Accounting Standards

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14: Leases until most recently have been the subject of IAS 17 that in 2019 was superseded by which standard?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?

• Dr Philip E Dunn is a freelance author and technical editor for Kaplan and Osborne Books.