06 November 2020

Estimates and judgments

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 is the FRC?

  2. What was the most common topic that the FRC commented on?

  3. What was the second most commonly noted topic from the FRC review?

  4. Which of the following areas are specifically commented on in the review? Item 1 - Impairment of assets and/or Item 2 - Financial instruments

  5. Which of the following is NOT a good principle of disclosures relating to impairment?

  6. Which of the following was a common issue of query regarding Financial Instruments?

  7. Which accounting standard covers accounting for provisions and contingencies?

  8. Which of the following accounting standards rely on elements of estimate and judgement?

  9. Which, if any, of the following statements is correct? Statement 1 - IAS 37 Provisions, Contingent Liabilities and Contingent Assets is due to be replaced in 2022, or Statement 2 - Onerous contracts are due to be removed from IAS 37

  10. What does IFRIC 23 relate to?