Question Tag: Financial Reporting

Search 500 + past questions and counting.

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

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)

AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance

This question identifies assignments that qualify as continuous audit functions.

Question

Which of the following assignments can be regarded as a continuous audit function?
A. Examining the effectiveness, efficiency, and economy of a cement project
B. Evaluating the adequacy of the security and control measures of the information technology
C. Ascertaining the fairness of the annual financial statements and notes to the accounts
D. Reviewing the internal control procedures before commencing the audit
E. Reviewing the company’s compliance with relevant guidance and release of financial information periodically

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Continuous Audit, Financial Reporting, Internal Control
Level: Level 3

Topic: Internal Audit and Corporate Governance
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Which of the following organisations has no representation on the Board of the Financial Reporting Council of Nigeria?
A. Chartered Institute of Taxation of Nigeria
B. Chartered Institute of Stockbrokers
C. Nigerian Institute of Bankers
D. Nigerian Institute of Estate Surveyors and Valuers
E. National Insurance Commission

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

Your firm, Alheri & Co, has been appointed to carry out an audit assignment on Barders Bank Limited. The Bank’s year ended 30 September 2010. In the process of carrying out this assignment, it was discovered that no provision was made for doubtful debts. Total loans and advances of N50 billion consisting of 200 customers were found to be at various stages of performance except a N1 billion term loan granted to a Director’s relation’s company on 31 December 2009 to be repaid in N100 million monthly equal instalments commencing from 31 January 2010. Interest was simply agreed at N100,000 per month.

As at the time of this audit, no repayment had been made on this loan.

Required:
a. What audit steps should be taken to ascertain the true position of the loan portfolio? (5 Marks)
b. State the basis and determine the provision that should be made on the loan portfolio. (10 Marks)
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

Question

IAS 20 deals with Accounting for Government Grants and Disclosure of Government Assistance. In the Standard, a grant in the form of a non-monetary asset may be valued at …………… or …………… value.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Government Grants, IAS 20, Non-Monetary Assets, Valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits

Identifies the type of monthly accounts submitted to the Accountant-General by a Self-Accounting Unit.

Question

The monthly accounts submitted to the Accountant-General of the Federation by a Self-Accounting Unit are referred to as ……………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountant General, Financial Reporting, Government Accounts, Public Sector, Self-Accounting Unit
Level: Level 3

Topic: Public sector audit
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

Question

An unintentional mistake is ……………committed by anyone in the accounting process which results in material misstatement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Process, Errors, Financial Reporting, Material Misstatement, Misstatement
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting

Provide a report on the essence, merits, and challenges of IFRS adoption in Nigeria.

Question

ABC Plc, in accordance with Nigerian Stock Exchange regulations on transitioning to IFRS, prepared its first IFRS Financial Statement in 2012. The document, spanning 155 pages, was complex for some stakeholders to understand.

You are required to prepare a brief report, highlighting the essence and merits of the adoption of IFRS by Nigerian Companies and state some of the challenges that could be encountered. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Harmonization, IFRS Adoption, Nigerian Stock Exchange, Stakeholder Challenges
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

Question

The objective of IAS 33 – Earnings Per Share is to improve the comparability of the performance of different entities in the same period and of the same entity in different accounting periods. This is done by prescribing the methods for determining the numbers of shares to be included in the calculation of earnings per share. The management of Soar Plc has sought your professional advice on the application of IAS 33.

Required: Advise the management of Soar Plc on the following:

i. Significance of Earnings Per Share (EPS). (5 marks)
ii. Shortcomings of Earnings Per Share (EPS). (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, EPS, Financial Performance, Financial Reporting, IAS 33, Investment Analysis
Level: Level 3

Topic: Earnings Per Share (IAS 33)

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)

AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance

This question identifies assignments that qualify as continuous audit functions.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Continuous Audit, Financial Reporting, Internal Control
Level: Level 3

Topic: Internal Audit and Corporate Governance
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

As at the time of this audit, no repayment had been made on this loan.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Government Grants, IAS 20, Non-Monetary Assets, Valuation
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits

Identifies the type of monthly accounts submitted to the Accountant-General by a Self-Accounting Unit.

Question

The monthly accounts submitted to the Accountant-General of the Federation by a Self-Accounting Unit are referred to as ……………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountant General, Financial Reporting, Government Accounts, Public Sector, Self-Accounting Unit
Level: Level 3

Topic: Public sector audit
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

Question

An unintentional mistake is ……………committed by anyone in the accounting process which results in material misstatement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Process, Errors, Financial Reporting, Material Misstatement, Misstatement
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting

Provide a report on the essence, merits, and challenges of IFRS adoption in Nigeria.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Harmonization, IFRS Adoption, Nigerian Stock Exchange, Stakeholder Challenges
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

Question

Required: Advise the management of Soar Plc on the following:

i. Significance of Earnings Per Share (EPS). (5 marks)
ii. Shortcomings of Earnings Per Share (EPS). (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, EPS, Financial Performance, Financial Reporting, IAS 33, Investment Analysis
Level: Level 3

Topic: Earnings Per Share (IAS 33)

Question Tag: Financial Reporting

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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)"

AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance

This question identifies assignments that qualify as continuous audit functions.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance"

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits

Identifies the type of monthly accounts submitted to the Accountant-General by a Self-Accounting Unit.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits"

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance"

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting

Provide a report on the essence, merits, and challenges of IFRS adoption in Nigeria.

You're reporting an error for "CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting"

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

You're reporting an error for "CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)"

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)"

AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance

This question identifies assignments that qualify as continuous audit functions.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q19 – Internal Audit and Corporate Governance"

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

Identifies the valuation methods for non-monetary government grants under IAS 20.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q9 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits

Identifies the type of monthly accounts submitted to the Accountant-General by a Self-Accounting Unit.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q8 – Public Sector Audits"

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance"

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting

Provide a report on the essence, merits, and challenges of IFRS adoption in Nigeria.

You're reporting an error for "CR – Nov 2016 – L3 – Q7a – Regulatory Environment for Corporate Reporting"

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

You're reporting an error for "CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)"

Our offerings

Contact Info

Customer

Get In Touch

admin