Question Tag: IASB

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CR – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)

Discuss the criteria for a contract to fall under IFRS 15 for revenue recognition.

Question

There has been significant divergence in practice over the recognition of revenue, mainly because International Financial Reporting Standards (IFRSs) contain limited guidance in certain areas. The International Accounting Standards Board (IASB), as a result of its joint project with the US Financial Accounting Standards Board (FASB), has issued IFRS 15 – Revenue from Contracts with Customers.

IFRS 15 sets out a five-step model, which applies to revenue earned from a contract with a customer with limited exceptions, regardless of the type of revenue transaction or the industry. Step one in the five-step model requires the identification of the contract with the customer and is critical for the purpose of applying the standard. The remaining four steps in the standard’s revenue recognition model are irrelevant if the contract does not fall within the scope of IFRS 15.

Required:

Discuss the criteria which must be met for a contract with a customer to fall within the scope of IFRS 15. (10 Marks)

Answer

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Tags: Contract Criteria, FASB, IASB, IFRS 15, Revenue Recognition
Level: Level 3

Topic: Revenue Recognition (IFRS 15)

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 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

Question

Briefly explain SIX purposes of the Conceptual Framework of the International Accounting Standard Board (IASB). (9 Marks)

Answer

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Tags: Accounting principles, Conceptual Framework, Financial Standards, IASB
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2022

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

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 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 – March 2024 – L2 – Q5b – Conceptual Framework for Financial Reporting

Discuss the reasons for the need of a conceptual framework in the standard-setting process.

Question

Discuss FIVE (5) reasons for the need of a conceptual framework in the standard-setting process.
(5 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, IASB, IFRS, Standard Setting
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAR 2024

CR – May 2019 – L3 – Q5c – Regulatory framework and ethics

The question asks for four reasons why the IASB found it necessary to revise the conceptual framework, as part of its effort to improve financial reporting.

Question

The Framework for the Preparation and Presentation of Financial Statements was originally issued in 1989. In 2004, the IASB and the FASB decided to review and revise the conceptual framework. However, this decision changed priorities and the slow progress in the project led to the project being abandoned in 2010. This was after only Phase A of the original joint project was finalized and introduced into the existing framework as Chapters 1 and 3 in September 2010.
The current form of the conceptual framework as at May 2018 provides a revised and complete version of the framework.

Required:
Explain FOUR (4) primary reasons why the IASB believed it was necessary to revise its conceptual framework. (4 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, IASB, Revisions
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2019

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 – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)

Discuss the criteria for a contract to fall under IFRS 15 for revenue recognition.

Question

Required:

Discuss the criteria which must be met for a contract with a customer to fall within the scope of IFRS 15. (10 Marks)

Answer

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Tags: Contract Criteria, FASB, IASB, IFRS 15, Revenue Recognition
Level: Level 3

Topic: Revenue Recognition (IFRS 15)

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 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

Question

Briefly explain SIX purposes of the Conceptual Framework of the International Accounting Standard Board (IASB). (9 Marks)

Answer

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Tags: Accounting principles, Conceptual Framework, Financial Standards, IASB
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2022

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

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

Identifying non-objective of IASB

Question

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

Discuss the standard-setting process adopted by the IASB.

Question

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 – March 2024 – L2 – Q5b – Conceptual Framework for Financial Reporting

Discuss the reasons for the need of a conceptual framework in the standard-setting process.

Question

Discuss FIVE (5) reasons for the need of a conceptual framework in the standard-setting process.
(5 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, IASB, IFRS, Standard Setting
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAR 2024

CR – May 2019 – L3 – Q5c – Regulatory framework and ethics

The question asks for four reasons why the IASB found it necessary to revise the conceptual framework, as part of its effort to improve financial reporting.

Question

Required:
Explain FOUR (4) primary reasons why the IASB believed it was necessary to revise its conceptual framework. (4 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, IASB, Revisions
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2019

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

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

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Regulatory Framework and Ethics
Series: NOV 2018

Question Tag: IASB

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CR – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)

Discuss the criteria for a contract to fall under IFRS 15 for revenue recognition.

You're reporting an error for "CR – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)"

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 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

You're reporting an error for "FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes"

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

Identifying non-objective of IASB

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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 – March 2024 – L2 – Q5b – Conceptual Framework for Financial Reporting

Discuss the reasons for the need of a conceptual framework in the standard-setting process.

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CR – May 2019 – L3 – Q5c – Regulatory framework and ethics

The question asks for four reasons why the IASB found it necessary to revise the conceptual framework, as part of its effort to improve financial reporting.

You're reporting an error for "CR – May 2019 – L3 – Q5c – Regulatory framework and ethics"

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 – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)

Discuss the criteria for a contract to fall under IFRS 15 for revenue recognition.

You're reporting an error for "CR – May 2023 – L3 – Q4a – Revenue Recognition (IFRS 15)"

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 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

You're reporting an error for "FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes"

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

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

You're reporting an error for "FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting"

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

Identifying non-objective of IASB

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q14 – Regulatory Environment of Accounting"

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

Discuss the standard-setting process adopted by the IASB.

You're reporting an error for "FR – May 2016 – L2 – Q3d – Role of the IASB and Standard-Setting Process"

FR – March 2024 – L2 – Q5b – Conceptual Framework for Financial Reporting

Discuss the reasons for the need of a conceptual framework in the standard-setting process.

You're reporting an error for "FR – March 2024 – L2 – Q5b – Conceptual Framework for Financial Reporting"

CR – May 2019 – L3 – Q5c – Regulatory framework and ethics

The question asks for four reasons why the IASB found it necessary to revise the conceptual framework, as part of its effort to improve financial reporting.

You're reporting an error for "CR – May 2019 – L3 – Q5c – Regulatory framework and ethics"

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"

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