IASB restructures its Conceptual Framework

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 of the following terms is to be reintroduced into the objective of financial reporting in the Conceptual Framework?

  2. Which one of the following is one of the fundamental qualitative characteristics of financial information that will remain in the revised Conceptual Framework?

  3. Which one of the following is NOT one of the enhancing qualitative characteristics of financial information that will remain in the revised Conceptual Framework?

  4. Which of the following terms are to be now explicitly stated in the revised conceptual framework?

  5. What is the correct treatment for a probable inflow of economic benefits from an uncertain outcome according to IAS 37 Provisions, Contingent Liabilities and Contingent Assets?

  6. Which of the following highlights asymmetric prudence?

  7. What criteria is to be removed from the recognition of items in financial statements?

  8. Which of these is the definition of prudence proposed by the IASB?

  9. Applying substance over form is a key component of which qualitative characteristic?

  10. Which of these terms is included for the first time in the proposed Conceptual Framework?