local Standards over IFRS’s presentation of Non-current Assets is that our Local Standards do not recognise ……………. process.

Answer

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Tags: Accounting Standards, IFRS, Local Standards, Non-current Assets, Regulatory Differences
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

Question

Which of the statements listed below about IFRS is invalid?

A. Multinational should benefit from a number of cost savings when using IFRS
B. Companies that wish to reach a wider group of investors will find financial statements based on IFRS acceptable in all major markets
C. Using IFRS will make it easier, though more expensive, to have secondary listing in other countries of the world
D. Using the same accounting basis provides greater comparability between companies which will lead to more efficient investment
E. The original standard setter between (1973-2000) was International Accounting Standard Committee (IASC)

Answer

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Tags: Accounting Standards, Financial Reporting, IFRS, International Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

Question

Within the context of financial reporting and regulatory frameworks:

i. Discuss the main sources of regulations. (3 Marks)
ii. Discuss TWO reasons why financial reporting practice should be regulated. (2 Marks)

Answer

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Tags: Accounting Standards, Company Law, Financial Reporting, Regulations, Regulatory Rationale, Stock Exchange
Level: Level 2

Topic: Regulatory Framework for Financial Reporting

BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

Question

Accountants, like most professionals, are guided by the code of ethics of their profession when dealing with clients.

Required:
Explain:
i. Ethical codes
ii. The purpose of ethical codes for a professional accountant.

Answer

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Tags: Accounting Standards, Ethical Guidelines, Ethics, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2020

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

Question

Which of the following is NOT a function of the Financial Reporting Council of Nigeria?

A. Promoting and enforcing compliance with the accounting standards developed by the Board
B. Developing and publishing in the public interest accounting standards to be observed in the preparation of financial statements
C. Advising State Governments on matters relating to accounting standards
D. Receiving notices of non-compliance with its standards from the preparer
E. Advising the Minister on making of regulations under Section 356 of Companies and Allied Matters, Cap C20, LFN 2004

Answer

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Tags: Accounting Standards, Financial Reporting Council, Nigerian Accounting Laws
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2012

FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting

Highlights of the objectives of the International Accounting Standards Board (IASB).

Question

Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.

Required:

Highlight THREE objectives of the International Accounting Standards Board (IASB).

Answer

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Tags: Accounting Standards, IASB, Objectives
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

Question

Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.

Required:
Explain FOUR reasons why financial reporting should be regulated in Nigeria. (4 Marks)

Answer

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Tags: Accounting Standards, Financial Reporting, Nigeria, Regulation
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

Question

IPSAS 3 – Accounting Policies, Changes in Accounting Estimates, and Errors outlines criteria for selecting and changing accounting policies among other purposes.

Required:

Outline what constitutes changes in accounting policies under the standard.
Identify THREE disclosure requirements under the following headings:
- When the initial application of IPSAS 3 is made and has effects on prior, current, or future periods.
- When voluntary changes in accounting policy are made and have effects on current, prior, or future periods.

Answer

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Tags: Accounting Policies, Accounting Standards, Disclosure Requirements, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2021

FA – May 2013 – L1 – SA – Q4 – Accounting Concepts

The question concerns the process of eliminating variations in accounting practice.

Question

The process to reduce or eliminate variations in accounting practice and to introduce a degree of uniformity into financial reporting is:

A. Accounting Standards
B. Accounting Concepts
C. Accounting Manuals
D. Accounting Statements
E. Accounting Records

Answer

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Tags: Accounting Standards, Financial Reporting, Uniformity
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2013

AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards

Identifies a major deficiency of local standards compared to IFRS in the presentation of non-current assets.

Question

One of the major deficiencies of our Local Standards over IFRS’s presentation of Non-current Assets is that our Local Standards do not recognise ……………. process.

Answer

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Tags: Accounting Standards, IFRS, Local Standards, Non-current Assets, Regulatory Differences
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

Question

Which of the statements listed below about IFRS is invalid?

Answer

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Tags: Accounting Standards, Financial Reporting, IFRS, International Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

Question

Within the context of financial reporting and regulatory frameworks:

i. Discuss the main sources of regulations. (3 Marks)
ii. Discuss TWO reasons why financial reporting practice should be regulated. (2 Marks)

Answer

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Tags: Accounting Standards, Company Law, Financial Reporting, Regulations, Regulatory Rationale, Stock Exchange
Level: Level 2

Topic: Regulatory Framework for Financial Reporting

BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

Question

Accountants, like most professionals, are guided by the code of ethics of their profession when dealing with clients.

Required:
Explain:
i. Ethical codes
ii. The purpose of ethical codes for a professional accountant.

Answer

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Tags: Accounting Standards, Ethical Guidelines, Ethics, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2020

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

Question

Which of the following is NOT a function of the Financial Reporting Council of Nigeria?

Answer

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Tags: Accounting Standards, Financial Reporting Council, Nigerian Accounting Laws
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2012

FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting

Highlights of the objectives of the International Accounting Standards Board (IASB).

Question

Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.

Required:

Highlight THREE objectives of the International Accounting Standards Board (IASB).

Answer

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Tags: Accounting Standards, IASB, Objectives
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

Question

Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.

Required:
Explain FOUR reasons why financial reporting should be regulated in Nigeria. (4 Marks)

Answer

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Tags: Accounting Standards, Financial Reporting, Nigeria, Regulation
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

Question

IPSAS 3 – Accounting Policies, Changes in Accounting Estimates, and Errors outlines criteria for selecting and changing accounting policies among other purposes.

Required:

Outline what constitutes changes in accounting policies under the standard.
Identify THREE disclosure requirements under the following headings:
- When the initial application of IPSAS 3 is made and has effects on prior, current, or future periods.
- When voluntary changes in accounting policy are made and have effects on current, prior, or future periods.

Answer

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Tags: Accounting Policies, Accounting Standards, Disclosure Requirements, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2021

FA – May 2013 – L1 – SA – Q4 – Accounting Concepts

The question concerns the process of eliminating variations in accounting practice.

Question

The process to reduce or eliminate variations in accounting practice and to introduce a degree of uniformity into financial reporting is:

A. Accounting Standards
B. Accounting Concepts
C. Accounting Manuals
D. Accounting Statements
E. Accounting Records

Answer

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Tags: Accounting Standards, Financial Reporting, Uniformity
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2013

Question Tag: Accounting Standards

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AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards

Identifies a major deficiency of local standards compared to IFRS in the presentation of non-current assets.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards"

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

You're reporting an error for "FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting"

BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance."

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

You're reporting an error for "FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting"

FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting

Highlights of the objectives of the International Accounting Standards Board (IASB).

You're reporting an error for "FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting"

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

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FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

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PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)"

FA – May 2013 – L1 – SA – Q4 – Accounting Concepts

The question concerns the process of eliminating variations in accounting practice.

You're reporting an error for "FA – May 2013 – L1 – SA – Q4 – Accounting Concepts"

AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards

Identifies a major deficiency of local standards compared to IFRS in the presentation of non-current assets.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q15 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards"

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

You're reporting an error for "FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting"

BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance."

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

You're reporting an error for "FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting"

FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting

Highlights of the objectives of the International Accounting Standards Board (IASB).

You're reporting an error for "FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting"

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

You're reporting an error for "FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting"

FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

You're reporting an error for "FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting"

PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)"

FA – May 2013 – L1 – SA – Q4 – Accounting Concepts

The question concerns the process of eliminating variations in accounting practice.

You're reporting an error for "FA – May 2013 – L1 – SA – Q4 – Accounting Concepts"

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