The future of UK GAAP

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. The ASB's intention is to work under the IASB framework and to converge to the fullest extent possible consistent with the IFRS taking into account the needs of UK entities. What is the ASB's proposed approach?

  2. Which of the following is not a tier in the new tiered structure?

  3. Under the proposals all entities will have the option to voluntarily adopt a higher tier. Which of the following is not an example of such an option?

  4. Which of the following sectors do the proposals not apply to?

  5. Under the proposals which of the following would be applicable to wholly owned subsidiaries?

  6. The ASB believes that these proposals will improve financial reporting. Which of the following is not an improvement suggested by the ASB?

  7. There are legal and regulatory issues that need dealing with before UK GAAP can be changed. Which of the following is not an issue which needs consideration?

  8. Based on current proposals, companies reporting under UK GAAP would need to adopt either full IFRS or IFRS for SMEs in years from 1 January 2010. At what date would a company with a December year end produce its opening balance sheet under IFRS?

  9. What do the proposals mean for non-publicly accountable subsidiaries of listed companies?

  10. Measurement differences will arise on a move from UK GAAP to IFRS. Which of the following would not be impacted as a consequence of such a move?