16 November 2022

Subsidiaries prepare for reporting change

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 work plan, with the next stage being the issue of a new IFRS Standard?

  2. Which of these items is one of the proposed new IFRS Standards?

  3. When was the exposure draft for 'subsidiaries without public accountability: disclosures' released?

  4. Which of these statements about the proposed 'subsidiaries without public accountability: disclosures' project is correct? Statement 1 - It is for subsidiaries whose parents apply full IFRS accounting standards. Statement 2 - It cannot be applied if a company uses IFRS for SMEs.

  5. Which of these is not explicitly required to be disclosed under the new proposals for lessee accounting?

  6. Which of the following is also a project where the next step is a new IFRS Standard?

  7. What is not required to be disclosed about assets held for sale?

  8. Which of these statements about the exposure draft for 'subsidiaries without public accountability: disclosures' is correct? Statement 1 - The scope applies to all SMEs. Statement 2 - Companies that qualify for this can choose to apply the new standard, IFRS for SMEs or full IFRS standards.

  9. What is required to be disclosed by IFRS 2, Share-Based Payment, but not by the proposed new standard?

  10. Which of the following statements is correct? Statement 1 - The new exposure draft is set to replace IFRS 12, Disclosure of Interests in Other Entities. Statement 2 - IFRS for SME maintains the distinction between finance leases and operating leases for lessee accounting.

1 Unit