The objective of financial statements (as set out in the Framework) is?

What is the name of the IASB's conceptual framework?

The 2 FUNDAMENTAL qualitative characteristics in the framework are?

4 enhancing qualitative characteristics of the Framework are?

What are the 5 elements of financial statements?

Framework definition of asset

Framework definition of a liability

The framework definition of equity is

Framework definition of income

Framework definition of expenses

4 Primary financial statements

What is the accounting equation and how is this rearranged for the SOFP?

What are the 4 components of equity that you are likely to encounter in F1?

Why are dividends not presented in the statement of POLCI?

Are proposed dividends recognised in the statement of changes in equity?

What does the word 'Current' signify in the SOFP?

For recognition in the financial statements an item must be an 'element'. What are the other two criteria?

What is the name of the body that appoints members of the International Accounting Standards Board? (IASB)

What is the role of the IFRS Interpretations Committee?

Steps involved in the issue of a new accounting standard

Is it preferable to have a modified audit report or unmodified?

To which group is the audit report addressed?

If the audit report uses the phrase 'without qualifying our opinion' to what is it likely to be referring?

What are the 2 major categories of a modified report?

Material but not pervasive leads to what sort of modified report?

How would you define pervasive?

In the case of something that is 'not free from misstatement and is also 'material and pervasive' the auditor would give...

In the case of insufficient appropriate evidence which could be material and pervasive the auditor would give

What are the 3 major categories of a statement of cash flow as per IAS 7?

A loss from disposal of asset

A decrease in inventory

Decrease in trade receivables

Decrease in trade payables

Increase in accruals

Decrease in prepayments

How should lease rentals be treated in the statement of cash flows?

IAS 18 Revenue Recognition

Revenue re sale of goods can be recognised when...

What are the 3 criteria for determining operating segments as per IFRS 8?

IAS 16 permits the capitalising of costs up to what point?

What happens to the cumulative depreciation on the revaluation of an asset?

What happens to a positive revaluation reserve when an asset is disposed of?

What are the accounting entries to remove excess depreciation?

If, under IAS 16, an asset is revalued/impaired to a figure below its carrying value, what happens?

The costs of training cannot be capitalised as per IAS 16?