PFRS Flashcards
(26 cards)
These are the first annual financial statements in which an entity adopts PFRS.
FIRST PFRS FINANCIAL STATEMENTS
It is a transaction in which the entity acquires goods or services and pays for them by issuing its own equity instruments.
EQUITY-SETTLED SHARE-BASED PAYMENT TRANSACTION
is the right to an equity instrument of the entity conferred by the entity on another party.
EQUITY INSTRUMENT GRANTED
occurs when one company acquires another or when 2 or more companies merge into one.
BUSINESS COMBINATION
it is the risk that the FV or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
CURRENCY RISK
is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets.
CASH GENERATING UNIT (CGU)
it is the search for mineral resources and similar non-regenerative resources after the entity has obtained legal rights to explore in a specific area.
EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
it is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
LIQUIDITY RISK
An entity presenting its first PFRS financial statements is called a.
FIRST TIME ADOPTER
An entity presenting its first PFRS financial statements is called a.
FIRST TIME ADOPTER
It is the difference between the fair value of the shares which the counterparty has the right to subscribe and the subscription price the counterparty is required to pay.
INTRINSIC VALUE
is the entity that the acquirer obtains control.
ACQUIREE
It is the higher of an assets fair value less costs of disposal and its value in use.
RECOVERABLE AMOUNT
it is the beginning of the earliest period for which an entity presents full comparative information under PFRS.
DATE TO TRANSACTION TO PERSS
is a form of compensation given to an employee whereby the employee is entitled to future cash payment.
SHARE APPRECIATION RIGHT
it is a contract that evidences a residual interest in the assets of an entity.
EQUITY INSTRUMENT-
is the date at which the fair value of the equity instruments granted is measured.
MEASUREMENT DATE
It is a group of assets to be disposed of by sale or otherwise together as a group in a single transaction.
DISPOSAL GROUP
is the risk that the FV or future cash flows of a financial instrument will fluctuate because of changes in market prices.
MARKET RISK
It is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
VALUE IN USE
it is the date at which the entity and the counterparty agree to the terms and condition of a share-based payment.
GRANT DATE
are the incremental costs directly attributable to the disposal of an asset or disposal group.
COSTS TO SALE
is one whereby an entity acquires goods or services and incurs an obligation to pay cash at an amount based on the FV of equity instrument.
CASH-SETTLED SHARE-BASED PAYMENT TRANSACTION
It is the date on which the acquirer obtains control of the acquiree.
ACQUISITION DATE
