A look at IFRS 13 and consultation on disclosure requirements

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 is NOT a main concern of the IASB about disclosures in financial statements?

  2. Which of these is the IASB testing the new disclosure ideas out on?

  3. Which of the following marker is defined as 'one in which transactions take place with sufficient frequency and volume to provide pricing on an ongoing basis'?

  4. Which, if any, of the statements is/are true? Statement - IFRS 13 provides a definition of fair value, or Statement 2 - Level 1 inputs are the most reliable measure of fair value

  5. Which of the input levels often includes the use of the entity's own data?

  6. Which of the following levels currently have the most disclosures?

  7. Which of the following is something users would like to see?

  8. Which, if any, of the following statements is correct? Statement 1 - The feedback is likely to result in more items being recorded at fair value, or Statement 2 - The feedback is likely to make it clearer when fair value should be used

  9. Which of the following is another proposal which users would like to see?

  10. Which, if any, of the following statements is/are true? Statement 1 - The IFRS Taxonomy team found a diversity in applying sensitivity analysis, or Statement 2 - The IFRS Taxonomy team found a diversity in reporting effects between before and after tax

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