IFRS ENG Test 3

The tax statements are part of the IFRS reporting

• Yes

• No

The maintenace cost is never recognised in the Gross value of the machines

• Trues

• False

Dividen decesion by shareholders is:

• Adjusting items

• Non-adjusting items

The applied cost model(s) in IFRS for the inventories:

• only FIFO

• LAFO and

  LIFO

• Weighted avg

  and

  LIFO

• Weighted avg

  and

  FIFO

The TTTruck Gross value is 144 000 EUR including the assembly cost. The assembly cost is 3 000 EUR. The total estimated km during the usefull life is 18 000.

The yearly km are: 7 200 km, 3 600 km, 7 200km.

How many years the usefull life?

Frauds has to be managed in IFRS as:

• Adjusting events

• Non-retrospectively as the Accounting Policy change

• Retrospectively as the Accounting Policy change

• Retrospectively if occures in the prior period

Net realisable values test is

• Impairment in IAS36 standard

• Evalutaion of the stock

• It is a sales price comparison

• It is a stock true-up

Carrying amount is recoverable throgh the sale rather than usage

• Definition of the Asset held for sale

• Definition of the Recoverable Value

• Definition of the Impairment

• Definition of the Depreciation

Sales of inventories after reporting date that give evidence about their net realisable value at reporting date

• Adjusting event

• Non-adjustin event

The Accounting Policy change :

• Usefull life modification

• New FX rate usage

• New provision type

• IAS 16 evaluation model change