Financial Reporting standards Q's

CFA Level I
#1

Compared to IFRS, does FASB place more emphasis on: Comparability/Understandability and Going concern assumption a) yes no b) yes yes c) no Yes d) no no Which is least likely on of the conclusions about the impact of a change in financial reporting standards that might appear in MD&A? a) The new standard does not apply to the company b) Management is currently reviewing the impact of the new standard c) Management has chosen not to implement the new standard d) THe new standard will not have a material impact on the companys financial statements

#2

d a or c. would go with c

#3

the second question wording is really hard. i need an english lesson to understand it.

#4

B & C

#5

pepp, sorry about the wording, in Q2 it should read which is least likely one of the conclusions and are these your final answers? you’ve edited them 4 times!

#6

for the second question i’d say b and for first I’d say D.

#7

give the answer man. i know this material on financial reporting but this question is VERY TOUGH to me.

#8

answers are D C

#9

phew. so glad.