10 May 2023

Get ready for IPSAS 41

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 trading bloc was an early adopter of IPSAS 41?

  2. When was IPSAS 41 launched?

  3. Which of the following statements is correct? Statement 1, IPSAS 41 is an accruals-based accounting system, or statement 2, IPSAS 41 is a cash-based accounting system

  4. Which of the following statements is correct? Statement 1, Before IPSAS 41, EU member states were using IAS and IFRS Standards, or statement 2, Before IPSAS 41, EU member states were using national standards

  5. Which IFRS Standard is IPSAS 41 principally drawn from?

  6. Which of the following is NOT a key feature of IPSAS 41?

  7. When did the European Commission start creating its own public sector accounting standards?

  8. Using IPSAS 41’s forward-looking expected-credit-loss model, how much of a loss did EU record in 2021?

  9. What was the major issue with a previous standard that dealt with financial instruments?

  10. Which of the following statements is correct? Statement 1, IPSAS 41 demands that financial assets be classified in a way that is more in tune with management accounts, or statement 2, IPSAS 41 asks preparers to decide whether assets are being held for operational capacity or financial gain

1 Unit