Philip Dunn sets you a test on your knowledge of accounting standards and the regulatory framework.
1: The IASs and IFRSs are now referred to as the consolidated versions of:
(a) Auditing Standards
(b) Accounting Standards
(c) Financial Reporting Standards
(d) International Financial Reporting Standards
2: Which IAS/IFRS would deal with the distinction between an adjusting event and a non-adjusting event?
3: Which IAS/IFRS uses a definition that reads ‘a transaction or other event to which an acquirer obtains control of one or more businesses’?
4: Which IAS/IFRS defines the term ‘Control’?
5: Which IAS/IFRS states an objective of Financial Statements is to provide information on Financial Position, Financial Performance and Cash Flow of an entity?
6: Which IAS/IFRS states the following ‘the lower of cost and net realisable value’?
7: Which IAS/IFRS recognises an Asset when it will provide future economic benefit to an entity and it can be measured reliably?
8: Which IAS/IFRS provides guidelines that include: Operating Activities, Investing Activities and Financing Activities?
9: Which IAS/IFRS covers reference to customer, income and revenue?
10: When Goodwill arises in a Business Combination its carrying value is compared with its recoverable amount on an annual basis under the scope of which IAS/IFRS?
11: Which IAS/IFRS contains definitions to distinguish between Research and Development?
12: Which IAS/IFRS refers to warranty obligations, legal and constructive obligations?
13: IAS 12 contains guidelines to deal with what?
14: Leases until most recently have been the subject of IAS 17 that in 2019 was superseded by which standard?
15: The IASB is the Standard setting operation of which organisation?
2: IAS 10 Events after the Reporting Period
3: IFRS 3 Business Combinations
4: IFRS 10 Consolidated Financial Statements
5: IAS 1 Presentation of Financial Statements
6: IAS 2 Inventories
7: IAS 16 Property, Plant and Equipment
8: IAS 7 Statement of Cash Flows
9: IFRS 15 Revenue from Contracts with Customers
10: IAS 36 Impairment of Assets
11: IAS 38 Intangible Assets
12: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
13: Income Taxes
14: IFRS 16 Leases
15: IFRS Foundation
• Dr Philip E Dunn is a freelance author and technical editor for Kaplan and Osborne Books.