IAS 101 - Week 10
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Nina Perena
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IAS 101 - Activity 10
April 6, 2021
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IAS 101 - Week 10
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What are Accounting Policies?
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Accounting policies are rules and guidelines that are selected by a company for use in preparing and presenting its financial statements
Accounting policies are important, as they set a framework, which all companies follow, and provide comparable and consistent standard financial statements across years and relative to other companies.
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Accounting policies can be selected to be
Conservative
Aggressive
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Multiple Select
Accounting policies can be selected to be _______ or ________
PAS1
PAS2
Conservative
Aggressive
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Full disclosure of accounting policies is important so that potential investors can better interpret a company’s financial statements.
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Accounting policies can vary among different companies and geographies. However, most companies generally follow one of the two accounting standards
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Multiple Select
The two accounting standards
GSAAP
IFRS
GAAP
PAS2
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Accounting policies are different from accounting principles, as the principles are the overarching accounting rules,
whereas policies are the way a company follows the rules.
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Fill in the Blanks
IFRS is an acronym for
Type answer...
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Fill in the Blanks
GAAP is an acronym for
Type answer...
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Conservative accounting policies understate a company’s current financial performance and show better financial performance in subsequent years.
Aggressive policies tend to employ accounting policies in a way such that they overstate the performance in earlier years, and it leads to a decline in a company’s performance in later years (even though the company may be doing).
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Multiple Choice
_____ policies understate a company’s current financial performance and show better financial performance in subsequent years. It is a more sustainable approach and it allows companies to show improvement over the years, which is a positive signal for investors.
Conservative
Aggressive
Conservation
Aggravate
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Multiple Choice
________policies can also raise a red flag from auditors or investors if they feel management is misrepresenting earnings or allocating costs.
Conservative
Conservation
Aggressive
Agrarian
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Prominent Accounting PoliciesAccounting policies can vary widely but all are included in the standards dictated by either the IFRS or GAAP. The list below mentions some key policies used by companies
Valuation of fixed assets
Depreciation and inventory policies
Valuation of investments
Translation of foreign currency items
Recognition of profits on long-term contracts
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Multiple Select
Prominent Accounting Policies
Recognition of profits on long-term contracts
Valuation of fixed assets
Depreciation and inventory policies
Valuation of investments
Translation of foreign currency items
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Open Ended
Explain what conservatism means, and give an example in your own words.
IAS 101 - Activity 10
April 6, 2021
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