Reporting standards get a tidy

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 does the Annual Improvements to IFRS Accounting Standards cover?

  2. Which of the following standards is included in the recent Annual Improvements?

  3. Which, if any, of the following statements are true? Statement 1, the proposed changes will be mandatory, or statement 2, the proposals will relate to changes to the standard themselves, not just providing additional guidance

  4. The change in terminology to IFRS 1 makes it consistent with which other standard?

  5. Which standard has had the term 'cost method' removed from it?

  6. Which standard had a potential inconsistency in language within itself?

  7. Which standard needed to be adjusted for an ambiguity around the derecognition of a liability?

  8. Which of these statements is true regarding acquisitions under the equity method? Statement 1, a gain or loss should be calculated on derecognition of a lease liability, or statement 2, any gain or loss arising should be recorded in profit or loss

  9. The clarification around 'de facto agents' is in which standard?

  10. Which, if any, of the following statements is correct? Statement 1, the Annual Improvements document does not introduce a new IFRS accounting standard, or statement 2, all items in the Annual Improvements document must be linked around a common theme

1 Unit