Financial reporting takes the spotlight

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. How often does the IASB do its agenda consultation?

  2. What focus does the IASB currently have on research issues and the development of new standards?

  3. How many large products does the IASB believe it can begin in the next cycle?

  4. Which, if any, of the following statements are true? Statement 1 - The IASB are asking respondents to rank 22 projects from high to low importance, or Statement 2 - The list of 22 items is not intended to be an exhaustive list

  5. Where do cryptocurrencies currently sit in the area of financial reporting?

  6. If a new standard were developed for cryptocurrencies, what size project is it likely to be?

  7. Which of the following is a criticism of IAS 38 Intangible Assets?

  8. Which, if any, of the following statements are true regarding IAS 20 Government Grants? Statement 1 - Under IAS 20, entities currently have a choice of how to account for capital grants, or Statement 2 - Under IAS 20, entities currently have a choice regarding how to present the income in the income statement

  9. When is the deadline for comments?

  10. Which, if any, of the following statements is/are true regarding the criticism of IAS 7 Statement of Cash Flows? Statement 1 - There is a request to remove the use of the indirect method of calculation, or Statement 2 - There is a belief that the statement should be presented before any others in a set of financial statements