Financial Reporting Standards

AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

Question

Which ONE of the following does NOT affect public sector audit?

A. Financial regulation
B. The 1999 Constitution of the Federal Republic of Nigeria (as amended)
C. Statement of Accounting Standard
D. Treasury and circular letters
E. Finance Act

Answer

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Tags: Financial Reporting Standards, Government Accountability, Public Sector Audit, Regulations
Level: Level 3

Topic: Public sector audit
Series: NOV 2011

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

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Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

Question

Esinam Ltd has the following products in inventory at the end of 2016:

Product	Units	Cost per Unit (GH¢)
Ahomka	5,400	22
Adonko	2,800	26

Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Esinam Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of Adonko.

Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Esinam Ltd as at 31 December 2016?

Answer

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Tags: Financial Reporting Standards, IAS 2, Inventory Valuation
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: NOV 2017

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

Question

Explain any three barriers to global harmonization of financial reporting standards.

Answer

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Tags: Barriers, Financial Reporting Standards, Global Harmonization
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2016

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

Question

According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions.

Required:
Identify the circumstances under which it may be appropriate to change accounting policy in accordance with the guidance given in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Answer

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Tags: Accounting Policies, Change in Accounting Policies, Financial Reporting Standards, IAS 8
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: NOV 2016

AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

Question

Which ONE of the following does NOT affect public sector audit?

A. Financial regulation
B. The 1999 Constitution of the Federal Republic of Nigeria (as amended)
C. Statement of Accounting Standard
D. Treasury and circular letters
E. Finance Act

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Standards, Government Accountability, Public Sector Audit, Regulations
Level: Level 3

Topic: Public sector audit
Series: NOV 2011

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

Question

Esinam Ltd has the following products in inventory at the end of 2016:

Product	Units	Cost per Unit (GH¢)
Ahomka	5,400	22
Adonko	2,800	26

Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Esinam Ltd as at 31 December 2016?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Standards, IAS 2, Inventory Valuation
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: NOV 2017

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

Question

Explain any three barriers to global harmonization of financial reporting standards.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Barriers, Financial Reporting Standards, Global Harmonization
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2016

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Policies, Change in Accounting Policies, Financial Reporting Standards, IAS 8
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: NOV 2016

Question Tag: Financial Reporting Standards

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AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

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AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

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FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

You're reporting an error for "FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process"

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

You're reporting an error for "FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards"

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

You're reporting an error for "FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting"

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

You're reporting an error for "FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications"

AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits

Identifies an item that does not impact public sector audits in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q13 – Public Sector Audits"

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

You're reporting an error for "FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process"

FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards

This question tests the calculation of inventory valuation according to IAS 2 for products with expected discounts and selling costs.

You're reporting an error for "FR – Nov 2017 – L2 – Q2b – IAS 2, Inventory Valuation, Financial Reporting Standards"

FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting

Explain the barriers to global harmonization of financial reporting standards.

You're reporting an error for "FR – Nov 2016 – L2 – Q5e – Conceptual Framework for Financial Reporting"

FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications

Identify the conditions under which it may be appropriate to change accounting policy in accordance with IAS 8.

You're reporting an error for "FR – Nov 2016 – L2 – Q2b – Financial Reporting Standards and Their Applications"

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