Đề thi, bài tập trắc nghiệm online Kế toán quốc tế – Đề 8

Hyperinflationary accounting is a specific requirement under IFRS for entities operating in economies experiencing hyperinflation (generally defined as cumulative inflation exceeding 100% over three years). It involves restating financial statements to reflect current purchasing power.

The temporal method (though less prevalent now under IFRS for most subsidiaries) translates monetary assets and liabilities at the current exchange rate to reflect their current value in the reporting currency. Non-monetary items, like inventory and property, plant, and equipment, are translated at historical rates to preserve their original cost basis in the functional currency.

Fair value under IFRS is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an 'exit price').

The current rate method is used to translate the financial statements of a foreign subsidiary when its functional currency is different from the parent's reporting currency and the subsidiary is considered 'independent' or self-sustaining. All assets and liabilities are translated at the current exchange rate at the balance sheet date, and income statement items are translated at the average exchange rate.

Corporate headquarters or central administrative departments are generally not considered operating segments. Operating segments are components of an entity that engage in business activities, earn revenues and incur expenses, and have their operating results regularly reviewed by the chief operating decision maker.

Reporting currency is the currency in which a company presents its financial statements. A Japanese company using US Dollars for reporting to US investors is using USD as its reporting currency, even if its functional currency is JPY.

Cumulative translation adjustment (CTA) arises specifically when using the current rate method for translating foreign subsidiary financial statements. It represents the accumulated foreign currency translation gains or losses and is reported as a component of other comprehensive income (OCI) in equity.

IFRS for SMEs is a self-contained standard designed to meet the needs of Small and Medium-sized Entities. It is a significantly simplified version of full IFRS, making it more accessible and less complex for SMEs while still being based on IFRS principles.

The IASB (International Accounting Standards Board) is the independent standard-setting body responsible for developing and issuing International Financial Reporting Standards (IFRS). Its role is to promote the use and adoption of IFRS around the world, although it does not have direct enforcement powers.

IFRS prohibits the use of the LIFO (Last-In, First-Out) method for inventory costing. FIFO, weighted-average cost, and specific identification are all permitted under IFRS.

While all options can be challenges, the *primary* challenge in international auditing stems from the differences in auditing standards and regulations. While International Standards on Auditing (ISAs) exist, their adoption and interpretation can vary, leading to inconsistencies across jurisdictions.

The primary objective of IFRS is to develop a single set of global accounting standards to enhance comparability and transparency of financial statements internationally.

Convergence in international accounting refers to the process of reducing differences between major accounting frameworks, particularly IFRS and US GAAP. While full 'identicality' (option 1) is a very high bar and practically challenging, convergence aims to enhance comparability by minimizing key differences.

Monetary items are assets and liabilities that are to be received or paid in a fixed or determinable number of units of currency. Accounts receivable represents a right to receive a fixed amount of currency, making it a monetary item. Inventory, PPE, and goodwill are typically considered non-monetary.

The adoption of IFRS is varied globally. Many jurisdictions have adopted IFRS for publicly listed companies or allow its use, while others maintain their national standards or have converged their standards with IFRS to varying degrees. IFRS hasn't universally replaced all national standards.

The disclosure principle emphasizes providing enough relevant and reliable information in financial statements to allow users to make informed decisions. It's about transparency and comprehensibility, not secrecy or overly technical presentation.

Ethical dilemmas in international accounting can arise from cultural differences. For example, practices considered normal business etiquette in one culture, like offering gifts, could be interpreted as bribery in another, creating challenges in accounting for these expenses and adhering to anti-bribery laws.

While ethical conduct is important in all accounting frameworks, it's not a differentiating factor between IFRS and US GAAP. The key differences lie in areas like the approach to standard-setting (principles vs. rules), inventory valuation, and revenue recognition.

Transfer pricing documentation aims to demonstrate that transactions between related entities within a multinational group are conducted at 'arm's length', meaning at prices that would be charged between independent parties in comparable circumstances. This is crucial for tax compliance and fair profit allocation.

Comparability is a crucial qualitative characteristic of financial information. It enables investors and other users to make informed economic decisions by comparing the financial performance and position of different entities, regardless of their location or reporting standards used (ideally).

While the parent company prepares its own separate financial statements, these are not considered a *component* of the *consolidated* financial statements. Consolidated financial statements focus on the group as a single economic entity and include the consolidated balance sheet, income statement, statement of cash flows, and statement of changes in equity.

Goodwill in a business acquisition represents the excess of the purchase price over the fair value of the net identifiable assets acquired. It is an intangible asset reflecting future economic benefits from assets that are not separately identifiable and recognized.

The economic entity assumption (or separate entity concept) states that the financial activities of a business are kept separate and distinct from the personal financial activities of its owners. This is a fundamental accounting principle applicable globally, ensuring clarity in financial reporting.

Value in use is a key component of the recoverable amount in impairment testing. It represents the present value of the future cash flows an entity expects to generate from the continued use of an asset and its ultimate disposal. This is based on entity-specific assumptions.

Impairment occurs when the recoverable amount of an asset (the higher of its fair value less costs to sell and its value in use) falls below its carrying amount. This requires recognizing an impairment loss in the income statement to reduce the asset's book value.

The matching principle dictates that expenses should be recognized in the same period as the revenues they helped generate. In an international context, this principle applies across borders when, for instance, recognizing costs associated with international sales in the same period the revenue is recognized, regardless of where the expense is incurred.

Functional currency is defined as the currency of the primary economic environment in which the entity operates. This is crucial for determining how foreign currency transactions and financial statements are translated.

Applying IFRS globally faces challenges from the principles-based nature requiring judgment, complexity in understanding these principles, and varying legal and regulatory frameworks in different countries, which can influence interpretation and enforcement.

The arm's length principle is fundamental to transfer pricing. It dictates that transactions between related entities should be priced as if they were occurring between independent parties in a comparable situation, ensuring fair allocation of profits and tax liabilities.

Segment reporting requires companies to disclose financial information about their different operating segments (business components) and geographical segments. This provides users with a more detailed understanding of the company's performance and risks across various parts of its business and locations.