"Financial Report":IFRS

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Questions 1:

Private contracts, such as bank loan agreements, are most likely to provide an effective disciplinary mechanism to insure high financial reporting quality because:

A、 loan covenants require the firm to meet specific financial ratios in order to renew the loan.

B 、lenders monitor managers and pay close attention to the firm’s financial reports.

C、 loan covenants may allow the lender to recover all or part of their investment if certain financial conditions are triggered.

Questions 2:

The International Financial Reporting Standards (IFRS) Conceptual Framework identifies fundamental qualitative characteristics that make financial information useful. Which of the following is least likely to be one of these characteristics?

A 、Faithful representation

B、 Relevance

C、 Materiality

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. The monitoring role of lenders is most likely to insure high-quality financial reports because the lenders inspect financial reports carefully to be sure they are not manipulated.

A is incorrect. The need to meet specific financial ratios may motivate managers to manipulate financial reports to achieve the target ratios.

C is incorrect. The desire to avoid financial triggers may motivate managers to manipulate financial reports so that loan covenants are not violated.

【Answer to question 2】C

【analysis】

C is correct. The two fundamental qualitative characteristics that make financial information useful are relevance and faithful representation. Materiality relates to the level of detail of the information needed to achieve relevance.

A is incorrect. The two fundamental qualitative characteristics that make financial information useful are relevance and faithful representation. Materiality relates to the level of detail of the information needed to achieve relevance.

B is incorrect. The two fundamental qualitative characteristics that make financial information useful are relevance and faithful representation. Materiality relates to the level of detail of the information needed to achieve relevance.

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