ACCA FA disclosure
Which of the following best describes the purpose of disclosure notes in the financial
statements? -correct answer_To provide more detail for the users of financial statements
about the information in the statement of financial position and statement of profit or loss and
other comprehensive income. For which class or classes of assets should a company disclose
in the notes to the financial statements a reconciliation of the opening carrying amount to the
closing carrying amount, showing the movements in the period? -correct answer_2 Intangible
assets 3 Tangible non-current assets 3 Which of the following should be disclosed in the note
to the financial statements for inventories? -correct answer_The amount of inventories carried
at net realisable value The accounting policies adopted in measuring inventories Which of the
following should be disclosed in the note to the financial statements for intangible assets?
-correct answer_The method of amortisation used A reconciliation of the carrying amount at
the beginning and end of the period The useful life of the assets Which of the following
statements is/are correct? -correct answer_IAS 37 requires disclosure in the notes to the
financial statements of the uncertainties affecting the outcome of a provision IAS 10 requires
disclosure of the nature and financial effect of a non-adjusting event after the reporting period
in the notes to the financial statements A brief description of its nature (ii) Where practicable an
estimate of the financial effect (iii) An indication of the uncertainties relating to the amount or
timing of any outflow (iv) The possibility of any reimbursement -correct answer_Contingent
liabilities Which of the following should be disclosed in the note to the financial statements for
tangible noncurrent assets? -correct answer_A reconciliation of the carrying amount of
non-current assets at the beginning and end of the period For revalued assets, the methods
and significant assumptions applied in estimating the value For revalued assets, the carrying
amount of each class of assets that would have been included in the financial statements had
the assets been carried at cost less depreciation Which of the following are required as
disclosures by IAS 2 Inventories? -correct answer_The amount of write-downs of inventories in
the period that have been recognised as an expense The carrying amount of inventories
classified by type (for example, raw materials, work in progress) Which one of the following is a
disclosure about non-adjusting events required by IAS 10 Events after the reporting period?
-correct answer_An estimate of the financial effect of the event, unless a reasonable estimate
cannot be made
Which of the following best describes the purpose of disclosure notes in the financial
statements? -correct answer_To provide more detail for the users of financial statements
about the information in the statement of financial position and statement of profit or loss and
other comprehensive income. For which class or classes of assets should a company disclose
in the notes to the financial statements a reconciliation of the opening carrying amount to the
closing carrying amount, showing the movements in the period? -correct answer_2 Intangible
assets 3 Tangible non-current assets 3 Which of the following should be disclosed in the note
to the financial statements for inventories? -correct answer_The amount of inventories carried
at net realisable value The accounting policies adopted in measuring inventories Which of the
following should be disclosed in the note to the financial statements for intangible assets?
-correct answer_The method of amortisation used A reconciliation of the carrying amount at
the beginning and end of the period The useful life of the assets Which of the following
statements is/are correct? -correct answer_IAS 37 requires disclosure in the notes to the
financial statements of the uncertainties affecting the outcome of a provision IAS 10 requires
disclosure of the nature and financial effect of a non-adjusting event after the reporting period
in the notes to the financial statements A brief description of its nature (ii) Where practicable an
estimate of the financial effect (iii) An indication of the uncertainties relating to the amount or
timing of any outflow (iv) The possibility of any reimbursement -correct answer_Contingent
liabilities Which of the following should be disclosed in the note to the financial statements for
tangible noncurrent assets? -correct answer_A reconciliation of the carrying amount of
non-current assets at the beginning and end of the period For revalued assets, the methods
and significant assumptions applied in estimating the value For revalued assets, the carrying
amount of each class of assets that would have been included in the financial statements had
the assets been carried at cost less depreciation Which of the following are required as
disclosures by IAS 2 Inventories? -correct answer_The amount of write-downs of inventories in
the period that have been recognised as an expense The carrying amount of inventories
classified by type (for example, raw materials, work in progress) Which one of the following is a
disclosure about non-adjusting events required by IAS 10 Events after the reporting period?
-correct answer_An estimate of the financial effect of the event, unless a reasonable estimate
cannot be made
