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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. What is the treatment of an impairment loss under IAS 36?
2. Finance leases are accounted for in a similar manner to
3. Shares are usually included in the weighted average number of shares from the date consideration is
4. If an entity receives a non-monetary asset as a grant, this is accounted for at
5. Under IAS 16 how often should the useful life of an asset be reviewed?
6. Under IAS 2, fixed production overheads should be allocated to items of inventory on the basis of ____ production capacity.
7. In which financial statement is foreign currency mainly disclosed?
8. IAS 36 presumes that budgets and forecasts while arriving at cash flow projections should be
9. How should an asset be initially recognised in the financial statements?
10. Which of the following is not an example of an intangible asset?
11. 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.
12. How many IFRS are in force as of now?
13. Which of the following is not covered by IAS 36 Impairment?
14. What is the term used to describe the time between the acquisition of assets for processing and their realization in cash or cash equivalents?
15. Number of Currencies as per IAS 21
16. Which sections of an annual report do IFRSs apply to?
17. Under IAS 36 what is the recoverable amount of an asset?
18. Which of the following is not a requirement to capitalise development costs under IAS 38 Intangible Assets?
19. How many formats are permitted for income and expense items under IAS 1?
20. Which of the following disclosures is not a requirement of IAS 20?
21. How often should a cash generating unit to which goodwill has been assigned, be tested for impairment?
22. Under IAS 16 if an asset is idle
23. In an operating lease, if a rebate is received, how should it be recorded in the financial statements?
24. A potential ordinary share is Patent
25. Which of the following is not a requirement in the financial statements under IAS 1

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