Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics are not dealt with in the PFRS for SMEs. These topics include: a. Going concern b. Periodicity c. Consistency of presentation d. Earnings per share 2. Entity with total assets of more than P3.0M to P100M or total liabilities of more than P3.0M to P100M are a. Micro entity b. Small sized entity c. Medium sized entity d. Corporation 3. .Entity with total assets of more than P100.0M to P350M or total liabilities of more than P100.0M to P250M are a. Micro entity b. Small sized entity c. Medium sized entity d. Corporation

Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics are not dealt with in the PFRS for SMEs. These topics include: a. Going concern b. Periodicity c. Consistency of presentation d. Earnings per share 2. Entity with total assets of more than P3.0M to P100M or total liabilities of more than P3.0M to P100M are a. Micro entity b. Small sized entity c. Medium sized entity d. Corporation 3. .Entity with total assets of more than P100.0M to P350M or total liabilities of more than P100.0M to P250M are a. Micro entity b. Small sized entity c. Medium sized entity d. Corporation

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 6MC

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Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. The PFRS for SMEs requires that entity’s financial statements should be prepared using an accrual basis of accounting. True of False? 2.The PFRS for SMEs states that the objective of financial statements is to provide information about the financial position, performance and cash flows of the entity that is useful for economic decision-making by a broad range of users who are not in a position to demand reports tailored to meet their particular information needs. True or False? 3. The PFRS for SMEs allows offsetting in assets and liabilities, or income and expenses. True or False?
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