IFRS and football finance

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 re-read the article before attempting the questions again

  1. What do the IFRS Interpretations Committee do?

  2. What set of rules deal with the financial state of football in Europe?

  3. The majority of footballers currently accounted for under which standard?

  4. Which, if any, of the following statements is/are correct? Statement 1: -Sales of players are currently regarded as a disposal of a non-current asset, or Statement 2 - Cash flows from the disposals will be shown in investing activities

  5. Which of the following represents the specific decision reached by the Committee?

  6. How much would be able to be recorded in revenue in respect of the disposal queried?

  7. What is the only circumstance that a player sale could be recorded in revenue?

  8. Which, if any, of the following statements is correct? Statement 1 - A registration right can only be recorded in inventory if the plan upon acquisition is to sell the player on, or Statement 2 - All registration rights can be recorded in inventory for all clubs

  9. If registration rights were held as inventory, what would the impact on the statement of profit or loss be?

  10. Which, if any, of the following statements is/are true? Statement 1 - If accounted for as inventory, the registration may hold its value longer, or Statement 2 - Revaluation of registrations is currently not likely under IAS 38 rules