ersity of Dhaka . = ‘Department of International Business BBA (9" Baich) 4° Year First Term Final Examination 2019 $B: 401 International Accounting and Auditing Standards ‘Answer any FOUR questions Full Marks 60 Time: 3 Hours Ina pioneering work Hofstede (i four cultural yalue dimensions, namely, individualism, power distance, uncertainty avoidance, and masculinity. Gray (1988) linked these cultural value dimensions to four accounting values in the country level. Briefly explain the four accounting value dimensions. # Explain the uses of general purpose financial reports as per International Accounting 5 Standards (IAS)-1. + 4B) Define/Conceptual Framework (CF). List the Gurposes pf the Conceptual Framework. 3 ets as pea IAS) 23 Explain the ghanasd in revised conceptual framework compared to previous conceptual 5 framework. Se terms: GomparabilitX verifabiltyimeliness, nd (nderstandabilisy> Explain the followi dabiliy> 5 the functions of \lnstitute of Chartered Accountants of Bangladesh (ICAB) and 5 Bangladesh Securities Exchange Commission (BSEC). >) eset of financial stat 2. FS List the components which are part of comp! Explain the concept oF "Materi 5 5 5 5 5 Standard audit report> Interpret different types of audit opinions auditors can provide. = ©) Define auditing. their audit proo eat from profession. perspective and from ey or (Write about Financiat Reporting Councit (Bang O i 3 = financial reporting practices éesh) and its role to ensure transparency in 5University of Dhaka Department of International Business BBA 9% Batch 4” Year 1 Semester Final (supplementary) Examination-2619 18-401; International Accounting and Auditing Standards Time: 3 hours _Total Marks: 60 __ «= Answer four (04).from the following questions taking any two,from each part. » Alithe parts of each question must be answered consecutivel Pi international ountin: Question 01 [Marks: 545+5=15] a) Explain the changes in fevised conceptual framework kompared to evious conceptual framework? b) Explain the following terms: Comparability /verifiability imelineés, and understandability. ©) Analyze the functional linkage among the following institutes: E5tCh OSE) SS Question 02 [Marks: 5+5+5 aj Wieme me competes wh of financial rent of following accrual basis of accounting in P —— preparing financial statements as per IAS 1. c) Define the following items as per IAS 1:( Curreni assets, jcurrent Tiabitties profit or los8) comprehensiv ) comprehensive income Question 03 [Marks: 5+5+4=15] a) Four cultural value dimensions are highly emphasized atHofstede (1980). Later, Gray. (1988) linked these cultural value dimensions to four accounting values in the country level. Briefly explain the four accounting” value dimensions. ) Explain the uses of general purpose financial reports as per International ~~ Accounting Standards (IAS)-1. =: Page 1of23) “Cultural diversity and international accounting standards seem “Anconsistent in terms of applications”. Do you believe? Explain with your arguments, re z Part B: Auditing Question 04 [Marks: 54+545=15] @) Auditor must mak (four decisions regarding evidence collection and accumulation. Explain those four decisions 5) Explain the process of accepting an audit engagement. ) €) Analyze the[auat planning process in deta. ‘Question OS (Marks: 5+5+5=15] Sicfeampenents Fhe the asset level Desote: (Gem the flowshact as weil). Ce lee Faast st moe, ‘Qesstion 05 [Marks: 5+5+5=157 2) Explain the’ different types of audit opinion: : . 2 5) Write down the circumstances in wihich a modified opinion Is issuec! ©) Why going concern assumptions used ih prep audit report? Laat eon auc Leap RARE Reet OA ARI WAR LECCE eee Cee cee Page 2 of2= h (BBA $* Yar 1 Sent Date: 06 March 2019 oP Ba University of Dhaka Department of International Business 1B 401: Internstional Accounting and Auditing Standards ‘Time: 01 Hour Answer All questions 1. Ina pioneering work Hofstede (1980) identified four cultral valuedimensions, power distance, uncertainty avoidance, and mascutinity. Gray (1988) linked these cultural value dimensions to four accounting values in the country level. Briefly explain the four accounting value namely individvalsm, dimensions, 2. Explain the uses of generel purpose financial reports as per International L = Define Conceptual Framework (CF). List the(purposedof the Conceptual Framework. previous conceptual Fae wrk “Explain te changes in fevised con:eptual framework compared te Explain the following terms: LSC ie eof the Statement of Fuel aston 3 pe AS Explain tre meaning of true and fair view”. List the functions of Insite of Chartred Accountants of Bangladesh((ICAB) and Bangladesh Securities tage (BSEC), > Accounting Standards (1AS)-we iam University of Dhaka Department of International Business BBA Program 4th Year, Ist Semester Final Examination-2018 \ Course Code: IB-401: International Accounting and Auditing ‘ime: 3 Hours Total Marks: 60 Parts of each question should be [Please answer any four from the following quest answered consecutively] Question 1: (545) a) Discuss some existing financial accounting practice differences using goodwill, income smoothing and asset valuation. b) Discuss the differences between rules based accounting and principles based accounting, ‘Which one is beter and how? Provide your arguments. c) Contrast between cost model and revaluation model as per Intemational Accounting Standard (IAS) 16. (545) ‘Enount (et dite revaluation) of tk. 1,600,000. Amoust recognized in the revaluation reserve is tk. 600,000. The current carrying amount of the asset is tk. 1,500,000, The fair value is use ofthe property is tk. 800,000 whereas its far value i tk. 600,000. ‘Requirement: Calculate the impairment loss inthis situation and provide its recording entry. ©) Mr. Karim is a sole trader. At 31 December 2016, he has total net assets in his balance sheet amounting to tk. 150,000. On January 1, 2017 Rahim purchases Karim's business for tk, 175,000. Calculate the amount of the goodwill for Rahim’s business and how it would be reported on financial statement. , Qstion [5+ (545)] a) Define inventories as per IAS 2. List the items that are excluded in determining the value of inventory as per IAS 2. b) Wong Limited had the following inventory transactions for the reporting period ending 30 June 2017. All inventory items are identical1) Weighted average method