FAR

Question 1

Financial reporting

Answer 1

20% = FV or amortized cost
20-50 = Equity or FV
51-100 = consolidated or equity

Question 2

Inventories and long term debt should be reported at:

Answer 2

Fair values by acquiorer

Question 3

Comprehensive income includes

Answer 3

Operating income, revenue expenses l, and gains and losses.

Continuing operations

Question 4

Cost of goods sold

Answer 4

Cash payments to suppliers
Increase in Ap +
Increase in inventory -
Cost of goods sold

Question 5

Iasb defines what as an economic benefit

Answer 5

Income

It also defines asset, liability, equity, income, and expense