ACC5044-Week 7

What has characterized the new era in the finance sector?

• Manual processes and compliance

• Strategic advisory roles and data-driven decision-making

• Historical data analysis

• Decreased technological innovation

What are accountants and auditors now focusing more on due to the transformation in their roles?

• Manual bookkeeping and ledger maintenance

• Analyzing data for strategic insights and automating routine tasks

• Traditional accounting methods without technology

• Decreasing their involvement in financial matters

What will future accountants and auditors likely need to be proficient in?

• Typewriter use and paper-based filing

• Data analysis skills

• Only traditional accounting practices

• Avoiding the use of automated financial processes

Is there a specific standard within the IFRS framework for the treatment of cryptocurrencies?

• Yes, there is a detailed standard

• No, there is currently no specific standard

• Yes, but it is not detailed

• No, because cryptocurrencies are not recognized

According to the Financial Accounting Standards Board (FASB) tentative decision in October 2022, how should crypto assets that meet a pre-defined scope be classified under US GAAP?

• As inventory only

• As intangible assets or inventory, depending on the circumstances

• As fixed assets

• Not recognized at all

Under US GAAP, how should the movement in fair value of crypto-assets be presented?

• As a separate component of equity

• In other comprehensive income

• In net income

• Not presented in financial statements

Under IFRS, how are cryptocurrencies held for sale in the ordinary course of business accounted for?

• As fixed assets

• As intangible assets

• As inventory

• As financial instruments

What is the new trend in how financial planners and advisors deliver financial advice?

• Through traditional in-person consultations only

• Using digital platforms, robo-advisors, and advanced analytics tools

• By focusing exclusively on traditional investment and savings strategies

• By avoiding the use of technology in financial planning

What is expected of financial planners and advisors in the future direction of their profession?

• To avoid incorporating technology into their services

• To combine financial expertise with technological savvy

• To specialize in one narrow aspect of financial planning

• To focus solely on traditional investment venues

What tools do today's risk managers use to anticipate and manage risks?

• Predictive analytics, stress testing, and scenario analysis

• Only historical data analysis

• Intuition and experience without analytical tools

• Solely government-provided financial data