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- IFRS 7 – Financial Instruments: Disclosures 0%
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Question 1 of 7
1. Question
According to IFRS 7, the loss allowance for loan commitments and financial guarantee contracts is recognised as ___________.
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Question 2 of 7
2. Question
If a financial instrument includes both a loan and an undrawn commitment component and the entity cannot separately identify the expected credit losses on the loan commitment component from those on the financial asset component, the expected credit losses on the loan commitment should be recognised together with the loss allowance for the financial asset.
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Question 3 of 7
3. Question
Which of the following activities does not give rise to credit risk and the associated maximum exposure to credit risk?
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Question 4 of 7
4. Question
For which type of risks does IFRS 7 require an entity to perform sensitivity analysis?
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Question 5 of 7
5. Question
According to IFRS 7, currency risk does not arise from which of the following:
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Question 6 of 7
6. Question
When an entity has measured expected credit losses on a collective basis, the entity may not be able to allocate the gross carrying amount of individual financial assets or the exposure to credit risk on loan commitments and financial guarantee contracts to the credit risk rating grades for which lifetime expected credit losses are recognised.
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Question 7 of 7
7. Question
Assume that in period 1 interest rates are 7 per cent and an entity determines that a fluctuation in interest rates of ±50 basis points is reasonably possible. In the next period (period 2) interest rates have increased to 7.5 per cent. The entity believes that the rate of change in interest rates is stable. Which of the following statements is true regarding the entity’s actions in period 2?
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