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

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 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?

  2. How should a change in accounting estimate be accounted for?

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

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

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