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International Financial Reporting Standards 2
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International Financial Reporting Standards 2
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25 Questions

1. Errors include: (i) Mathematical mistakes, (ii) Mistakes in applying accounting policies, (iii) Oversight or misinterpretations of facts, (iv) Fraud (v) Changes in Provisions for bad debts.
2. Which of the following does IFRS 1 require an entity to do in the opening IFRS statement of financial position that it prepares as a starting point for its accounting under IFRSs?
3. Which of the following is the starting point for an entity accounting in accordance with IFRSs?
4. If an entity wishes to change from a cost model to fair value model under IAS 40 Investment Property, when may it do so?
5. Which of the following disclosures is not required when an asset is revalued?
6. As per IAS 1, Presentation of financial statement, ______ no of items would constitute complete set of financial statements
7. Which of the following is an exception for application of IFRS 15?
8. Finance leases are accounted for in a similar manner to
9. Which of the following is not an example of an intangible asset?
10. When an intangible asset is sold, the gain or loss is recognisd
11. The payments over the lease term the lessee can or must make is called
12. Which of the following is not a component of a Statement of Financial Position?
13. An investment property should initially be measured at
14. A disposal group is a group of
15. Operating leases are mostly ______ agreements.
16. How often should the useful life of an intangible asset with a finite useful life be reviewed?
17. Under IAS 12 a temporary difference is defined as
18. When presenting discontinued operations in the cash flow statement
19. Total Number of IAS which are notified as of date? government services
20. The principal revenue-producing activities of an entity are called
21. How are unallocated overheads treated as per IAS 2?
22. When a company issues shares for more than their nominal amount the excess is called
23. In an operating lease, if a rebate is received, how should it be recorded in the financial statements?
24. Which of the following cost models is not permitted under IAS 2?
25. Grants should be recognised at

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