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    CAF 1 FAR1 Spring 2022.PDF Google Drive

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    usaid shaikz
    This document discusses various accounting concepts and standards. 1) It addresses the correct treatment of government grants under IAS 20, which is to present the whole grant as other comprehensive income or deduct it from a related expense in the statement of comprehensive income. 2) It identifies the two internal sources for assessing impairment as an expected decline in the asset's market value and evidence that the entity's performance is worse than expected. 3) The document examines several statements regarding the Conceptual Framework and IFRS, indicating that the Conceptual Framework is not an IFRS in itself and is intended to assist the IASB in developing accounting standards.

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    CAF 1 FAR1 Spring 2022.PDF Google Drive

    Uploaded by

    usaid shaikz
    72 views1 page
    This document discusses various accounting concepts and standards. 1) It addresses the correct treatment of government grants under IAS 20, which is to present the whole grant as other comprehensive income or deduct it from a related expense in the statement of comprehensive income. 2) It identifies the two internal sources for assessing impairment as an expected decline in the asset's market value and evidence that the entity's performance is worse than expected. 3) The document examines several statements regarding the Conceptual Framework and IFRS, indicating that the Conceptual Framework is not an IFRS in itself and is intended to assist the IASB in developing accounting standards.

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    This document discusses various accounting concepts and standards. 1) It addresses the correct treatment of government grants under IAS 20, which is to present the whole grant as other comprehensive income or deduct it from a related expense in the statement of comprehensive income. 2) It identifies the two internal sources for assessing impairment as an expected decline in the asset's market value and evidence that the entity's performance is worse than expected. 3) The document examines several statements regarding the Conceptual Framework and IFRS, indicating that the Conceptual Framework is not an IFRS in itself and is intended to assist the IASB in developing accounting standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    72 views1 page

    CAF 1 FAR1 Spring 2022.PDF Google Drive

    Uploaded by

    usaid shaikz
    This document discusses various accounting concepts and standards. 1) It addresses the correct treatment of government grants under IAS 20, which is to present the whole grant as other comprehensive income or deduct it from a related expense in the statement of comprehensive income. 2) It identifies the two internal sources for assessing impairment as an expected decline in the asset's market value and evidence that the entity's performance is worse than expected. 3) The document examines several statements regarding the Conceptual Framework and IFRS, indicating that the Conceptual Framework is not an IFRS in itself and is intended to assist the IASB in developing accounting standards.

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    © All Rights Reserved
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    You are on page 1of 1

    Financial Accounting and

    (iii) Which of the following Repo1ing-I Page 4 of 6


    statements
    (I) Cash Cowsis/are information
    correct? cannot be
    loss because it is not aHected by
    manipulated
    (II) diHerent
    Cash Cows easily,
    information can beto
    as compared proGt or
    manipulated
    because it accounting
    is aHectedpolicies.
    by
    easily, as(I)
    (a)diHerent
    Only compared
    is correctto proGt
    (b) Onlyor (II)loss
    is
    (c) Both areaccounting
    correct (d) None is correct (01)
    correct
    (iv) Onestimates.
    1 January 2019, a company purchased an
    received the government grant of Rs. 0.5 million.
    asset fromfor the
    Rs. 5cost
    million
    of asset.
    against It iswhich
    the policy
    it of the
    straight
    The line method
    company deducted overthe tengrant
    years. On 1
    repayable
    company to due to non-fulGlment
    depreciate such assets of conditions.
    using
    January 2021, the government grant became
    increasing:
    Repayment
    (a) carrying of grant
    value bywill
    Rs. result in (b)
    0.5 million
    (c) expense by Rs. 0.4 million (d) expense by Rs. 0.5
    carrying value by Rs. 0.4 million
    (v) Asmillion
    per IAS
    (02)20 ‘Accounting for Government
    Assistance’, presenting the whole grant as other
    Grantscomprehensive
    and Disclosure income or deducting it from a
    of Government
    income
    of: in the statement of
    related
    (a) grantexpense, is the correct treatment
    (b) forgivable loan expected to
    related
    (c) to
    government assistance in the
    be received
    (d) grant related
    in next to assets
    year (01)
    income
    form of free technical advice
    (vi) Which of the following
    (I) The Conceptual
    statements is/are correct?Framework is not an IFRS and
    Framework overrides
    nothing
    (II) One of in the Conceptual
    purpose of Conceptual
    that are based
    any speciGc on
    IFRS.
    Framework
    Only (I) isiscorrect
    (a)consistent to assist (b)IASB
    Onlyto(II)
    develop
    is IFRSs
    (c) Both are correctconcepts. (d) None is correct (01)
    correct
    (vii) Which of the following may be presented in
    and statement
    both (a)statement
    Purchase of
    ofcomprehensive
    non-current assets income
    of
    (c)cash Cows?
    Repayment of loan (d) Depreciation (01)
    (b) Issuance of shares
    (viii) Which TWO of the following are internal
    indication of
    sources Anofexpected
    assessingdecline
    whether
    (a)
    impairment? in there is an
    (b) An increase in
    theEvidence
    (c) asset’s market
    that the value
    interest
    (d) ratesthat the entity’s pe^ormance is worse
    Evidence
    asset is damaged
    than expected (01)

    Page 5 of 6
    Financial Accounting and
    Repo1ing-I Page 5 of 6
    Section

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