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.

Which of the following explains a qualifying asset in relation to IAS 23 Borrowing Costs?

An asset which can be classified within non-current assets

An asset which obtains significant capital allowances

An asset which has had loan finance raised for its acquisition

An asset which takes a substantial period of time to get ready for use

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

The weighted average cost of borrowing

The actual borrowing costs incurred during the construction period, ignoring any temporary investment income earned

The total borrowing costs incurred during the useful life of the asset

Actual borrowing costs incurred, less temporary investment income earned

When should borrowing costs cease to be capitalised?

After the first 12 months

At the end of the useful life of the asset

When the asset is ready for use

When the borrowings are repaid

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

The funds are included in the general pool of borrowings for the calculation of the weighted average cost of borrowing

None of the these

The specific cost of these borrowings should be rolled over onto a new investment when a new qualifying asset is acquired

These borrowings should be excluded from any future calculations of both specific and general borrowings

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

Share-based payments

Gains recognised in other comprehensive income

Distributions of profits

Future pension liabilities

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

Equity accounting

Amortised cost

Historical cost

Fair value through profit or loss

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

Gross interest in associates

Goodwill

Items held under equity accounting

Long-term interests

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

Statement 2 only is correct

Both statements are correct

Neither statement is correct

Statement 1 only is correct

Which of these models will be applied to impairments under IFRS 9 Financial Instruments?

Expected credit loss model

Contingent consideration model

Value in use model

Present value

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

Where to recognise the tax on distributable profits

Where to recognise the tax on items recorded through other comprehensive income

How to identify whether an item is a distribution of profit or not

How the tax on the distributable profits is calculated

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IASB's annual improvements project

Which of the following explains a qualifying asset in relation to IAS 23 Borrowing Costs?

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

When should borrowing costs cease to be capitalised?

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

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

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

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

Which of these models will be applied to impairments under IFRS 9 Financial Instruments?

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

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IASB's annual improvements project

Which of the following explains a qualifying asset in relation to IAS 23 Borrowing Costs?

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

When should borrowing costs cease to be capitalised?

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

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

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

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

Which of these models will be applied to impairments under IFRS 9 Financial Instruments?

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

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Test passed. Enter your details to download your certificate. Your certificate will also be sent to you by email.

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