Exam 5: International Financial Reporting Standards: Part II

Zenith Company, a calendar-year entity, amends its defined benefit pension plan on January 1, 2013 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 2013 pension expense (or revenue). The pertinent facts as of January 1, 2013 are: Increase in PSC-vested employees: \5 ,000 Increase in PSC-non-vested employees: \2 ,000 Remaining vesting period-non-vested employees: 5 years Remaining working life-vested employees: 10 years Remaining working life-non-vested employees: 20 years -Calculate the past service costs included in 2013 net pension expense (or revenue) under U.S GAAP.

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

Under IAS 18, when it is probable that the economic benefits of interest, royalties, and dividends will flow to the enterprise and can be measured reliably, how should revenue be recognized?

If a derivative is not designated as a hedge:

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?

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

Under U.S.GAAP, with respect to equity-settled share-based payments, if the fair value of the equity instrument is used, the value is determined:

According to IAS 37, with respect to onerous contracts, a provision should be recognized for "unavoidable costs of the contract", which is:

Under a joint Exposure Draft issued by the IASB and FASB in June 2010, Revenue from Contracts with Customers, which of the following is NOT one of the steps to be applied in the recognition of revenue across a wide range of transactions and industries?

The primary difference between IAS 37, and U.S.GAAP concerning the treatment of contingent liabilities pertains to:

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

Under IAS 32, how should an equity instrument be classified?

Under U.S.GAAP, a deferred tax asset must be realized when:

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

Under IAS 12, Income Taxes, which of the following issues are covered?

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 applies it?

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

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

Under IAS 37, inflows of resources that are "virtually certain" to be received should be:

What kinds of temporary differences related to income taxes can arise under IFRS that don't occur under U.S.GAAP?