Old IFRSs are ageing well

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again

  1. What is the current accounting standard for leases?

  2. Which accounting standard became applicable from 1 January 2023?

  3. Which, if any, of the following statements are true? Statement 1, There is no IAS 3 anymore or statement 2, All new accounting standards released by the IASB start with IFRS

  4. What is the impact of the Primary Financial Statements project going to be?

  5. Which of the following inventory valuation methods are allowed under US GAAP?

  6. Which of the following IASs still exists?

  7. Under IAS 20, how are capital grants accounted for?

  8. Which of these is how a change in useful life of an asset should be recorded per IAS 8? Proposal 1, Apply the change prospectively, or Proposal 2, Regard the change as an accounting estimate, not an accounting policy

  9. Which of the following describes the annual write-down of an intangible asset over its useful life?

  10. Which, if any, of the following statements is correct? Statement 1, IAS 2 inventory will be the oldest standard once the Primary Financial Statements project becomes a new standard, or Statement 2, The new standards issued by the International Sustainability Standards Board will become the newest IFRSs

1 Unit