Question

which of the following is true regarding IFRS for SMEs?

a.       Substantially fewer disclosures are required than full IFRS Standards.

b.       The text of full IFRS Standards has been redrafted in ‘plain English’ for easier understandability.

c.       Some accounting policy options in full IFRS Standards are not allowed because a more simplified method is available to SMEs.

d.       All of the above

e.       None of the above

IFRS for SMEs is intended for entities without public accountability. In general, which of the following would result in the entity having public accountability? [Mark all that apply.]

a.       Its stock is traded in a national public market.

b.       Its debt is traded in a national public market.

c.       Its stock is traded in a local public market.

d.       Its debt is traded in a local public market.

e.       Its stock is not traded in a public market, but it is in the process of issuing stock in a public market.

f.        It is a bank.

g.       It is a credit union.

h.       It is an insurance company

i.         It is an investment bank.

j.         None of the above

Which of the following is included in the complete set of financial statements for SMEs? [Mark all that apply.]

a.       Statement of financial position

b.       Either a single statement of comprehensive income OR a separate income statement with a separate statement of comprehensive income

c.       Statement of changes in equity

d.       Statement of cash flows

e.       Notes

f.        None of the above

Which of the following is addressed by the IFRS for SMEs? [Mark all that apply.]

a.       Earnings per share

b.       Interim financial reports

c.       Segment information

d.       None of the above

Answer 1

which of the following is true regarding IFRS for SMEs?

Ans : d.       All of the above

IFRS for SMEs is intended for entities without public accountability. In general, which of the following would result in the entity having public accountability? [Mark all that apply.]

a.       Its stock is traded in a national public market.

b.       Its debt is traded in a national public market.

c.       Its stock is traded in a local public market.

d.       Its debt is traded in a local public market.

e.       Its stock is not traded in a public market, but it is in the process of issuing stock in a public market.

f.        It is a bank.

g.       It is a credit union.

h.       It is an insurance company

i.         It is an investment bank.

Which of the following is included in the complete set of financial statements for SMEs? [Mark all that apply.]

Ans :

a.       Statement of financial position

b.       Either a single statement of comprehensive income OR a separate income statement with a separate statement of comprehensive income

c.       Statement of changes in equity

d.       Statement of cash flows

e.       Notes

Which of the following is addressed by the IFRS for SMEs? [Mark all that apply.]

Ans :

d.       None of the above