Value creation and the management commentary

What is the purpose of a practice statement?

Provide mandatory guidance on how to account for items

Provide a non-binding framework of guidance

None of these

Provide the minimum disclosure requirements for listed companies

What is the focus of the IASB in the examination of the current practice statement?

The updates to the conceptual framework

The alternative performance measures shown

The narrative report provided to users

The layout of the statement of financial performance

What information does the IASB not believe should be provided by the management commentary?

The progress in implementing the company's strategy for creating shareholder value

Insight into the company's strategy for creating shareholder value over time

The potential impact on future financial performance not yet captured by the financial statements

The quantification of the major intangible assets in the company

Which, if any, of the following areas are included in the existing practice statement? Area 1 - Business model, risk, strategy and operating environment, or Area 2 - Forward-looking statements

Area 2 only

Both areas

Neither area

Area 1 only

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

Factors affecting future development

Quantitative information on the operational side of the business

Qualitative information on the operational side of the business

All of these

Which of the following is an area specified to be included in management commentary?

Current year financial analysis

Sustainability statements

Legal and contractual issues

Environmental policies

Which of the following identifies the aim of having forward-looking statements with the IASB practice statement?

To provide an increased number of forward-looking financial statements using APMs

To focus on management's statements on future prospects

To provide clearly identified prospective future information

To show post year-end results to date

Which, if any, of the following statements is correct? Statement 1 - The aim is to produce a compulsory standard in relation to management commentary, or Statement 2 - To produce guidance which will replace IAS 1 Presentation of financial statements

Both statements are correct

Statement 2 only is correct

Neither statement is correct

Statement 1 only is correct

Which of these is a new area to be looked at by the revised practice statement?

None of these

Non-financial information

Materiality

Forward-looking statements

Which, if any, of the following statements is/are true? Statement 1 - The practice statement will recommend that managers identify the key intangibles for the business, or Statement 2 - The Board have surveyed national standard-setters to establish what the guidance currently states in a variety of locations

Statement 2 only

Both statements

Neither statement

Statement 1 only

Value creation and the management commentary

What is the purpose of a practice statement?

What is the focus of the IASB in the examination of the current practice statement?

What information does the IASB not believe should be provided by the management commentary?

Which, if any, of the following areas are included in the existing practice statement? Area 1 - Business model, risk, strategy and operating environment, or Area 2 - Forward-looking statements

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

Which of the following is an area specified to be included in management commentary?

Which of the following identifies the aim of having forward-looking statements with the IASB practice statement?

Which, if any, of the following statements is correct? Statement 1 - The aim is to produce a compulsory standard in relation to management commentary, or Statement 2 - To produce guidance which will replace IAS 1 Presentation of financial statements

Which of these is a new area to be looked at by the revised practice statement?

You scored

0

out of

0

Test passed. Enter your details to download your certificate. Your certificate will also be sent to you by email.

Our sites

Useful links

Using this site

Contact us

Planned system updates