New goals for management commentary?

What is the purpose of a practice statement?

None of these

Provide the minimum disclosure requirements for listed companies

Provide mandatory guidance on how to account for items

Provide a non-binding framework of guidance

How many areas of content are included in the proposed new Practice Statement?

5

4

6

3

Which of these is the purpose of the new planned framework?

To overhaul IAS 1 Presentation of Financial Statements

To create a new IFRS Standard

To overhaul IFRS Practice Statement 1 Management Commentary

To act as an addition to the revised Conceptual Framework

Which, if any, of the following areas are included in the existing practice statement? Area 1 - Resources and relationships, or Area 2 - Risks

Area 2 only

Neither area

Area 1 only

Both areas

Which of the following features do the Board think should be included within management commentary?

The entity's financial performance and financial position

The entity's business model

All of these

External environment factors

Which of the following describes the approach taken for the new framework?

An objectives-based approach

A hybrid approach

A rules-based approach

Reporting by exception

Which of the following identifies what material information is likely to consist of in the management commentary?

Matters fundamental in creating value and generating cash flows

Key accounting standards

New legislation

Non-compliance with regulations

How many types of objective are included in the new guidance?

3

5

2

4

Which, if any, of the following statements is/are true? Statement 1 - Management should consider assessment objectives when producing management commentary, or Statement 2 - Management should consider specific objectives when producing management commentary

Statement 2 only

Statement 1 only

Both statements

Neither statement

Which, if any, of the following statements is correct? Statement 1 -The revised framework will provide a checklist for management commentary compliance, or Statement 2 - Listed entities reporting under IFRS will all be required to follow the new Practice Statement

Statement 1 only is correct

Neither statement is correct

Statement 2 only is correct

Both statements are correct

New goals for management commentary?

What is the purpose of a practice statement?

How many areas of content are included in the proposed new Practice Statement?

Which of these is the purpose of the new planned framework?

Which, if any, of the following areas are included in the existing practice statement? Area 1 - Resources and relationships, or Area 2 - Risks

Which of the following features do the Board think should be included within management commentary?

Which of the following describes the approach taken for the new framework?

Which of the following identifies what material information is likely to consist of in the management commentary?

How many types of objective are included in the new guidance?

Which, if any, of the following statements is/are true? Statement 1 - Management should consider assessment objectives when producing management commentary, or Statement 2 - Management should consider specific objectives when producing management commentary

Which, if any, of the following statements is correct? Statement 1 -The revised framework will provide a checklist for management commentary compliance, or Statement 2 - Listed entities reporting under IFRS will all be required to follow the new Practice Statement

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