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UNIVERSITY EDUARDO MONDLANE

ECONOMICS FACULTY

DEPARTMENT OF ACCOUNTING AND FINANCE

Degree in Accounting and Finance Academic Year 2018

International accounting

INTERNATIONAL ACCOUNTING

Sheet Class Practice I

For each of the 65 questions below identifies the response alternative that judges

more accurate.

1. The standardization and harmonization of concepts are:

The) similar

B) completely different

w) severable

d) None of the previous

2. The matching condition is not desired to achieve comparability

information at the international level:

The) True

B) False

w) True, because the princinpal harmonization objective is the unification of

accounting rules.

d) The objective of harmonization is not always to promote comparability

informative

3. An accounting standard process standards are:

The) flexible

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B) strict

w) always mandatory

d) never mandatory

4. The main cause of accounting diversity results from the fact that:

The) The standardization process contabilístiaca be influenced by the interests of

some market players.

B) The standardization process contabilístiaca be influenced by the needs of

information from some market players.

w) The standardization process contabilístiaca be influenced by interests

politicians in each country.

d) The normalization process contabilístiaca be influenced by its surroundings

economic, political, social, legal, among other dimensions.

5. The gloabalização economies and the progress made in recent times in

information and communication technologies affect:

The) The reliability of accounting information.

B) The relevance of accounting information

w) The accounting information comparability d

d) None of the previous

6. The accounting diversity

The) You must persist to maintain the identity of each country.

B) Contributes to alleviate the economic impact of standards

w) Undermines the credibility of financial information

d) All of the above

7. An independent accounting system occurs:

The) A subordination of the State Accounting

B) A subordination of accounting the economic interests

w) Independence of the state due to the accounting and developed in countries

Ango-Saxon type

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d) None of the previous

8. An accounting system of continental orientation occurs:

The) A subordination of accounting management.

B) A subordination of accounting to the specific objectives of the company.

w) A subordination of accounting taxation.

d) None of the previous.

9. The strong separation between accounting and taxation is characteristic:

The) The countries of Anglo-Saxon influence

B) The countries of influence of Continental Europe

w) United States of America and Continental Europe Countries

d) None of the previous

10. Ongoing projects in the IASB on various themes such as:

The) accounting concepts

B) Convergence of standards

w) conceptual framework

d) All of the above

11. The International Organization of Securities Commissions ( IOSCO) accepted the nromas

the IASB as a model of international standardization and promotion of its implementation

( endorsement):

The) True

B) True, though not an immediate process

w) False

d) IOSCO has never accepted the IASB standards.

12. Which of the following statements about the main purpose of financial reporting is

more correct?

The) It provides information that can help in making decisions.

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B) The individual needs of users can be met by

adaptation of financial reports.

w) It allows accountability, since managers have to answer about the

resources used.

d) Identifies a variety of existing users and addicts potential

financial statements to make decisions.

13. A conceptual framework of accounting is:

The) A set of financial statements

B) Set of rules governing the financial reporting

w) Set of components of the financial statements

d) Set of principles that underpin financial reporting.

14. Financial information is relevant when:

The) It is exempt from prejudging

B) It contains the greatest potential of information necessary for decision making.

w) Falls in a complete operations and events

d) The entity's statements present homogeneous data.

15. The accounting practices generally accepted are:

The) bags requirements values

B) regional organizations (eg EU directives)

w) national accounting standards

d) national company law

and) All the above statements

16. An information said to be reliable when:

The) Est'a prepared based on accounting principles generally accepted

B) Contains greater potential for necess'arios data for decision-making.

w) When est'a free from material error and prejudge.

d) Meets the tax rules.

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17. The financial information that meets the qualitative characteristics are:

The) Information free of material misstatement.

B) information worthy of trust

w) Readily understandable by users

d) All of the above

18. Neutrality is an attribute of:

The) Relevânci

B) Prudence

w) Consistency

d) reliability

19. Which of the following concepts justifies deferrals account:

The) Accrued regime

B) Postulate of the substance on the form

w) Prudence

d) Consistency

20. The rule that is more related to the qualitative characteristic of comparability

and the:

The) Consistency

B) Prudence

w) Materiality

d) None of the previous

21. The assets are recognized when:

The) The prpriedade for the entity and the element has cost.

B) The entity has a control element and this has cost.

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w) The entity has control element, be reasonable to assume that flow to the

entity future economic benefits and the element is measurable

objectively.

d) The entity has control element, be reasonable to assume that flow to the

entity future economic benefits and the element to be measured accurately.

22. Which of the following statements relating to the liability concept is correct:

The) Liability is a present obligation of the entity arising from events

future, the settlement of which is expected to result in an inflow of resources from

entity embodying economic benefits.

B) Liability is a present obligation of the entity arising from events

past, the settlement of which is expected to result in an outflow of resources

entity embodying economic benefits.

w) Liability is a present obligation of the entity arising from events

past, the settlement of which is expected to result in an outflow of resources

entity provided these do not incorporate economic benefits.

d) Liability is a resource controlled by an entity from

past events, the settlement of which is expected to result in an outflow

entity of resources embodying economic benefits.

23. The measurement basis of historical cost:

The) It must be used in pure form

B) It can be combined with other measurement bases

w) It can only be corrected by the effects of inflation.

d) None of the previous

24. The timing (opportunity) is considered:

The) A qualitative characteristic of FDs

B) Essential for the FDs are comparable

w) A constraint to relevant and reliable information.

d) None of the previous.

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25. Recognition of impairment is perds reason of the application:

The) the prud6encia

B) The historical cost

w) Postulate of the substance on the form

d) None of the previous

26. A conceptual framework presents the detailed accounting treatment of transactions

and other events:

The) True

B) False

27. What are the primary users of financial statements of general purposes:

The) Investors and creditors

B) Investors and customers

w) Employees and creditors

d) Investors and workers

28. The conceptual framework of the IASB 2010 version was developed jointly

with:

The) accounting standard setters of countries around the world.

B) European Union

w) US FASB

d) Council of UK Financial Reporting

29. Which of the following elements relating to financial position of a set of

financial statements?

The) Assets, liabilities, income and expense

B) Assets, Liabilities and Equity

w) Expenses and Income

d) Income, expenses and liabilities

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30. Which of the following is not the purpose of the conceptual framework report

financial:

The) Development of new accounting practices

B) Evaluation of existing financial reporting practices

w) Imposing the application of accounting practices existing at the global level.

31. Which of the following is not a disadvantage of a conceptual framework of

accounting:

The) It does not allow the application of different conceptual bases depending on the user.

B) No falicita the preparation of IFRS.

w) May hinder the development and preparation of accounting standards

d) It can lead to inconsistencies in accounting practices.

32. Evaluate whether the following statements are false or are true:

• The shareholders They are only interested in the financial statements

forward-looking, ie indicating the future progress.

• The Providers credit the goods are only interested in

statement of financial position.

About Shareholders About Providers

The) false real

B) false false

w) real false

d) True True

33. The conceptual framework limited the consistency and comparability of statements

financial

The) True

B) False

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34. Which of the following is not an advantage to have a conceptual framework for

accounting:

The) The development of accounting standards is subject to little pressure

policy.

B) A consistent approach to the balance sheet and demonstrates results of dog is used

eleaborar to accounting standards.

w) Needs of all users considered.

d) Prevents mistrura concepts in the development of standards

35. Which of the following would be an example of a user who can trust

financial reports of general purpose?

The) Horace receiving $ 5000 po r occasion dp her eighteenth birthday

christmas to invest in the stock market.

B) Sigumundo, which makes sugar-free chocolate bars, hopes to secure contracts

long-term sales to the school cafeterias around the city.

w) Milholo, who runs a coffee successful organic foods are interested

to expand into the food truck industry getting financing

through the stock exchange.

d) Vaneza, which has a store of fish products, and who is interested in

expand their range of products and to align itself to the suppliers

to ask for an increase in its credit limit.

36. Which of the following is not a part of the conceptual framework?

The) It is the basis of accounting standards that developers use to develop

new accounting standards.

B) Allows the external auditors evaluate compliance with IFRS and then

form an opinion.

w) It allows for consistency when existing accounting standards do not provide

guidance on a particular issue.

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d) It is an alternative to the detailed accounting standards since it is more

easy to be understood by users of financial statements.

37. Which of the following is not an objective of the conceptual framework?

The) It addresses the common needs of the financial report users.

B) It allows the consistency of the qualitative characteristics of financial reporting.

w) It allows the implementation of a universal set of accounting standards.

d) It provides guidance for transactions not covered in accounting standards

existing.

38. Which of the following does not improve the qualitative characteristics of information

financial useful, as identified in the conceptual framework?

• Item I Predictive.

• Item II influencer.

• Comparable Item III.

• Relevance Item IV.

The) I, II and III only

B) I, II and IV only

w) I, III and IV only

d) II, III and IV only

39. The meaning of GAAP is:

The) Generally accepted accounting principles

B) Globally accepted accounting pratices

w) Generally allowable accounting principles

d) Generally allowable accounting practices

40. Which of the following statements about the improvement of qualitative characteristics

the financial statements is not correct?

The) The fair value of assets that can not be checked in an active market

It should not be disclosed in the financial demonstrations.

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B) The financial statements of similar entities that adopt different

Measurement of active bases can be properly compared.

w) The value of invoices not yet received from service providers should be

estimated at the end of the year for the purpose of reporting.

d) The financial statements shall be presented with the assumption that

a third person who is reasonable and will know how to analyze the informed

financial information.

41. What is the effect of a conceptual framework on the need for an accountant to exercise

professional judgment?

The) Reduces the scope of professional judgment.

B) Increase the scope of professional judgment.

w) Eliminates the scope of professional judgment.

d) It has no impact on the scope of professional judgment.

42. Which of the following statements about the application of IFRS in accordance with Table

Concept is more correct?

The) Entities that are not expected to continue in the foreseeable future should

prepare their accounts on the basis of the assumption of net realizable value.

B) Entities may change the evaluation and measurement of assets since

Demonstrations disclose the financieras changes and their effects.

w) Entities under the Companies Act can choose to apply the

lnacionais accounting standards or international reporting standards

financial, in preparing its financial reports.

d) Entities may prepare financial statements in the form of flow

box provided reach the characteristics in comparability

comprehensiveness, timeliness and verifiability.

43. Recognition is the process of:

The) Determine where an item should be presented in the financial demonstrations.

B) Incorporation of an item in the financial statements.

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w) Dissemination of information in the Notes to shows, financial provisions.

d) Determination of the amount that an item should be presented in

demonstrates, financial provisions.

44. Which of the following is not chapter of the conceptual framework

The) Objectives of Financial Statements

B) Elements of Financial Statements

w) Concept of Capital and Capital Maintenance

d) Concepts of expenses and income

and) Recognition of elements of financial statements

45. Which of the following statements about an exit from IFRS is correct?

The) The output is not allowed.

B) The output is permitted when the financial statement is presented in a way

unfair because in accordance with IFRS.

w) The output is permitted when management and the external auditors agree with the

output.

d) The output is allowed when the disclosure of accounting policy is adopted

detailed in the notes.

46. The accounting officer of Secruba and Shina Ltda identified a cluster launch of US $

500,000 (comprising 126 bills different vendors) Expense

advertising for a new product. The accountant should present this item

separately in the financial statements?

The) Yes, the value of this expense is advertising material.

B) Yes, the details of all transactions should be disclosed to help

users to make fully informed decisions.

w) Possibly. That would depend on the size and nature of expenses

advertising, in relation to other items disclosed in the financial report.

d) No, the individual values ​of invoices that make up this amount is immaterial. THE

disclosure requirement does not apply to immaterial items.

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47. What is the authoritative status of the conceptual framework?

The) Ë the highest level of authority. If and conflict between the structure

concept and a standard or interpretation, the conceptual structure overlaps the

standard or interpretation.

B) If there is a standard or interpretation that specifically applies to a

transaction, these overlaps the conceptual framework. In the absence of a standard or

interpretation applies specifically, the conceptual structure must then be

then.

w) If there is a standard or interpretation that specifically applies to a

transaction, these overlaps the conceptual framework. In the absence of a standard or

interpretation that applies specifically, then the management of the company should

consider the applicability of the conceptual framework in the development and

applying an accounting policy that results in information that is

relevant and reliable.

d) The conceptual framework applies only when the IASB develops a new

standard or a standard review. An entity is not required to consider the

Framework.

48. What is the objective of financial statements in accordance with the table

conceptual?

The) Provide information about the position, financial dog, performance, and in vraições

financial position of an entity that is useful to a wide range of users

in making economic decisions.

B) Prepare the balance sheet, the income statement, the statement of flows

box and the statement of changes in equity.

w) Prepare and submit comparable, relevant, reliable and

understandable to investors and creditors.

d) Prepare financial statements in accordance with all rules and

applicable interpretations.

49. What is the purpose of the conceptual framework of financial reporting?

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The) To assist the IASB in estbelecimento standards.

B) Assist preparers of financial statements in applying the rules

w) Assist auditors in forming a view on whether the financial statements

financial comply with IFRS.

d) Assist users of financial statements in interpreting the

financial statements prepared using IFRS.

and) All the above statements.

50. When an item that meets the definition of an element should be recognized,

according to the conceptual framework?

The) It is probable that economic benefits associated with the item will flow from

or to the entity.

B) Quand the element has a cost or value that can be reliably measured,

w) When an entity obtains control of rights or obligations associated with the

item.

d) When when it is probable that economic benefits associated with the item

will flow to or from the entity and the item has a cost or value that can be

accurately measured.

51. What are qualitative characteristics of financial statements in accordance with the

conceptual framework?

The) Qualitative characteristics are the attributes that make them useful to the users

information provided in the financial statements.

B) Qualitative characteristics is wide class of financial effects of

transactions and other events.

w) Qualitative characteristics are quantitative aspects of the position, performance

and change in financial position of an entity.

d) Qualitative characteristics measures the extent to which an entity has fulfilled

with all relevant standards and interpretations.

52. Which of the following is not a qualitative characteristic of financial statements

according to the conceptual structure?

The) Materiality

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B) comprehensibility

w) comparability

d) Relevance

53. Which of the following is an underlying assumption of the financial statements?

The) Reelevância and reliability

B) Financial capital maintenance and maintenance of the physical cpital.

w) Accruals basis and continuity

d) Prudence and conservatism.

54. How many measurement bases IFRS prescribe for the measurement of assets?

The) A - historical cost.

B) A - fair value

w) Two - historical cost and fair value

d) Several - including historical cost, fair value, use value, sales price

Estimated less costs to complete and sell.

55. When the base is USASA measurement current value, assets are measured at:

The) Present value

B) Cost of replacement

w) Amount that could be obtained by selling

d) Amount paid in its acquisition

56. One of the main objectives of the IASB's Standards Interpretation of the Committee is:

The) Add topics to the IASB's agenda

B) Advise the IASB in establishing standards

w) Police the application of accounting standards

d) Give advice and accounting guidance on emerging issues.

57. According to the qualitative characteristics, impairment losses on credits

doubtful debts should be recognized:

The) When the debts resulting solely from business transactions are

overdue for more than six months.

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B) Water there is very little likelihood of full or partial recovery of the debt, even

that it has not passed.

w) Customers issue pre-dated checks.

d) Only if they relate to debts of customers and according to the rules

established in IRPC code.

58. The FRUTAC has adopted the accounting policy to record all goods

acquired by a unit value of less than $ 150.00 immediately as expenses in the

period in which it carries out the acquisition, never making them go through the swing. THE

Rule that justifies the policy adopted by the company is:

The) materiality

B) The acrécimo

w) Historical cost

d) continuity

59. When a liability is carrying the undiscounted amount of cash that would be

currently required to settle the obligation, the following should be used based

measurement:

The) current cost

B) realizable value

w) Present value.

d) None of the previous

60. When a liability is carried at an amount from which could be settled, between

knowledgeable parties willing, the following should be used based

measurement:

The) realizable value

B) Present value

w) liquidation value

d) fair value

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61. When an asset is carried at the undiscounted amount of cash or equivalent

box, which can currently be obtained by selling an active disposition

ordered, must be used the following measurement basis:

and) current cost

f) realizable value

g) Cost current or realizable value, whichever is lower.

H) None of the previous

62. The time factor is assumed as a disturbing element in the accounting process.

The assumption, the characteristic and / or the requirement that best reflects the solidarity

among other periods of time is:

The) The balance between accounting periods.

B) The requirement materiality

w) The requisite of the primacy of substance over form.

d) The addition of the premise.

63. The recognition of income on an accruals basis shall be due:

The) In the period to which they relate the effects of transactions.

B) In the period they occurred revenues.

w) In the period in which they occurred receipts.

d) None of the previous.

64. Spending on cash basis should be recognized:

The) In the period to which they relate the effects of transactions.

B) In the period in which they occurred payments by cixa.

w) In the period in which the consumption of associated goods and services.

d) None of the previous.

65. Prudence, while reliability attribute, provides:

The) The creation of hidden reserves and adequate provisions.

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B) The deliberate underestimation asset or income or deliberate

overstatement of liabilities or expenses.

w) The consideration of all possible risks and losses only when they respect the

operational area of ​the entity.

d) Recognition of impairment losses and provisions, irrespective of the

entity making losses or profits.

II

1. According Lucia Rodrigues and Ana Alexandra Pereira ( in Accounting Manual

International, Publisher Team), "Accounting is shaped by the political environment

in which it operates, and as countries have different histories, values ​and systems

politicians, have different models of accounting development. "

The) Explain how political systems influence national models

accounting development.

B) Confront the European model and Anglo-Saxon model and explain that

tax factors each mark templates.

w) Fencing your arguments against those who defend the universalism of

accounting models.

d) Which accounting standards strategies is more consistent with the thesis

these authors? Fundamente.

2. According Preface account the Standard International Accounting, objectives

the creation of the IASC are:

The) "Promulgate and publish in the public interest, accounting standards

which can be used in the presentation of statements

financial, and promote compliance and worldwide acceptance and,

B) Work, in general, for the improvement and harmonization of

regulations, accounting standards and procedures relating to

Presentation of Financial Statements "(IASB, 2001).

The) Contextualize the emergence of the IASC.

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B) Explain what is the impact on achieving these objectives

development of international capital markets.

w) Find the reasons for the fact that the NIC of the IASC / IASB have not yet

a universal application.

d) I have in mind the other harmonization initiatives and standards that

They were underway within the European Economic Community many

people credited that there were political motives in unconfessed

objectives of the creation of the IASC. Find these reasons and argue for

conformity.

III

1. Evaluate the recognition of each of the following items as assets or as

spending:

The) legal expenses of $ 1,500.00 paid in the acquisition of land.

B) The ABC Company LDA paved the access road to the company's offices, the

total cost of $ 21,000.00.

w) On 30 June, the clinita DAHA paid 6 months in office income for the month

July and for the following five months.

d) The ZAMA LDA paid $ 9,000.00 in wages of workers who are

construct a building to be used by the company.

and) The Florist Xiluva Xonga Lda paid salary of $ 2,100 to the driver who leads the

distribution company car.

2. Each of the items below indicates the element of financial statements that

they're part.

• Retained earnings • interest Paid

• sales • dividends

• Issue premium • Gain at sale in

investments

• inventories • Issue of Ordinary Shares

• Depreciation • Revaluation reserves

• Loss at Sale in • land

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Equipments

3. The Financial Director has heard that conservatism is the doctrine which is

Then in accounting, and therefore proposed that several conservative policies

They are followed. Send your opinion regarding each of the following policies:

The. The company offers a two-year warranty to customers who buy

your products. The estimated cost of guarantees incurred in this

Exercise should be recognized as an expense rather than this exercercício

as expense in the future period in which the guarantee will be triggered.

B. When sales are made on credit, there is always an uncertainty about

of the claim. So the CFO recommends

recognition of sales in the period of recovery.

w. It is pending a civil liability lawsuit against the company. O

Financial director believes that there is a strong probability that the

company loses the case and will have to pay between $ 20,000.00 to $ 30,000.00. O

Financial Director recommends that a loss in value is recognized

of $ 30,000.00.

d. Inventories should be valued at "cost or market, whichever is more

low "because the losses resulting from the price reduction should be

recorded in the period in which the price decline took place.

4. The company's PCA that are tú chief accountant said he has little

use of accounting data based on the cost. He believes that the amounts of

substitution are far more significant to the board than

the "exceeded costs." Present some arguments to convince him that the

accounting data should continue to be based on the cost.

IV

The Thinkican Ltd is a company that has always assessed the buildings at cost less

accumulated depreciation and impairment losses. The company's management intends to

now evaluate the buildings at fair value less accumulated depreciation and loss

Subsequent impairment. The revaluation of buildings at fair value will result in a

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substantial increase in the book value. Although the company's accountant know

that the increase will be charged to property, it is the opinion that the increase in value

resulting should be treated as income.

It is intended: On the basis of the relevant definitions of the IASB Framework, discuss the

accounting by the accounting treatment proposed is correct or not.

One of the general considerations in the preparation of financial statements is

"Consistency in presentation and classification of items."

It is intended:

The) Explains what the "Consistency in presentation and classification of items"

It means for the accountant.

B) Explains the importance of having "Consistency in presentation and classification of

items. "

w) Detail the circumstances in which there may be change of presentation and

classification of items.

SAW

During the course of the audit work, you student identified the launch

below the company's daily Hambanine Maxaca, Lda

63. Third Party Supplies and Services

insurance 480,000

THE 4.8 Other Creditors

Insurance Madoda Salane 480,000

Requesting the bill to support the above registry, Mr. Student was informed by

accountant of the company that the company's director argues that insurance is a great

problem of today's society. In its many years experience working with

insurance companies, only managed a 20% compensation of the premiums paid

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the compensation requests. As a result, earlier this year the company

He decided to make a self-insurance to cover possible future losses based on

own reserves of the company. So, instead of paying a monthly premium of 40,000, the

company decided to register above.

It is intended: The IASB Framework discuss the acceptability of light launch

supra.

VII

The RIMA SIMO, LDA, operates a farm, you need to mobilize

a loan from a bank for the purchase of new irrigation equipment.

The balance, however, has a high amount of the liability, in contrast, the

assets are relatively low. Given the manager's skepticism

bank, the manager of RIMA SIMO retorted saying that the greatest asset of the company is

a river that runs through the central part of the property but not registered

in the balance.

Based on the concepts, definitions and relevant elements of the IASB framework

discuss whether the river should or should not be included in the financial statements of the company.

VIII

The PHIMISSA's fiscal year ends on 28 February. The company's auditors,

SIAVUMA TICONTA, conducted the audit of the accounts of the period ended 28

February 2013, during the months of March and April 2013. The auditors

presented a bill of 250,000 MT in April 21, 2013, which

understood:

Audit work 200,000

Tax consultancy 50,000

The authorization for the publication of accounts was given on 31 May 2013.

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Auditors and accountants of the company are discussing the making of services

should or should not be included in the financial statements for the period ended 28

February 2013.

Based on the concepts, definitions and relevant elements of the IASB framework

discuss whether the cost of these services should or should not be included in the financial statements

the company's financial year ended 28 February 2013.

IX

Consider the following events. How do you think each should be treated in the light

of the IASB Framework?

1. The company bought 1,000 national lottery tickets at a cost of $ 1 each ticket

(To win, the bettor must pick six correct numbers between 0 and 90). No

there is a secondary market for lottery tickets.

2. An oil company is unsure about how and when it should recognize

future costs of abandonment of an oil field. She has just set up a

production platform to develop a major oil field

recently discovered in Mahuntsane Sea. Under the legislation

environmental regulating oil production in these waters, the company should

dismantle and remove the platform at the end of the economic life of the field

production, estimated at 20 years. The company believes it can estimate

reasonable accuracy decommissioning costs and platform removal.

3. A company listed on the Stock Exchange Majaulane pay an annual bonus to

its senior managers, based on their performance in terms of profit for

the year. To save money, the company decided to pay the bonus in the form of new

actions - which this year involved the distribution of 100,000 shares. On date

Reward are the bonus costs recognized at nominal value of shares

issued. The nominal value of each share is $ 5. Its market value at the date

the award of bonuses was $ 20.

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The current version of the conceptual framework has several and severe omissions. Does not include a

explicit reference to the substance on the form and does not define or misrecognition

when the derecognition should occur. The IASB also removed the prudence of its

conceptual framework which has attracted much criticism from acadámicos and practitioners

accounting. However, the exposure draft ( exposure draft) the conceptual framework

He tried to explain the role of prudence and substance over form in financial reporting

While He presented a proposal to clarify the purpose of the requirements

accounting of derecognition.

1. Discuss the concept of prudence characteristics and the arguments for and

against its reintroduction in the IASB framework.

2. Explain why it is important that the conceptual framework has an orientation

on the role of substance over form, and the principles relating to the

derecognition aprsentados on the exposure draft (exposure draft) of

conceptual framework.

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