ELEACT long quiz review

TRUE OR FALSE: Financial Executives Institute of the Philippines (FINEX) – which is the largest organization of financial executives who are responsible for the preparation of the financial statements.  

• TRUE

• FALSE

TRUE OR FALSE:  The Philippines has adopted IFRS Standards as Philippine Financial Reporting Standards (PFRSs), except on the aspect of revenue recognition under IFRS 15 for real estate companies that avail of the relief granted by the SEC. IFRS Standards adopted as Philippines Financial Reporting Standards (PFRS) are required.

• TRUE

• FALSE

TRUE OR FALSE: Republic Act 9928 is the Philippine Accountancy Act of 2004 

• TRUE

• FALSE

The creation of the Accounting Standard Council is fully supported by the followin except:

• Professional Regulation Commission (PRC) through the Board of Accountancy

• Financial Executives Institute of the Philippines (FINEX)

•   Philippine National Bank (PNB)

• Securities and Exchange Commission (SEC)

It is a transaction in which the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity's shares or other equity instruments of the entity.

• Share-Based Payment

• Goodwill

•   Based-Share Payment

• Share Option Grant

It is a transaction or other event in which an acquirer obtains control of one or more businesses

• Business

• Combination Business

•  Acquirer

• Business Combination

This Standard specifies the financial reporting for insurance contracts by any entity that issues such contracts (described in this PFRS as an insurer) until the Board completes the second phase of its project on insurance contracts.

• PFRS 3

• PFRS 1

• PFRS 2

• PFRS 4

This standard specifies the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit  or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.

• PFRS 1

• PFRS 3

• PFRS 4

• PFRS 2

  PFRS 1 (Revised) is entitled:

• Business Combination

• Parent – subsidiary transactions

• First-time Adoption of Philippine Financial Reporting Standards

• Shared-based payment

The one which instill ideals of professionalism, ethics and competence among accountants.

• PACPI

• PICPA

• PIC

• BOA