10 May 2023

Subsidiaries prepare for reporting change

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 projects are listed on the IASB Workplan with the next stage being the issue of a new IFRS Accounting Standard?

  2. Which of these is one of the proposed new IFRS Accounting Standards?

  3. When was the exposure draft released for Subsidiaries without Public Accountability: Disclosures?

  4. Which, if any, of the following statements are true about the proposed Subsidiaries without Public Accountability: Disclosures project? Is it Statement 1: It is for subsidiaries whose parents apply full IFRS Accounting Standards; or Statement 2: It cannot be applied if a company uses IFRS for SMEs?

  5. Which of these is not explicitly required to be disclosed under the new proposals in relation to lessee accounting?

  6. Which of the following is also a project where the next step is a new IFRS Accounting Standard?

  7. Which item is not required to be disclosed in relation to assets held for sale?

  8. Which, if any, of the following statements are true in respect of the exposure draft for Subsidiaries without Public Accountability: Disclosures? Is it Statement 1: The scope applies to all SMEs; or Statement 2: Companies that qualify for this can choose to apply the new standard, IFRS for SMEs or full IFRS Accounting Standards?

  9. What is required to be disclosed by IFRS 2, Share-based payment, but is not required under the proposed new standard?

  10. Which, if any, of the following items are true? Is it Item 1: The new exposure draft is set to replace IFRS 12 Disclosure of Interests in Other Entities; or Item 2: IFRS for SME maintains the distinction between finance leases and operating leases for lessee accounting?

1 Unit