IASB: new guidance on disclosures

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. Which of the three statements below is NOT a concern the IASB has identified regarding disclosures?

  2. Which of the following projects are linked in with the disclosure initiative?

  3. Which of the following terms is included in the list of the IASB’s proposed seven principles of effective communication?

  4. Which of the following statements, if any, about the proposed term: primary financial statements’is correct? Statement 1 - Primary financial statements means the statement of profit or loss and statement of financial position Statement 2 - Primary financial statements means the statement of financial position, statement(s) of financial performance, statement of changes in equity, statement of cash flows and the notes the financial statements

  5. When can/should EBITDA be shown as a subtotal in a statement of financial performance?

  6. Which of the items below regarding unusual or infrequently occurring items is not correct?

  7. Which of the following correctly describes a Category 1 accounting policy per the discussion paper?

  8. Which, if any, of the following statements is correct? Statement 1 - Information necessary to comply with IFRS can be provided in the annual report outside of the financial statements. Statement 2 - Non-IFRS information should never be disclosed within the financial statements

  9. Which of the following categories of accounting policy is the IASB suggesting need not be disclosed?

  10. When would the IASB accept the usage of EBIT as a subtotal in a statement of financial performance as a fair presentation?