Exam 5: International Financial Reporting Standards: Part II

Under U.S.GAAP,if an entity issues 4% preferred stock that gives shareholders the right to redeem the shares if the prevailing interest rates on 5-year certificates of deposit exceed 4%,how should this stock be accounted for on the books of the entity?

Which of the following is a difference between IAS 37 and U.S.GAAP with respect to restructuring provisions?

What is the journal entry required to recognize a deferred tax asset of $50,000?

Under IAS 32,which of the following is a financial liability?

How does U.S.GAAP require prior service costs related to retirees to be recognized?

The term "provision" as it is used in IAS 37,is most closely related to what term in U.S.GAAP?

The IASB standard on stock options (IFRS 2)is substantially the same as U.S.GAAP. How should stock options be accounted for?

Under the "corridor approach" of IAS 19,which is used to smooth out the impact of actuarial gains and losses,how are these losses recognized in the current period?

Under IAS 1,Presentation of Financial Statements,which of the following is NOT a definition of a current liability:

Under IAS 18,which of the following is NOT a condition that must be met in order for revenue from the sale of goods to be recognized?

With respect to post-employment medical benefits,U.S.GAAP:

Under both IFRS and U.S.GAAP,in an equity-settled share-based payment transaction,how are such payments to non-employees measured?

Under the IASB's exposure draft,Income Tax,how would the term "substantively enacted",as it applies to tax laws,be determined?

Under IAS 39,Financial Instruments: Recognition and Measurement,which of the following terms describes the removal of a financial asset or liability from the balance sheet when certain appropriate criteria have been met?

Under IAS 36,Income Taxes,which of the following issues are covered?

Under IFRS 2,Share-based Payment,what approach is used to account for the transaction?

Why is it difficult to compare IAS 18,Revenue,to U.S.GAAP?

Under IFRS 2,with respect to choice-of-settlement share-based payments,if the supplier chooses the cash settlement,the entity is deemed to have issued a compound financial instrument consisting of debt and equity. When cash is received,how does the supplier report it?

The following facts apply to questions : XYZ Company,a calendar-year entity,amends its defined benefit pension plan on January 1,2010 and must recognize the increase in past service costs of its vested and non-vested employees as of that date in the calculation of its net 2010 pension expense (or revenue). The pertinent facts as of January 1,2010 are: -Under IAS 19,with respect to the calculation of net pension expense (or revenue),which of the following components is NOT counted?

Under IAS 19,Employee Benefits,which of the following benefits are covered?