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

FA – May 2021 – L1 – SB – Q1b – Regulatory Environment of Accounting

Definition and purpose of accounting standards in financial reporting.

Question

i. What is accounting standards? (2 Marks)
ii. Explain the purpose of accounting standards (4 Marks)

Answer

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Tags: Accounting Standards, Purpose of Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2021

FA – Nov 2019 – L1 – SA – Q8 – Accounting Treatment for Bad and Doubtful Debts

Calculate the net amount of trade receivables recognized in the statement of financial position.

Question

What is the net amount of trade receivables recognized in the statement of financial position?

The following is an information extract from the books of accounts of Walling Parking Enterprises, a sole trader:

Trade receivables balance for the period: N1,300,000
The chance of collecting 2% of the receivables figure is remote.
It is virtually certain that 95% of the balance of the receivables is collectable.

Answer

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Tags: Accounting Standards, Financial Position, Trade receivables
Level: Level 1

Topic: Bad and Doubtful Debts
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q5 – Financial Statements Preparation

Identify what a cash flow statement cannot reveal.

Question

Which of the following information CANNOT be revealed by a statement of cash flow?

Answer

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Tags: Accounting Standards, Cash Flow, Financial Position
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

FA – May 2024 – L1 – SB – Q5a -Accounting for Inventories (IAS 2)

Explains the essential components involved in measuring inventories under IAS 2.

Question

a. Explain the essential components involved in measuring inventories in compliance with IAS 2 – Inventories. (6 Marks)

Answer

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Tags: Accounting Standards, IAS 2, Inventory Valuation
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2024

FA – Mar/July 2020 – L1 – SA – Q14 – Regulatory Environment of Accounting

Identifying non-objective of IASB

Question

Which of the following is NOT an objective of the International Accounting Standards Board (IASB)?
A. Review of accounting standards
B. Promotion of the use of accounting standards
C. Promoting application of the accounting standards
D. Convergence of international accounting standards
E. Preparation of the financial statements in line with the requirement of IASB framework

Answer

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

Topic: Regulatory Environment of Accounting
Series: MAR/JULY 2020

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

Question

Generally, there are advantages of global harmonisation of financial reporting standards to countries around the world, including Ghana.

Required:
Identify THREE advantages and THREE disadvantages of international harmonisation of accounting standards to multinational companies operating in Ghana.

Answer

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Tags: Accounting Standards, Financial Reporting, IFRS, International Harmonisation, Multi-national Companies
Level: Level 2

Topic: Corporate Reporting and Compliance
Series: MAY 2017

FR – May 2016 – L2 – Q3d – Role of the IASB and Standard-Setting Process

Discuss the standard-setting process adopted by the IASB.

Question

As a newly qualified accountant with The Institute of Chartered Accountants (Ghana) (ICAG), you are asked to make a short presentation to the rest of the staff in the accounting and finance department of your employer who are themselves yet to join ICAG as students about the standard-setting process adopted by the International Accounting Standards Board (IASB).

Required:
Discuss the standard-setting process as adopted by the IASB to these junior staff.

Answer

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Tags: Accounting Standards, IASB, IFRS, Standard-setting process
Level: Level 2

Topic: Role of the IASB and Standard-Setting Process
Series: MAY 2016

FR – Nov 2018 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Explanation of the importance of 'Substance Over Form' and features indicating that the economic substance of a transaction may differ from its legal form.

Question

Under the IASB’s Conceptual Framework for Financial Reporting, certain qualitative characteristics of useful financial information are identified. These are subdivided into characteristics considered fundamental and those considered to be enhancing. The two fundamental characteristics identified by the framework are ‘relevance’ and ‘faithful representation’. In order for financial transactions to be represented faithfully in the financial statements, the principle of ‘substance over form’ should be applied. This means that wherever there is a difference between the legal form of a transaction and its economic substance, the financial statements should reflect the economic substance.

Required:
i. Discuss the importance of the concept of ‘substance over form’.
(4 marks)

ii. Describe FOUR (4) features of a transaction that suggest that its economic substance may differ from its legal form.
(6 marks)

Answer

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Tags: Accounting Standards, Economic Substance, Professional Ethics, Substance Over Form
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2018

CR – Nov 2018 – L3 – Q5c – Regulatory framework and ethics

Evaluate the finance director's suggestion to early adopt a revised accounting standard for Navrongo Ltd’s 2018 financial statements.

Question

You are the financial controller of Navrongo Ltd (Navrongo), a company that experienced a relatively difficult trading during the year ended 30 September 2018. Reporting deadlines for the 2018 financial statements are rapidly approaching, and you have a number of matters to finalize. The finance director made the following suggestion in an email:

“A revised accounting standard that is relevant to Navrongo is expected to be issued by the IASB during the 2019 calendar year. Based on the content of the corresponding exposure draft, the revisions to the accounting standard would be beneficial to Navrongo in the year of adoption. The 2018 Navrongo financial statements should be prepared using the proposed new accounting standard on the basis of voluntary early adoption of the new standard.”

Required:
Explain to the finance director, justifying whether you agree or disagree with the suggestion above

Answer

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Tags: Accounting Standards, Early Adoption, Exposure Draft, Financial Reporting, IASB
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2018

CR – Nov 2023 – L3 – Q4b – Business combinations and consolidation

Outline factors to consider in determining the acquirer in a business combination according to IFRS 3.

Question

b) Mmebusem Plc has been negotiating with Anansesem Plc for several months, and agreements have finally been reached for the two companies to combine. In considering the accounting for the combined entities, management realises that, in applying IFRS 3, an acquirer must be identified. However, there is a debate among the accounting staff as to which entity is the acquirer.

Required:

In accordance with IFRS 3: Business Combinations, outline FOUR (4) factors that should be considered in determining which entity is the acquirer. (5 marks)

Answer

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Tags: Accounting Standards, Acquirer Identification, Business Combinations, IFRS 3
Level: Level 3

Topic: Business combinations and consolidation
Series: NOV 2023

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.

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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.

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

Describe ethical codes and their purpose for professional accountants.

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

Identifying the function of the Financial Reporting Council of Nigeria.

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

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

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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.

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FA – May 2021 – L1 – SB – Q1b – Regulatory Environment of Accounting

Definition and purpose of accounting standards in financial reporting.

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FA – Nov 2019 – L1 – SA – Q8 – Accounting Treatment for Bad and Doubtful Debts

Calculate the net amount of trade receivables recognized in the statement of financial position.

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FA – Nov 2019 – L1 – SA – Q5 – Financial Statements Preparation

Identify what a cash flow statement cannot reveal.

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FA – May 2024 – L1 – SB – Q5a -Accounting for Inventories (IAS 2)

Explains the essential components involved in measuring inventories under IAS 2.

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FA – Mar/July 2020 – L1 – SA – Q14 – Regulatory Environment of Accounting

Identifying non-objective of IASB

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FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

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FR – May 2016 – L2 – Q3d – Role of the IASB and Standard-Setting Process

Discuss the standard-setting process adopted by the IASB.

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FR – Nov 2018 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Explanation of the importance of 'Substance Over Form' and features indicating that the economic substance of a transaction may differ from its legal form.

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CR – Nov 2018 – L3 – Q5c – Regulatory framework and ethics

Evaluate the finance director's suggestion to early adopt a revised accounting standard for Navrongo Ltd’s 2018 financial statements.

You're reporting an error for "CR – Nov 2018 – L3 – Q5c – Regulatory framework and ethics"

CR – Nov 2023 – L3 – Q4b – Business combinations and consolidation

Outline factors to consider in determining the acquirer in a business combination according to IFRS 3.

You're reporting an error for "CR – Nov 2023 – L3 – Q4b – Business combinations and consolidation"

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