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    Ufrs Finals

    Uploaded by

    Christine Joyce Magote
    The document compares the treatment of various topics under different accounting frameworks: 1. Impairment of assets is tested annually or when indicated for goodwill and indefinite assets under PFRS for SEs, while under PFRS for SMEs testing is only when impairment is indicated. 2. Employee benefits accounting is generally the same between PFRS for SMEs and full PFRS, except the projected unit credit method can be omitted under PFRS for SMEs if unduly costly. 3. Leases are classified as finance or operating leases and accounted for accordingly under PFRS for SMEs, while lease payments are simply recognized as expense for PFRS

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    © All Rights Reserved
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    Ufrs Finals

    Uploaded by

    Christine Joyce Magote
    64 views2 pages
    The document compares the treatment of various topics under different accounting frameworks: 1. Impairment of assets is tested annually or when indicated for goodwill and indefinite assets under PFRS for SEs, while under PFRS for SMEs testing is only when impairment is indicated. 2. Employee benefits accounting is generally the same between PFRS for SMEs and full PFRS, except the projected unit credit method can be omitted under PFRS for SMEs if unduly costly. 3. Leases are classified as finance or operating leases and accounted for accordingly under PFRS for SMEs, while lease payments are simply recognized as expense for PFRS

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    The document compares the treatment of various topics under different accounting frameworks: 1. Impairment of assets is tested annually or when indicated for goodwill and indefinite assets under PFRS for SEs, while under PFRS for SMEs testing is only when impairment is indicated. 2. Employee benefits accounting is generally the same between PFRS for SMEs and full PFRS, except the projected unit credit method can be omitted under PFRS for SMEs if unduly costly. 3. Leases are classified as finance or operating leases and accounted for accordingly under PFRS for SMEs, while lease payments are simply recognized as expense for PFRS

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    64 views2 pages

    Ufrs Finals

    Uploaded by

    Christine Joyce Magote
    The document compares the treatment of various topics under different accounting frameworks: 1. Impairment of assets is tested annually or when indicated for goodwill and indefinite assets under PFRS for SEs, while under PFRS for SMEs testing is only when impairment is indicated. 2. Employee benefits accounting is generally the same between PFRS for SMEs and full PFRS, except the projected unit credit method can be omitted under PFRS for SMEs if unduly costly. 3. Leases are classified as finance or operating leases and accounted for accordingly under PFRS for SMEs, while lease payments are simply recognized as expense for PFRS

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    BSA22A1

    FINAL EXAMINATION IN UFRS

    I. True or False
    1. False
    2. True
    3. True
    4. True
    5. True
    6. True
    7. True
    8. True
    9. True
    10. True

    II. Essay:
    Show the comparison treatment in full PFRS, PFRS for sme's and pfrs for SE's the following :
    1. Impairment of assets
     The comparison treatment in full PFRS for sme’s and pfrs for SE’s in impairment
    of assets, in full PFRS for SME’s Assets, including goodwill, are tested for
    impairment when there is an indication that the asset may be impaired while in
    PFRS for SE’s Assets with a finite useful life are tested for impairment when there
    is an indication that the asset may be impaired. However, the following assets
    are tested for impairment annually and when there is an indication that the
    asset may be impaired: a. Goodwill b. Intangible assets with an indefinite useful
    life on an intangible asset not yet available for use.

    2. Employee’s benefit
     Full PFRS and PFRS for SMEs share the same principles for the recognition and
    measurement of the following such as Short-term employee benefits, Defined
    contribution plans, Other long-term employee benefits, and Termination
    benefits but the difference between the two in PFRS for SME’s the projected unit
    credit method shall be used only if the entity is able to do so without undue cost
    or effort while in PFRS for SE’s defined contribution plan under PFRS for Small
    Entities.

    3. Leases
     Under PFRS for SME, lessee classifies a lease into a finance lease or an operating
    lease and account them accordingly while Under PFRS for Small Entities, lease
    payments are recognized as expense by lessee. PFRS for SMEs and full PFRS are
    practically the same with respect to the accounting and reporting the leases. The
    PFRS for SMEs applies to all leases.

    4. Related party disclosure


     Under PFRS for SMEs, an entity is required to disclose key management
    personnel compensation in total only while Under PFRS for Small Entities, an
    entity is required to disclose key management personnel compensation in total
    only.

    5. Investment in associates and venture.


     The PFRS for SME does not provide such similar provision and The PFRS for Small
    Entities does not provide such similar provision. Under PFRS for SMEs, all
    investments in associates are accounted for using any one of the cost models,
    equity method or the fair value model. In other words, only one accounting
    policy or one model shall be applied in accounting for all investments in
    associate while under PFRS for SE’s the investor has no accounting policy choice.
    The investments in associates shall be accounted for using the equity method
    only. Moreover, areas covered under full PFRS but not in PFRS for SMEs.

    6. Cite the mission and vision of LOA


     LYCEUM OF ALABANG VISION
    Lyceum of Alabang envision in becoming one of the nation’s leading educational institution involved in
    the pursuit and advancement of knowledge, skills, and values for personal, community, an national
    development.

     LYCEUM OF ALABANG MISSION


    Lyceum of Alabang shall provide world-class education and training through competent personnel,
    quality facilities and equipment, and accredited industry-based program.

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