Question Details

Under International Financial Reporting Standards (IFRS) revenue may be recognized



1.	The International Accounting Standards Board has given companies the option of using fair value to report all of the following except:
a.	Receivables
b.	Investments
c.	Financial liabilities
d.	All of the choices can be valued at fair value.

2.	Under International Financial Reporting Standards (IFRS) revenue may be recognized
a.	At the point of sale.
b.	During production.
c.	At the end of production.
d.	All of the choices may be acceptable for revenue recognition under IFRS.

3.	Under International Financial Reporting Standards (IFRS) _______ costs are charged off in the immediate period and ________ costs may be carried into future periods.
a.	Period; product.
b.	Material; overhead.
c.	Product; period.
d.	Overhead; administrative.

4.	Under International Financial Reporting Standards (IFRS) notes to the financial statements
a.	Must be quantifiable.
b.	Must qualify as an element.
c.	Amplify or explain items presented in the main body of the financial statements.
d.	All of the choices are correct regarding notes to the financial statements.

5.	Under International Financial Reporting Standards (IFRS) supplementary information
a.	May be information that is high in relevance but low in reliability.
b.	May include explanations of uncertainties and contingencies.
c.	May include descriptions of accounting policies and methods.
d.	All of the choices are correct regarding supplementary information.



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