IFRS for SMEs refreshed

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. What will be a key term in relation to the principles of revenue recognition going forwards?

  2. When is the new IFRS for SME Accounting Standard effective?

  3. The changes in revenue recognition will make IFRS for SMEs more comparable with which standard?

  4. Which, if any, of the following statements are true about the proposed IFRS for SMEs standard? Statement 1, Two financial instruments sections have been merged into one. Statement 2, There will be a new section on fair value

  5. Which of these is a proposed change to financial instruments under IFRS for SMEs?

  6. What is the impairment model which will be applied to assets held under amortised cost?

  7. Which of these statements is true in respect of the proposed treatment of accounting for leases under the IFRS for SMEs standard?

  8. Which, if any, of the following statements are true in respect of the proposed changes to IFRS for SMEs? Statement 1, They are applicable in all jurisdictions that apply full IFRS Accounting Standards. Statement 2, Early adoption can be made

  9. Which of the following reflects the proposed treatment of control for subsidiaries?

  10. Which, if any, of the following statements is or are true regarding the proposed changes to IFRS for SMEs? Statement 1, The new revenue section allows entities to continue to follow an IAS 18 approach. Statement 2, The new revenue section follows a five step approach

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