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You work in the finance department of an entity. A director has approached you and asked you to falsify sales invoices which would significantly inflate revenue. The CIMA Code of Ethics suggests that you should deal with such an ethical dilemma by following a number of stages.

Place each of the stages identified below into chronological order.

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Question 2

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

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The objective of financial statements

Specification of the financial statements that must be presented

Qualitative characteristics of financial statements

Definition of the headings to use in financial statements

The elements of financial statements

The formats of financial statements

Question 3

Which THREE of the following statements about government grants are INCORRECT?

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A grant is recognised as revenue

Grants must not be deducted from the related expenses in financial statements

Capital grants relate to cash inflow and outflow

A compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred

A grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant

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Financial Reporting Questions and Answers

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