1
Assessment Questions
AS-1 (
1
)
What reporting standards are publicly traded corporations required to follow in Canada?
AS-2 (
1
)
Your friend has incorporated a small, private coin laundry business. Which accounting
standard would you advise her to use for reporting purposes and why?
Recognition and Measurement
Chapter 1
learning outcomes
Access
ameengage.com
for integrated resources including tutorials, practice exercises, the digital textbook
and more.
❶
Explain the objective and list the key
components of the conceptual framework of
accounting
2
Describe the fundamental and enhancing
qualitative characteristics of financial
information
3
Explain the underlying assumptions and
the concept of cost constraint in financial
reporting
4
List and describe the basic elements of
financial statements
5
List and apply the revenue and expense
recognition criteria under IFRS
6
Describe the three bases of measurement
criteria under IFRS
