Quiz Summary
0 of 10 Questions completed
Questions:
Information
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 10 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- IFRS 1 – First-time Adoption of IFRS 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 10
1. Question
An entity’s estimates in accordance with IFRSs at the date of transition to IFRSs shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
CorrectIncorrect -
Question 2 of 10
2. Question
If an entity needs to make estimates in accordance with IFRSs at the date of transition to IFRSs that were not required at that date under previous GAAP, under which assumptions it may do so?
CorrectIncorrect -
Question 3 of 10
3. Question
An entity’s first IFRS financial statements shall include at least __________, __________, two separate statements of profit or loss (if presented), two statements of cash flows, two statements of changes in equity and ____________, including comparative information for all statements presented.
CorrectIncorrect -
Question 4 of 10
4. Question
An entity shall explain how the transition from previous GAAP to IFRSs __________ its reported financial position, financial performance and cash flows.
CorrectIncorrect -
Question 5 of 10
5. Question
Which of the following statements defines ‘date of transition to IFRSs’?
CorrectIncorrect -
Question 6 of 10
6. Question
International Accounting Standards Board (IASB) has issued certain Standards and Interpretations known as International Financial Reporting Standards (IFRSs). What do these IFRSs comprise?
CorrectIncorrect -
Question 7 of 10
7. Question
Which of the following is not an exception for retrospective application of IFRSs?
CorrectIncorrect -
Question 8 of 10
8. Question
Choose a correct statement which agrees with IFRS 1 regarding hedge accounting:
CorrectIncorrect -
Question 9 of 10
9. Question
A first-time adopter shall always apply IFRS 3 retrospectively to past business combinations.
CorrectIncorrect -
Question 10 of 10
10. Question
Which of the following statements is true regarding the requirements of IFRS 1?
CorrectIncorrect