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    1.4 Review Questions TFRS 1-For students

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    kelim1009

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    1.4 Review Questions TFRS 1-For students

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    kelim1009
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    2 views2 pages

    1.4 Review Questions TFRS 1-For students

    Uploaded by

    kelim1009

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    THE INSTITUTE OF FINANCE MANAGEMENT (IFM)

    PRINCIPLES OF FINANCIAL REPORTING (ACU07314)


    CHAPTER ONE: TFRS 1
    Tutorial questions
    Question 1
    A student is required to read the extract report prepared by those charged with governance and
    complete the TFRS 1 checklist in the Excel sheet. The purpose of this assignment is to assess the
    student's familiarity with the guiding principles and disclosure requirements of TFRS 1. The
    extract report and TFRS 1 checklist are attached to the class notes.
    Question 2
    a) What are the specific TFRS 1 requirements regarding the report by those charged with
    governance?
    b) How do these requirements align with international financial reporting standards or best
    practices?
    Question 3
    a) What information is typically included in the report by those charged with governance?
    b) How does this information benefit stakeholders and users of the financial statements?
    Question 4
    a) How does the report ensure the independence and objectivity of those charged with
    governance?
    b) Are there any potential conflicts of interest that need to be addressed?
    Question 5
    a) How does the report by those charged with governance influence the financial decision-
    making process of stakeholders, such as investors and creditors?
    b) Can you provide examples of how this report has affected such decisions in the past?
    Question 6
    You are the external auditor for Company XYZ, and you have reviewed the report by those charged
    with governance. During your review, you notice that some members of the board of directors
    have personal financial interests that could be perceived as a conflict of interest. How should you
    address this situation, and what impact might it have on the report?

    Question 7
    Your organization is preparing its financial statements, and the report by those charged with
    governance must be included. However, you discover that some aspects of the report do not align
    with the specific requirements outlined in TFRS 1. How should you address this non-compliance,
    and what steps can be taken to rectify the situation?
    Question 8
    While reviewing the report by those charged with governance, you identify several instances where
    the information provided is incomplete or inaccurate. How should you address these issues, and
    what steps should be taken to improve the report's quality?
    Question 9
    After the report by those charged with governance is published, some stakeholders express
    concerns about the lack of transparency in certain areas. They believe that more information should
    have been disclosed. How should the organization respond to these concerns, and what steps can
    be taken to enhance transparency in future reports?
    Question 10
    You are a financial consultant appointed by the National Board of Accountants and Auditors
    (NBAA) who conducts workshops and trainings on various topics on International Financial
    Reporting Standards, Non-financial reporting and various tax matters. On 12th December 2024,
    you are going to have a presentation during the Accountants’ Forum on financial reporting
    standards that may be found accompanying the financial statements in the annual report. Many
    users of these financial reports have wondered, the inclusion of report by those charged by
    governance to accompany the financial statements. The accountants’ Forum will be held at APC
    Hotel and Conference Centre in Dar es Salaam and the management of NBAA would like to look
    at your presentation before it can be delivered at the forum.
    REQUIRED:
    Prepare a discussion paper on TFRS 1 (Report by TCWG) focusing on objectives, scope and
    disclosure requirements

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