Disclosures – NBC Institute

CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

Question

There have been various arguments globally about the extent of disclosures in the annual reports of companies. Some argue that annual reports should include more extensive disclosures, while others believe that efforts should focus on reducing the quantity of information to avoid overwhelming users of financial statements.

The latter perspective suggests that excessive disclosure is burdensome and may obscure key information. Conversely, some argue that there is no such thing as providing too much useful information to users of financial statements.

Required:

Discuss why it is important to ensure that an optimal level of disclosure is made in annual reports. Also, identify and explain the barriers that may exist when trying to reduce excessive disclosure of information in an annual report. (7 Marks)

Answer

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Tags: Annual Reports, Barriers to Disclosure Reduction, Disclosures, Financial Reporting, IAS 1
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

Question

The Ghana Code of Best Practices for Corporate Governance specifies a number of disclosures that should be included in an annual report of a listed company, in addition to those required by law or other regulations. The new CEO has presented a paper to the Board recommending that the company should go public to raise some equity capital to partially finance its expansion plans. The listing of the company would result in an increased number of shareholders.

Required:

a) Explain to the Board SIX (6) statements that must be disclosed in the annual report of TCWL after listing on the Ghana Stock Exchange. (6 marks)
b) The Code of Best Practices recommends measures that aim at maximising attendance and involvement by shareholders in the company. Briefly discuss FOUR (4) of those measures. (4 marks)

Answer

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Tags: Annual Reports, Corporate Governance, Disclosures, Ghana Code of Best Practices, shareholder engagement
Level: Level 3

Series: DEC 2022

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

Question

IAS 16 – Property, Plant and Equipment requires an entity to make certain disclosures in the financial statements for each major class of property, plant and equipment.

Required:
State FIVE of the disclosures under IAS 16. (5 Marks)

Answer

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Tags: Disclosures, IAS 16, Plant and Equipment, Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2022

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

Question

Which of the following is NOT required to be disclosed under IAS 2, Inventory?

A. Accounting policies adopted for measurement of inventory
B. Physical count of inventory at the end of the period
C. Amount of inventories recognised as expense during the period
D. Carrying amount of inventories pledged as security for liabilities
E. Carrying amount of inventories carried at fair value less cost of sale

Answer

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Tags: Disclosures, IAS 2, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2021

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

Question

IPSAS 1 Presentation of Financial Statements identifies a complete set of financial statements (under the accrual basis) as a statement of financial position, statement of financial performance, statement of changes in net assets/equity, cash flow statement, and accounting policies and notes to the financial statement.Required:
Identify four major disclosures that must be made in respect of the general government sector in the preparation of financial statements. (4 marks)

Answer

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Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2016

CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual Reports, Barriers to Disclosure Reduction, Disclosures, Financial Reporting, IAS 1
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual Reports, Corporate Governance, Disclosures, Ghana Code of Best Practices, shareholder engagement
Level: Level 3

Series: DEC 2022

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

Question

IAS 16 – Property, Plant and Equipment requires an entity to make certain disclosures in the financial statements for each major class of property, plant and equipment.

Required:
State FIVE of the disclosures under IAS 16. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disclosures, IAS 16, Plant and Equipment, Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2022

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

Question

Which of the following is NOT required to be disclosed under IAS 2, Inventory?

Answer

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Tags: Disclosures, IAS 2, Inventory
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2021

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

Question

Answer

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Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2016

Question Tag: Disclosures

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CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

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CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

You're reporting an error for "CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)"

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

You're reporting an error for "SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission"

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

You're reporting an error for "FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16"

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

You're reporting an error for "FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2"

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,"

CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)

Discuss the importance of optimal disclosure and barriers to reducing excessive disclosures in annual reports.

You're reporting an error for "CR – May 2023 – L3 – Q5b – Presentation of Financial Statements (IAS 1)"

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

You're reporting an error for "SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission"

FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

This question asks for five disclosures required under IAS 16 for property, plant, and equipment.

You're reporting an error for "FA – Nov 2022 – L1 – SB – Q6a – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16"

FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2

Identify a disclosure not required under IAS 2 for inventory.

You're reporting an error for "FA – May 2021 – L1 – SA – Q16 – Accounting for Inventories in Accordance with IAS 2"

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,"

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