IASB's restructured Conceptual Framework raises thorny issues

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 removed from the definition of assets and liabilities?

  2. Which of the following is included in the definition of an economic resource?

  3. Which of the following is included within the proposed definition of a liability?

  4. Which of the following is NOT specifically mentioned as a measurement base in the proposed Conceptual Framework?

  5. Which of the following statements below is false?

  6. What is suggested as the more relevant value for a derivative?

  7. What is suggested as the more relevant value for a group of items held to produce goods or services?

  8. 8. Which, if any, of the following statements is correct? Statement 1 – there is a rebuttable presumption that all items of income and expense should be included in the statement of profit or loss, or Statement 2 – there is a rebuttable presumption that all items in other comprehensive income can be recycled into the statement of profit or loss

  9. When does the proposed framework state that an item should be included in other comprehensive income?

  10. Which of these outlines the proposed treatment for items included within other comprehensive income?