Applying IFRS Standards 4th Edition Ruth Picker - Test Bank

, Testbank

to accompany
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ards 4e g




Ruth Picker, Kerry Clark, John Dunn, David Kolitz, Gilad Livne,
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Janice Loftus, Leo van der Tas
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Prepared by g




John Sweeting, Emma Holmes and Elisabe
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,Test Bank to accompany Applying IFRS Standards 4e
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John Wiley & Sons, Ltd 2016
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© John Wiley & Sons, Ltd 2016
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, Chapter 1 The IASB and its Conceptual Framework
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CHAPTER 1 g




The IASB and its Conceptual Framework
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Learning Objectivesg




1.1 Describe the organisational structure of the key players in setting International Financial Re
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porting Standards (IFRSs)
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1.2 Describe the purpose of a conceptual framework – who uses it and why
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1.3 Explain the qualitative characteristics that make information in financial statements us
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eful

1.4 Discuss the going concern assumption underlying the preparation of financial statements
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1.5 Define the basic elements in financial statements –
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assets, liabilities, equity, income and expenses
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1.6 Explain the principles for recognising the elements of financial statements
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1.7 Distinguish between alternative bases for measuring the elements of financial st
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atements

1.8 Outline concepts of capital.
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© John Wiley & Sons, Ltd 2016
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