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WorksheetsDisclosure Checklist: Refresher Quiz
Total questions: 20
Worksheet time: 10mins
Usually the last Note of the financial statements
Financial Instruments
Supplementary information required by the BIR
Summary of significant accounting policies
Financial risk and capital management
Where in FS do you usually check whether the entity falls under PFRS, SME or SE?
Supplementary schedules
Face of the FS
Basis of preparation
None
What are the accounts that pertains to a PAYABLE account?
Due to & Advances to
Due from & Advances from
Due to & Advances from
Due from & Advances to
Items requiring judgment will be tagged as _______ for core engagement team (counterpart) to address
Pending
Not applicable
Follow up
None
Disclosure of the FS is reviewed for the item and it complies with the requirement
Not applicable
Follow up
No
Yes
Appropriate remarks for items identified as "A" or not applicable
The Company does not have ____ asset
Either "The Company does not have ____ asset" or "No such instance noted"
No such instance noted
Leave it blank
Disclosure of the FS is reviewed for this item and it does not comply with the requirement
Not applicable
Follow up
No
Yes
Note where you can find below disclosure
Equity
General Information
Opinions Page
Related party transaction
Note where you can find below disclosure
Related party transaction
Revenue recognition
Employee Benefits
Expense recognition
Note where you can find below disclosure
Critical accounting estimates, assumptions and judgement
Financial Instruments
General Information
Basis of Preparation
Presentation whether by function or by nature should be disclosed in the policy of ________
Revenue
Costs and Expenses
Cash Flow
Disclosure is not necessary
Always highlight the specific note (i.e. Note 8.1 instead of Note 8)
True
False
Operating activities were disclosed using _________ method
Expense
Indirect
Direct
Cost
It is mandatory to use the template for full PFRS interactive disclosure checklist in all cases
True
False
The following files are required for Disclosure checklist procedure EXCEPT:
CY Financial Statement
Disclosure Checklist Template
Independence Confirmation
PY Disclosure Checklist
In answering the DC, performer comments are necessary as reference of the reviewer in ensuring correctness of inputs.
True
False
It is correct to refer to the Opinion page when referencing items relating to financial statements.
True
False
In a change-based DC, it is necessary to fill in every item in the Disclosure Checklist.
True
False
If the company has no intangible assets, the correct remarks for disclosure items relating to this FSLI is:
No disclosure for intangible assets in the FS.
The Company does not have intangible assets.
Intangible assets is not disclosed in the FS.
The FS does not contain intangible assets disclosures.
In a change-based DC, the last full disclosure checklist is required to be obtained before the performing the procedure.
True
False
