23 November 2022

IAS 1 heads for 'redecoration'

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. How many projects are listed on the IASB workplan, with the next stage being the issue of a new IFRS accounting standard?

  2. Which standard would the new IFRS accounting standard resulting from the Primary Financial Statements project replace?

  3. How many new subtotals are proposed under the project?

  4. Which of the following statements are true about the proposed Primary Financial Statements project? Statement 1 - The project is likely to lead to the further disaggregation of information. Statement 2 - The project is looking at disclosures relating to management performance measures.

  5. Which of these totals is currently required under current IFRS Standards?

  6. Which of the following is a proposed new subtotal under the Primary Financial Statements project?

  7. Under the proposals, how many categories would the statement of profit or loss contain?

  8. Which of the following statements are true about the Primary Financial Statements project? Statement 1 - Unusual items would go in the financing category. Statement 2 - Income and expenses from associates would go in the investing category.

  9. Which of the following is one of the new categories proposed under the Primary Financial Statements project?

  10. Which of the following statements are true? Statement 1 - Rental income on investment properties would go in the financing category for non-financial institutions. Statement 2 - Interest on lease liabilities would go into the financing category for non-financial institutions.

1 Unit