IAS 8 looks to allow retrospective application of new accounting policies without restating prior financials

How should a change in accounting policy be accounted for?

Prospectively with no disclosures

Retrospectively

Prospectively with disclosure in the notes

None of the above

How should a change in accounting estimate be accounted for?

Prospectively

As a non-adjusting event per IAS 10

Retrospectively with restated comparative financial statements

Retrospectively with an adjustment to opening retained earnings

Which of the following represents acceptable alternatives for how IFRS 16 Leases can be applied? Statement 1 -Retrospectively, with comparative financial statements restated, or Statement 2 - Retrospectively, with an adjustment to opening retained earnings but no need to restate prior year financial statements?

Neither statement is correct

Statement 1 only is correct

Both statements are correct

Statement 2 only is correct

Which of the following represents acceptable alternatives for how IFRS 15 Revenue from Contracts with Customers can be applied? Statement 1 - Retrospectively, with comparative financial statements restated, or Statement 2 - Retrospectively, with an adjustment to opening retained earnings but no need to restate prior year financial statements?

Both statements are correct

Statement 1 only is correct

Neither statement is correct

Statement 2 only is correct

Which of the following changes in accounting policy would not be accounted for retrospectively?

Moving from FIFO to weighted average cost for valuing inventory

All of these

Applying the revaluation model to property, plant and equipment

Application of IFRS 16 Leases from 1 January 2019

Which of these was not a reason the IASB believes IFRS 9 is appropriate?

OCI should only be used for exceptional items

Recycling gives a confusing presentation of performance

Reintroducing recycling would result in the necessary introduction of an impairment rule

Relatively few companies held AFS assets

Which of the following terms is not included in the proposed definition of an accounting standard?

Conventions

Practices

Principles

Measurement bases

Which, if any, of the following statements is correct? Statement 1 - An entity cannot change from applying straight line depreciation to reducing balance depreciation, or Statement 2 - A change in where depreciation is charged in the statement of profit or loss is a change in accounting estimate?

Statement 1 only is correct

Statement 2 only is correct

Neither statement is correct

Both statements are correct

Which of the following is not a proposed change in relation to IAS 8?

None of the above

The definition of a prior period error

The definition of an accounting estimate

The definition of an accounting policy

Which, if any, of the following statements is/are correct? Statement 1 - Many respondents believe that further illustrative examples are required in IAS 8, or Statement 2 - There is also a proposed changed to an auditing standard around accounting estimates?

Both statements

Neither statement

Statement 2 only

Statement 1 only

IAS 8 looks to allow retrospective application of new accounting policies without restating prior financials

How should a change in accounting policy be accounted for?

How should a change in accounting estimate be accounted for?

Which of the following changes in accounting policy would not be accounted for retrospectively?

Which of these was not a reason the IASB believes IFRS 9 is appropriate?

Which of the following terms is not included in the proposed definition of an accounting standard?

Which, if any, of the following statements is correct? Statement 1 - An entity cannot change from applying straight line depreciation to reducing balance depreciation, or Statement 2 - A change in where depreciation is charged in the statement of profit or loss is a change in accounting estimate?

Which of the following is not a proposed change in relation to IAS 8?

Which, if any, of the following statements is/are correct? Statement 1 - Many respondents believe that further illustrative examples are required in IAS 8, or Statement 2 - There is also a proposed changed to an auditing standard around accounting estimates?

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IAS 8 looks to allow retrospective application of new accounting policies without restating prior financials

How should a change in accounting policy be accounted for?

How should a change in accounting estimate be accounted for?

Which of the following changes in accounting policy would not be accounted for retrospectively?

Which of these was not a reason the IASB believes IFRS 9 is appropriate?

Which of the following terms is not included in the proposed definition of an accounting standard?

Which, if any, of the following statements is correct? Statement 1 - An entity cannot change from applying straight line depreciation to reducing balance depreciation, or Statement 2 - A change in where depreciation is charged in the statement of profit or loss is a change in accounting estimate?

Which of the following is not a proposed change in relation to IAS 8?

Which, if any, of the following statements is/are correct? Statement 1 - Many respondents believe that further illustrative examples are required in IAS 8, or Statement 2 - There is also a proposed changed to an auditing standard around accounting estimates?

You scored

0

out of

0

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

Related topics

Our sites

Useful links

Using this site

Contact us

Planned system updates