SME standards catch up

Who cannot apply IFRS for SMEs?

Companies that produce accounts for external users

Everyone can apply the standard

Companies that are publicly accountable

Companies with over 1,000 employees

Which of these is NOT included in IFRS for SMEs?

Segmental reporting

Financial instruments

Provisions

Intangible assets

Which of these is NOT a treatment available to account for an associate?

Fair value through profit or loss

Amortised cost

Cost model

Equity method

Which, if any, of the following statements are true? Statement 1 - SMEs can produce a joint statement combining the income statement and statement of changes in equity in some circumstances Statement 2 - Banks cannot apply the IFRS for SMEs, regardless of their size

Neither statement

Statement 1 only

Statement 2 only

Both statements

Under IFRS for SME, when can borrowing costs be capitalised?

On a loan towards an acquisition of a subsidiary

Never

In relation to intangible assets

In relation to qualifying assets for PPE

When was the most recent update of the IFRS for SMEs standard?

2017

2019

2015

2021

Which of these represents is true in respect of the accounting for leases under the IFRS for SMEs standard?

It is largely consistent with IFRS 16 Leases

There are no sale and leasebacks allowed

None of the above

It is largely consistent with IAS 17 Leases

Which, if any, of the following statements are true in respect of IFRS for SMEs? Statement 1 - All intangible assets must be amortised over a useful life Statement 2 - No internally-generated intangible assets can be capitalised

Neither statement is correct

Statement 1 only is correct

Statement 2 only is correct

Both statements are correct

Which of the following reflects the treatment of contingent consideration in respect of a subsidiary under IFRS for SMEs?

It should be included at fair value, regardless of the probability

It should be included if the payment is probable

None of the above

It should never be included

Which, if any, of the following statements is or are true regarding the IFRS for SMEs? Statement 1 - Non-controlling interests must be measured using the fair value model Statement 2 - Direct costs associated with acquiring a subsidiary must be expensed

Neither statement

Both statements

Statement 1 only

Statement 2 only

SME standards catch up

Who cannot apply IFRS for SMEs?

Which of these is NOT included in IFRS for SMEs?

Which of these is NOT a treatment available to account for an associate?

Which, if any, of the following statements are true? Statement 1 - SMEs can produce a joint statement combining the income statement and statement of changes in equity in some circumstances Statement 2 - Banks cannot apply the IFRS for SMEs, regardless of their size

Under IFRS for SME, when can borrowing costs be capitalised?

When was the most recent update of the IFRS for SMEs standard?

Which of these represents is true in respect of the accounting for leases under the IFRS for SMEs standard?

Which, if any, of the following statements are true in respect of IFRS for SMEs? Statement 1 - All intangible assets must be amortised over a useful life Statement 2 - No internally-generated intangible assets can be capitalised

Which of the following reflects the treatment of contingent consideration in respect of a subsidiary under IFRS for SMEs?

Which, if any, of the following statements is or are true regarding the IFRS for SMEs? Statement 1 - Non-controlling interests must be measured using the fair value model Statement 2 - Direct costs associated with acquiring a subsidiary must be expensed

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