"Financial Report":Credit risk of the company

来源: 正保会计网校编辑：小鞠橘桔 2020/12/29 15:05:44　字体：大小

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Questions 1:

Which of the following is least likely to be an acceptable approach for accounting standard setting bodies to use when developing accounting standards?

A 、Revenue/expense-based

B、 Objectives-oriented

C 、Rules-based

Questions 2:

An analyst has observed that the profit margins of a company have not increased or decreased significantly in the last few years. Which of the following is the most appropriate inference that can be made as to how this observation affects the company’s credit risk？The company’s credit risk is:

A 、unaffected.

B 、lower than otherwise.

C、 higher than otherwise.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. The revenue/expense-based approach is a measurement approach, not a standard setting approach.

B is incorrect. An objectives-oriented approach includes both a framework of principles and appropriate levels of implementation guidance. This is a reasonable description of the approach of both IFRS and US GAAP.

C is incorrect. US GAAP has historically placed more emphasis on the rules-based approach. Standards tend to be more detailed and complex than equivalent IFRS standards. The Financial Accounting Standards Board (FASB) has been moving toward a more principles-based approach in recent years as part of the convergence effort between IFRS and US GAAP.

【Answer to question 2】B

【analysis】

B is correct. With no significant increases or decreases in margins in the last few years, the company has had stable margins. Stable margins are associated with lower credit risk.

A is incorrect: Stable margins are associated with lower credit risk than otherwise.

C is incorrect. With no significant increases or decreases in margins in the last few years, the company has had stable margins. Stable margins are generally associated with lower credit risk.

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