Asset Definition – NBC Institute

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

Question

The Conceptual Framework 2010 was criticized for its lack of clarity, the exclusion of certain important concepts, and for being outdated in terms of the IASB’s current thinking. The revised Conceptual Framework 2018 includes some new concepts such as prudence, provides updated definitions and recognition criteria for assets and liabilities, and clarifies some important concepts in a well-arranged eight chapters. Chapter four of the revised Conceptual Framework 2018 on elements of financial statements redefined some basic elements and concepts.

Required:

a. Evaluate the arguments for and against re-introduction of prudence into the Conceptual Framework.
(7 Marks)

b. Identify TWO of the concepts (Asset and Liability) which definitions were revised and justify the reasons for revised definitions.
(8 Marks)

Answer

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Tags: Asset Definition, Conceptual Framework, Financial Reporting Integrity, Liability Definition, Prudence
Level: Level 3

Topic: Introduction to Corporate Reporting

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

Question

Which of the following is the definition of non-current assets?
A. Assets held for trading purposes
B. Assets which are used for production and services over a number of years
C. Assets that are expected to be realized within normal operating cycle
D. Assets that are expected to be realized within a year
E. Assets expected to be consumed in ordinary course of business

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Definition, IAS 16, Non-current Assets
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2018

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

Question

Required:

a. Evaluate the arguments for and against re-introduction of prudence into the Conceptual Framework.
(7 Marks)

b. Identify TWO of the concepts (Asset and Liability) which definitions were revised and justify the reasons for revised definitions.
(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Definition, Conceptual Framework, Financial Reporting Integrity, Liability Definition, Prudence
Level: Level 3

Topic: Introduction to Corporate Reporting

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Definition, IAS 16, Non-current Assets
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2018

Question Tag: Asset Definition

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CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

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Question Tag: Asset Definition

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CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

You're reporting an error for "CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting"

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

You're reporting an error for "FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)"

CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting

Evaluate prudence reintroduction, revised asset and liability definitions in the Conceptual Framework.

You're reporting an error for "CR – Nov 2021 – L3 – Q7 – Introduction to Corporate Reporting"

FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct definition of non-current assets based on their usage.

You're reporting an error for "FA – May 2018 – L1 – SA – Q10 – Accounting for Property, Plant, and Equipment (IAS 16)"

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