Accounting for Covid cost

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 re-read the article before attempting the questions again

  1. The application of which of these accounting standards is unlikely to be affected by COVID-19?

  2. Which of the following is the most likely cause of action for entities preparing financial statements?

  3. Which of the following is likely as a result of COVID-19?

  4. Which of the following is true regarding impairments to goodwill?

  5. If Covid-19 leads to an entity with a reporting date of 31 December 2019 not being able to continue trading, what is the correct treatment?

  6. How is a non-adjusting event treated per IAS 10?

  7. If there is a significant increase in credit risk on a long-term receivable, what is the correct treatment per IFRS 9?

  8. Which, if any, of the following statements are true? Statement 1 - For accounting periods ended before or on 31 December 2019, Covid-19 is likely to be a non-adjusting event per IAS 10. Statement 2 - For accounting periods ended after 31 January 2020, Covid-19 is likely to be an adjusting event per IAS 10

  9. Which of these could potentially lead to an impairment of a financial asset per IFRS 9?

  10. Which, if any, of the following statements is correct? Statement 1 – The IASB encourage judgement in the application of COVID-19 to IFRS 9 assets. Statement 2 – The models currently used by entities for calculating loss allowances are likely to be unchanged and can be applied in the same way