IAS 1 Flashcards
A RECLASSIFICATION ADJUSTMENT IMPLIES THAT ON THE [Blank-1] OF AN ASSET OR LIABILITY, ANY CUMMULATIVE GAIN OR LOSS RECOGNISED IN THE RELEVANT RESERVE IN SOCE MUST BE TRANSFERRED FROM THAT RESERVE IN THE [Blank-2] TO THE [Blank-3] THROUGH THE [Blank-4].
1 - disposal
2 - SOCE
3 - SOPL
4 - SOCI
NON OWNER MOVEMENT IN EQUITY CAN BE PRESENTED [Blank-1] …………… BY …………IN SOCI AND CUMMULATED IN A [Blank-2] ……….. LINE AS ‘TOTAL COMPREHENSIVE INCOME FOR THE YEAR’ IN SOCE.
1 - LINE BY LINE
2 - SINGLE LINE
THE FIRST LINE ITEM IN SOPL IS [Blank-1]…………… AND THIS IS DEPICT THE TRANSFER OF GOODS AND SERVICES TO A CUSTOMER THAT ARISES IN THE [Blank-2]……………… …………………. OF THE [Blank-3] …………………..
1 - REVENUE
2 - ORDINARY/ NORMAL COURSE
3 - BUSINESS
In extremely rare circumstances in which management concludes that compliance with a requirement in a standard or an Interpretation would be so misleading that it would [Blank-1] with the objective of financial statements set out in the Conceptual Framework, the entity shall [Blank-2] from that requirement, if the relevant regulatory framework requires, or otherwise does not prohibit such a departure. In such a case, the entity shall disclose
- That management has concluded that the financial statements present fairly the entity’s financial position, performance, and cash flows.
- That it has [Blank-3] with applicable standards and interpretations, except for the one that was departed from.
- Details of the standard departed from – the [Blank-4], the [Blank-5] of the departure, the [Blank-6] it would be misleading to comply with the standard and the financial impact of the departure.
1 - CONFLICT
2 - DEPART
3 - COMPLIED
4 - TITLE
5 - NATURE
6 - REASON
An entity shall classify a liability as current when:
It is expects to settle the liability in its [Blank-1] ………….. …………… …………..
It holds the liability primarily for the purpose of [Blank-2] ……..
It is due to be settled within [Blank-3] …………… ………….. after the reporting period (an exception to note 1); or
The entity does [Blank-4]…… …………. ……… ………… right to defer settlement of the liability for at least twelve months after the reporting period.
1 - NORMAL OPERATING CYCLE
2 - CYCLE
3 - 12 MONTHS
4 - NOT HAVE AN UNCONDITIONAL
Assets such as inventories and trade receivables that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within 12 months after the reporting period should be classifed as [Blank-1] ………… …………. in the [Blank-2] …….
1 - current asset
2 - SOFP
Assets and liabilities (SOFP), and income and expenses (SOPL), shall [Blank-1] …….. be offset unless required or permitted by an [Blank-2]………
1 - not
2 - IFRS/ STD
The definition of Income that is recognised in SOPL
- Results in the [Blank-1] of resources, [Blank-2]of assets, [Blank-3] in liability & net increase in equity.
- [Blank-4] additional capital injection.
1 - inflow
2 - increase/ enhancement
3- decrease
4 - excludes
An entity shall classify an asset as current when:
It is expected to be realised in, or is intends to sell or consume it in, its [Blank-1]……………… …………. ……………..;
It is holds the asset primarily for the purpose of [Blank-2] …………;
It is expecting to realise the asset within [Blank-3] …………… ………… (STATE NUMERICAL VALUE AND MONTHS} after the reporting period; or
The asset is [Blank-4]…………. ……. ……… ………….. unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
1 - normal operating cycle
2 - trading
3 - 12 months
4 - cash or cash equivalent
IAS 1 PERMITS THE USE OF THE TERM ‘EXTRA ORDINARY ITEM’ TO BE PRESENTED IN SOPL
yes or no
no
IF PPE IS MEASURED USING REVALUATION MODEL, THEN ANY CUMMULATIVE GAIN RECOGNISED IN SOCI/CUMMULATED IN REVALUTION RESEVE IN EQUITY MUST BE [Blank-1] ……………..TO [Blank-2] …………..WITHIN THE [Blank-3]…………… ON THE DISPOSAL OF THE PPE. ANY GAIN OR LOSS ON DISPOSAL MUST BE RECOGNISED TO [Blank-4]…………….. (STATE THE NAME OF THE FINANCIAL STATEMENT) AS [Blank-5] ………………
1 - transferred
2 - RE
3 - SOCE
4 - SOPL
5 - other income
THE definition of Expenditure
- Results in the [Blank-1] of resources, [Blank-2] in assets, [Blank-3] in liabilities & net decrease in equity.
- Excludes distribution of [Blank-4] as returns on investment to owners.
1 - outflow
2 - reduction/ decrease
3 - increase
4 - dividends
If an Entity breaches a contract of a Long-Term Liability agreement on or before the end of the reporting period, and as a result, the liability becomes repayable on demand, then the entity must classify the liability as a [Blank-1] ………. …………. as at end of the reporting period, as the entity does [Blank-2] ……….. ………….. …………. …………right to defer its settlement for at least 12 months after that date.
1 - current liability
2 - not have an unconditional
Information is material if [Blank-1]…………., [Blank-2] ……………..or [Blank-3]…………………. (STATE IN ORDER OF DEFNITION GIVEN IN TEXT BOOK) it could reasonably be expected to [Blank-4] that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.
1 - omitting
2 - misstating
2 - obscuring
4 - influence decision
IAS 1 STATES THAT ITEMS REQUIRED TO BE DISCLOSED BY A STANDARD, IF NOT MATERIAL TO THE PRIMARY USER NEED NOT BE DISCLOSED AS IT COULD OBSCURE THE INFOMATION NEEDS OF THE PRIMARY USER.
yes or no
yes
