Statement of profit and loss

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. When is IFRS 18 likely to be issued?

  2. When is IFRS 18 proposed to be applicable from?

  3. Which, if any, of the following statements are true? Statement 1, the proposed changes will be mandatory. Statement 2, the proposals will be applied retrospectively.

  4. IFRS 18 replaces which IFRS accounting standard?

  5. Where will interest paid generally now be recorded in the statement of cashflows?

  6. Where will dividends received generally now be recorded in the statement of cashflows?

  7. Where should management-defined performance measures now be disclosed?

  8. Which of the following two statements is true regarding the proposals? Statement 1, the inclusion of operating profit as a required subtotal will impact a statement of cashflows which is prepared under the indirect method. Statement 2, there is no longer a reference to material classes of items under IFRS 18.

  9. Where will income and expenses relating to foreign exchange differences be recorded?

  10. Which, if any, of the following two statements is correct? Statement 1, entities may be able to include disclosures of management-defined performance measures within their disclosures under IFRS 8, Operating Segments. Statement 2, unusual income and expenses must be separately disclosed in a single note.

1 unit