Which of the following is a benefit of moving toward a single set of standards?
Answer : C
The IAS 19 standard applies to which of the following groups of employees?
Answer : C
Which of the following is true of liabilities?
Answer : A
In defined contribution plans when the contributions are not expected to be settled wholly before twelve months after the end of the reporting period, what must occur?
Answer : B
Issuance of interim reports is an example of what enhancing characteristic?
Answer : D
Why is faithful representation important in accounting documentation?
Answer : C
To estimate how much the employees have earned for their work in the current and prior periods in order to attribute the benefit to the periods of service and to incorporate estimates about demographics and financial variables into calculations, a company must utilize what method?
Answer : D
Which of the following best defines the term “liability”?
Answer : B
The International Accounting Standards Board (IASB) has given companies the option to use fair value as the basis for measurement of financial assets and liabilities. Which of the following best defines fair value?
Answer : C
Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?
Answer : A
Why is accounting for defined benefits plans one of the most complex issues in
International Financial Reporting Standards?
Answer : A
An offer of redundancy is an example of which kind of employee benefits?
Answer : C
What are the two guiding principles of accrual accounting?
Answer : B
What is one of the purposes of International Accounting Standards Board (IASB)s conceptual framework, which establishes the concepts that underlie financial reporting?
Answer : C
What are the changes in the present value of the defined benefits obligation that result from experience adjustments or the effects of changes in actuarial assumptions called?
Answer : D