Old IFRSs are ageing well

What is the current accounting standard for leases?

IFRS 16

IAS 1

IAS 17

It is in development

Which accounting standard became applicable from 1 January 2023?

None of the above

IFRS 17, Insurance Contracts

IFRS 18, Primary Financial Statements

IFRS 15, Revenue from Contracts with Customers

Which, if any, of the following statements are true? Statement 1, There is no IAS 3 anymore or statement 2, All new accounting standards released by the IASB start with IFRS

Neither statement

Statement 2 only

Statement 1 only

Both statements

What is the impact of the Primary Financial Statements project going to be?

None of the above

Adjusting IAS 1, Presentation of Financial Statements

Replacing IAS 1, Presentation of Financial Statements

Replacing IAS 7, Statement of Cash Flows

Which of the following inventory valuation methods are allowed under US GAAP?

FIFO, LIFO and AVCO

FIFO only

FIFO and AVCO only

FIFO and LIFO only

Which of the following IASs still exists?

IAS 9, Accounting for Research and Development Activities

IAS 4, Depreciation Accounting

IAS 14, Segment Reporting

IAS 12, Income Taxes

Under IAS 20, how are capital grants accounted for?

Not recorded in the financial statements, but disclosed only

Must be held as deferred income and released over the asset

A choice of the netting off or deferred income methods

Must be netted off the cost of the asset

Which of these is how a change in useful life of an asset should be recorded per IAS 8? Proposal 1, Apply the change prospectively, or Proposal 2, Regard the change as an accounting estimate, not an accounting policy

Proposal 1 only is correct

Proposal 2 only is correct

Both proposals are correct

Neither proposal is correct

Which of the following describes the annual write-down of an intangible asset over its useful life?

Asset reduction

Impairment

Depreciation

Amortisation

Which, if any, of the following statements is correct? Statement 1, IAS 2 inventory will be the oldest standard once the Primary Financial Statements project becomes a new standard, or Statement 2, The new standards issued by the International Sustainability Standards Board will become the newest IFRSs

Statement 1 only is correct

Statement 2 only is correct

Both statements are correct

Neither statement is correct

Old IFRSs are ageing well

What is the current accounting standard for leases?

Which accounting standard became applicable from 1 January 2023?

Which, if any, of the following statements are true? Statement 1, There is no IAS 3 anymore or statement 2, All new accounting standards released by the IASB start with IFRS

What is the impact of the Primary Financial Statements project going to be?

Which of the following inventory valuation methods are allowed under US GAAP?

Which of the following IASs still exists?

Under IAS 20, how are capital grants accounted for?

Which of these is how a change in useful life of an asset should be recorded per IAS 8? Proposal 1, Apply the change prospectively, or Proposal 2, Regard the change as an accounting estimate, not an accounting policy

Which of the following describes the annual write-down of an intangible asset over its useful life?

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