09 September 2022

IFRS projects in progress

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again

  1. How many members are on the board of the ISSB?

  2. How many exposure drafts have been issued by the ISSB to date?

  3. When is an update due on the ISSB's exposure drafts?

  4. Which of the following statements are true about the proposed primary financial statements project? Statement 1 - It will result in a new IFRS accounting standard. Statement 2 - There are changes to the presentation in the statement of profit or loss.

  5. Which of these is a proposed change to the statement of profit or loss under the primary financial statements project?

  6. What is the other project where the next step is a new IFRS accounting standard?

  7. Which standards were covered by the recently completed post-implementation review?

  8. Which of the following statements are true about the post-implementation review of IFRS 9? Statement 1 - The review is complete. Statement 2 - The review is split into two sections, one for classification and measurement and one for impairment.

  9. When was IFRS for SMEs last updated?

  10. Which of the following items are listed on the current workplan? Item 1 - Share-based payments. Item 2 - Goodwill and impairment.