IFRS 18 questions keep coming

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 reread the article before attempting the questions again.

When does IFRS 18 become effective?

Reporting periods beginning on or after 1 January 2027

Reporting periods ending on or after 31 December 2027

Reporting periods beginning on or after 1 January 2025

Reporting periods beginning on or after 1 January 2026

Which of the following is NOT required to be disclosed in the single note for management-defined performance measures?

A reconciliation to the most directly comparable IFRS subtotal or total

An explanation of how the measure is calculated

How the measure provides useful information about performance

The identification of which stakeholder groups have used the measure

Which, if any, of the following two statements are true? Statement 1, presentations made confidentially to a small number of identifiable shareholders are automatically considered public communications under IFRS 18, or statement 2, a public investor call would be considered public communications under IFRS 18

Both statements

Statement 1 only

Statement 2 only

Neither statement

Under IFRS 18, income and expenses from cash and cash equivalents are generally presented in which section of the statement of profit or loss?

Other comprehensive income

Operating

Investing

Financing

Which body is primarily dealing with queries regarding IFRS 18 implementation?

International Accounting Standards Board

IFRS Interpretations Committee

Global Preparers Forum

Capital Markets Advisory Committee

Which, if any, of the following two statements are true? Statement 1, IFRS 18 restricts how entities calculate subtotals that qualify as management-defined performance measures (MPMs), or statement 2, measures involving hypothetical income and expenses may qualify as MPMs

Statement 2 only

Neither statement

Statement 1 only

Both statements

Which primary financial statement is most significantly affected by the new presentation requirements in IFRS 18?

Statement of cashflows

Statement of financial position

Statement of profit or loss

Statement of changes in equity

Management-defined performance measures are:

Financial ratios published only in annual reports

Any subtotal reported in the financial statements

Measures required by all IFRS Accounting Standards

Subtotals of income and expenses used in public communications outside the financial statements

Which, if any, of the following two statements are true? Statement 1, IFRS 18 requires income and expenses relating to an entity's main business activity to be presented in the operating section, or statement 2, income and expenses from raising finance are generally presented in the investing section

Statement 2 only

Statement 1 only

Neither statement

Both statements

Under IFRS 18, which section generally includes income and expenses arising from the raising of finance?

Operating

Other comprehensive income

Investing

Financing

1 Unit

IFRS 18 questions keep coming

When does IFRS 18 become effective?

Which of the following is NOT required to be disclosed in the single note for management-defined performance measures?

Under IFRS 18, income and expenses from cash and cash equivalents are generally presented in which section of the statement of profit or loss?

Which body is primarily dealing with queries regarding IFRS 18 implementation?

Which, if any, of the following two statements are true? Statement 1, IFRS 18 restricts how entities calculate subtotals that qualify as management-defined performance measures (MPMs), or statement 2, measures involving hypothetical income and expenses may qualify as MPMs

Which primary financial statement is most significantly affected by the new presentation requirements in IFRS 18?

Management-defined performance measures are:

Under IFRS 18, which section generally includes income and expenses arising from the raising of finance?

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