01 January 2018

IASB makes changes to statements of financial practice

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 re-read the article before attempting the questions again

  1. Which of the following is NOT covered by IASB proposals on the statement of financial performance?

  2. Which of the following represents the name of a proposed new category within the statement of financial performance?

  3. Which of the following is likely to be included within income/expenses from investments?

  4. Which of the following statements, if any, about income/expenses from investments is correct? Statement 1 - The section should be disaggregated into the different categories on income/expenses based on different types of activity, or Statement 2 - The category will exclude any gains/losses incurred on disposing of investments

  5. Which of the following is not a line item to be included within finance income/expenses?

  6. Which of the terms contained within IAS 7 Statement of Cash Flows is to be redefined by the IASB?

  7. Which of the items is likely to fall under the definition of a financing activity?

  8. Which, if any, of the following statements is correct? Statement 1 - Share of profits from associates must be included within the section income/expenses from investments, or Statement 2 - The use of earnings before interest and tax (EBIT) has been agreed as a mandatory subtotal in the statement of financial performance

  9. Which of these terms will be removed under the proposals from the IASB?

  10. Which, if any, of the following statements is to be included within the statement of financial performance in relation to what is currently known as other comprehensive income? Statement 1 - Remeasurements reported outside profit or loss, or Statement 2 - Income and expenses to be included in profit or loss in the future

Related topics

1 Unit

Read the article