IASB's annual improvements project

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 explains a qualifying asset in relation to IAS 23 Borrowing Costs?

  2. How should borrowing costs on funds borrowed specifically for a qualifying asset be capitalised?

  3. When should borrowing costs cease to be capitalised?

  4. What is the proposal for funds which have been specifically borrowed for a qualifying asset which is now complete?

  5. Which of the following items is the IASB is the focus of the proposed amendment to IAS 12?

  6. How should investments in associates and joint ventures be accounted for currently?

  7. Which of these is proposed to be accounted for under the principles of IFRS 9 Financial Instruments?

  8. Which, if any, of the following statements is correct? Statement 1 - the proposed change to IAS 12 states that all payments on financial instruments classified as equity should be recorded in 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. Which of these models will be applied to impairments under IFRS 9 Financial Instruments?

  10. Which of these remains a largely unanswered concern of commenters following the proposed update to IAS 12?