Liability update

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. Which one of these standards does not cover liabilities?

  2. How would issued warrants with fixed consideration for a fixed number initially be recorded?

  3. How would issued warrants with variable consideration initially be recorded?

  4. Which, if any, of the following items on the workplan could affect the presentation of liabilities? Area 1 - Financial instruments with characteristics of equity, or Area 2 - Primary financial statements

  5. What was the decision regarding warrants which subsequently meet the fixed for fixed criteria?

  6. What is the next step in the Financial Instruments with Characteristics of Equity project?

  7. What is the tentative decision regarding liabilities with conditions attached?

  8. Which, if any, of the following statements is correct? Statement 1 - Liabilities with conditions attached should not be included in the balance sheet, or Statement 2 - Liabilities with conditions attached are the subject of a new IFRS being developed

  9. What other change is proposed under the Primary Financial Statements project?

  10. Which, if any, of the following statements is/are true? Statement 1 - A new line item is proposed in the balance sheet regarding liabilities with conditions, or Statement 2 - Extended disclosures are proposed regarding liabilities with conditions

1 Unit