Quiz: IFRS Knowledge Quiz


IFRS Knowledge QuizOnline version IFRS/IAS standards overview by Solangel Rodriguez 1 Requires lessees to recognize in the balance sheet a right-of-use asset and a liability, eliminating nearly all operating leases off the balance sheet. a IFRS 16 (Leases). b IFRS 9 (Financial Instruments) c IAS 16 (Property, Plant and Equipment) d IFRS 15 (Revenue from Contracts with Customers) 2 Regulates the five-step model for revenue recognition from contracts with customers. a IFRS 16 (Leases) b IAS 16 (Property, Plant and Equipment) c IFRS 9 (Financial Instruments) d IFRS 15 (Revenue from Ordinary Activities). 3 Defines the impairment of financial assets using the expected credit loss model and instrument classification. a IFRS 9 (Financial Instruments). b IFRS 15 (Revenue from Ordinary Activities) c IFRS 16 (Leases) d IAS 2 (Inventories) 4 Regulates the valuation of items such as machinery, buildings and equipment used in production. a IAS 2 (Inventories) b IFRS 13 (Fair Value) c IAS 16 (Property, Plant and Equipment). d IFRS 9 (Financial Instruments) 5 Guides how to account for business combinations and the determination of goodwill. a IFRS 15 (Revenue from Contracts with Customers) b IFRS 10 (Consolidated Financial Statements) c IAS 36 (Impairment of Assets) d IFRS 3 (Business Combinations). 6 Case: An agricultural company acquires cattle for milk production. Which standard applies to valuing that biological asset? a IFRS 9 (Financial Instruments) b IAS 2 (Inventories) c IAS 16 (Property, Plant and Equipment) d IAS 41 (Agriculture). 7 Case: An airline purchases a fleet of aircraft through a leasing contract for 10 years. Which IFRS applies to record this in its FS? a IFRS 16 (Leases). b IFRS 15 (Revenue from Contracts with Customers) c IAS 40 (Investment Property) d IAS 37 (Provisions) 8 Case: A construction company owns land not used in operations or for sale, but to gain long-term appreciation. Under which standard should it classify them? a IAS 40 (Investment Property). b IAS 2 (Inventories) c IAS 16 (Property, Plant and Equipment) d IFRS 9 (Financial Instruments) 9 Case: A bank assesses credit risk of its loan portfolio to establish provisions. Which IFRS requires calculating expected loss? a IFRS 9 (Financial Instruments). b IFRS 7 (Financial Instruments: Disclosures) c IAS 37 (Provisions) d IFRS 15 (Revenue from Contracts with Customers) 10 True or False: IFRS 13 sets rules for measuring Fair Value when another standard requires it. a False (IFRS 13 does not exist) b False (IFRS 13 does not address fair value) c True (IFRS 13). d True (IFRS 12) 11 True or False: The IASB has replaced the IAS with IFRS entirely and NIC standards are no longer valid. a False (IAS standards issued by IASC remain largely valid under IFRS). b True (IAS standards are now IFRS only) c False (IAS standards are ignored) d True (IAS are fully replaced) 12 True or False: IAS 2 allows valuing inventories using the LIFO method (Last In, First Out). a False (LIFO is allowed under IFRS) b False (LIFO is required) c False (LIFO is prohibited by IAS 2). d True (LIFO is allowed)

1

Requires lessees to recognize in the balance sheet a right-of-use asset and a liability, eliminating nearly all operating leases off the balance sheet.

a

IFRS 16 (Leases).

b

IFRS 9 (Financial Instruments)

c

IAS 16 (Property, Plant and Equipment)

d

IFRS 15 (Revenue from Contracts with Customers)

2

Regulates the five-step model for revenue recognition from contracts with customers.

a

IFRS 16 (Leases)

b

IAS 16 (Property, Plant and Equipment)

c

IFRS 9 (Financial Instruments)

d

IFRS 15 (Revenue from Ordinary Activities).

3

Defines the impairment of financial assets using the expected credit loss model and instrument classification.

a

IFRS 9 (Financial Instruments).

b

IFRS 15 (Revenue from Ordinary Activities)

c

IFRS 16 (Leases)

d

IAS 2 (Inventories)

4

Regulates the valuation of items such as machinery, buildings and equipment used in production.

a

IAS 2 (Inventories)

b

IFRS 13 (Fair Value)

c

IAS 16 (Property, Plant and Equipment).

d

IFRS 9 (Financial Instruments)

5

Guides how to account for business combinations and the determination of goodwill.

a

IFRS 15 (Revenue from Contracts with Customers)

b

IFRS 10 (Consolidated Financial Statements)

c

IAS 36 (Impairment of Assets)

d

IFRS 3 (Business Combinations).

6

Case: An agricultural company acquires cattle for milk production. Which standard applies to valuing that biological asset?

a

IFRS 9 (Financial Instruments)

b

IAS 2 (Inventories)

c

IAS 16 (Property, Plant and Equipment)

d

IAS 41 (Agriculture).

7

Case: An airline purchases a fleet of aircraft through a leasing contract for 10 years. Which IFRS applies to record this in its FS?

a

IFRS 16 (Leases).

b

IFRS 15 (Revenue from Contracts with Customers)

c

IAS 40 (Investment Property)

d

IAS 37 (Provisions)

8

Case: A construction company owns land not used in operations or for sale, but to gain long-term appreciation. Under which standard should it classify them?

a

IAS 40 (Investment Property).

b

IAS 2 (Inventories)

c

IAS 16 (Property, Plant and Equipment)

d

IFRS 9 (Financial Instruments)

9

Case: A bank assesses credit risk of its loan portfolio to establish provisions. Which IFRS requires calculating expected loss?

a

IFRS 9 (Financial Instruments).

b

IFRS 7 (Financial Instruments: Disclosures)

c

IAS 37 (Provisions)

d

IFRS 15 (Revenue from Contracts with Customers)

10

True or False: IFRS 13 sets rules for measuring Fair Value when another standard requires it.

a

False (IFRS 13 does not exist)

b

False (IFRS 13 does not address fair value)

c

True (IFRS 13).

d

True (IFRS 12)

11

True or False: The IASB has replaced the IAS with IFRS entirely and NIC standards are no longer valid.

a

False (IAS standards issued by IASC remain largely valid under IFRS).

b

True (IAS standards are now IFRS only)

c

False (IAS standards are ignored)

d

True (IAS are fully replaced)

12

True or False: IAS 2 allows valuing inventories using the LIFO method (Last In, First Out).

a

False (LIFO is allowed under IFRS)

b

False (LIFO is required)

c

False (LIFO is prohibited by IAS 2).

d

True (LIFO is allowed)

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IFRS Knowledge Quiz

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IFRS Knowledge QuizOnline version

by Solangel Rodriguez

Requires lessees to recognize in the balance sheet a right-of-use asset and a liability, eliminating nearly all operating leases off the balance sheet.

Regulates the five-step model for revenue recognition from contracts with customers.

Defines the impairment of financial assets using the expected credit loss model and instrument classification.

Regulates the valuation of items such as machinery, buildings and equipment used in production.

Guides how to account for business combinations and the determination of goodwill.

Case: An agricultural company acquires cattle for milk production. Which standard applies to valuing that biological asset?

Case: An airline purchases a fleet of aircraft through a leasing contract for 10 years. Which IFRS applies to record this in its FS?

Case: A construction company owns land not used in operations or for sale, but to gain long-term appreciation. Under which standard should it classify them?

Case: A bank assesses credit risk of its loan portfolio to establish provisions. Which IFRS requires calculating expected loss?

True or False: IFRS 13 sets rules for measuring Fair Value when another standard requires it.

True or False: The IASB has replaced the IAS with IFRS entirely and NIC standards are no longer valid.

True or False: IAS 2 allows valuing inventories using the LIFO method (Last In, First Out).

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