Conceptual Framework and Accounting Standards Period 1-

Assignment no. 1

Name: Date:
Instructor: Course/Year/Section:

Instruction: Based on your understanding, answer the following and write it on a yellow paper. Copy-pasting or directlygeneratinganswers
from online sites or textbooks will invalidate your scores.

1. State the two main categories of disclosures under PFRS 7.

2. State the type of risks required by PFRS 7 to be disclosed.
3. Explain the initial and subsequent measurement of financial asset.
4. What are the financial assets measured at fair value through profit or loss?
5. Explain financial asset held for trading, measurement of equity instrument at fair value through other comprehensive income. 6. State the
recognition criteria for provisions.
7. Describe the measurement of a provision.
8. Enumerate examples of related parties
9. Describe the disclosure requirements for related parties.
10. Define associate, and significant control.
11. Explain the equity method of accounting of share investment.
12. What is the meaning of “excess of cost over carrying amount” with respect to acquisition of share investment?