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spayn [35]
3 years ago
10

A company is preparing financial statements using IFRS for the first time for the year ended December 31, 2018. The "transition

date" for reporting is A. January 1, 2019 B. December 31, 2017 C. December 31, 2018 D. January 1, 2018 E. January 1, 2017
Business
1 answer:
8_murik_8 [283]3 years ago
7 0

Answer:

E. January 1, 2017

Explanation:

Financial statements are prepared showing at least two years for the sake of comparability.

It will be important for the company in presenting its financial statement using the IFRS for the year ended December 31st 2018 to show the financial statements for the year ended 31st December 2017 as if it had always applied the IFRS.

The basic idea is to show in the financial statements the effects of adopting the IFRS from a preceding period in order for the entity to show the financial statement for 2017 and 2018 and be able to compare them having been prepared on the same basis.

Thus, the transition date will be the beginning of the preceding period when the IFRS was applied (1st Jan. 2017 oe 31st Dec. 2016).

I hope this explanation makes the concept easy to grasp.

Thank you.

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Descriptive followed by causal is the correct answer.

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3 years ago
What is the difference in having da juice, or having the sauce?
Goryan [66]
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3 years ago
When there are differences between the cash balance per bank and the cash balance per books, this is due to:____.
QveST [7]

When there are differences between the cash balance per bank and the cash balance per book, this is due to the Bank reconciliation statement.

The key difference between cash book balance and bank statement balance is that cash book balance shows the cash balance recorded in a company's cash book while bank statement balance is the cash balance recorded by the bank in its bank records. is.

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6 0
1 year ago
LO 7.3Which is not a section of the cash budget?
Bad White [126]

Answer:

allowance for uncollectible accounts

Explanation:

The cash budget represents the cash inflow and cash outflow position with respect of cash receipts and cash payments i.e cash disbursement plus it also involves financing needs i.e how much amount is to be borrowed

But it does not involve the allowance for uncollectible accounts  as it is not shown in the cash budget because it is shown under the debtors side with the negative amount of the balance sheet

Like

Assets

Current Assets

Account receivable                                             XXXXX

Less: Allowance for uncollectible accounts       XXXXX  

Net account receivable                                      XXXXX

8 0
3 years ago
A dollar in hand today is worth_______(less than/more than/equivalent) a dollar to be received in the future because if you had
Free_Kalibri [48]

Answer:

more than

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The concept of future value represents the amount that a lump sum or series of cash flows will achieve after a given period when compounded at an interest rate. This means that a dollar in hand today is worth more than a dollar to be received since it can be applied to earn interest.

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3 0
3 years ago
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