IAS 1 — Presentation of Financial Statements
1. What are the key components of a complete set of financial statements under IAS 1?
2. What is the main objective of general-purpose financial statements?
3. How does IAS 1 define "fair presentation" in financial statements?
4. What are the principles underlying the "going concern" assumption in IAS 1?
5. How does IAS 1 address the issue of materiality and aggregation in financial statements?
6. What is the significance of comparative information in financial statements under IAS 1?
7. Under what circumstances is a third statement of financial position required?
8. What are the required disclosures for share capital and reserves in IAS 1?
9. How does IAS 1 classify current and non-current assets and liabilities?
10. What are the minimum line items required in the statement of profit or loss?
IAS 8 — Accounting Policies, Changes in Accounting Estimates, and Errors
1. How does IAS 8 define "accounting policies"?
2. What are the key differences between changes in accounting policies, changes in
estimates, and errors?
3. What criteria must be met for an entity to change its accounting policy voluntarily?
4. What is the retrospective application of accounting policies under IAS 8?
5. How should an entity account for changes in accounting estimates?
6. How does IAS 8 require prior period errors to be corrected?
7. What are the disclosure requirements when an entity changes its accounting policy?
8. What is the "impracticability" concept in retrospective application?
9. How should an entity treat an issued but not yet effective IFRS standard?
10. What are the steps to determine the appropriate accounting policy for a transaction not
covered by IFRS?
IAS 10 — Events After the Reporting Period
1. What is the definition of an event after the reporting period under IAS 10?
2. How does IAS 10 differentiate between adjusting and non-adjusting events?
3. Can an entity recognize dividends declared after the reporting period as a liability?
4. What is the impact of a non-adjusting event on financial statements?
5. What disclosures are required for non-adjusting events?
6. How does IAS 10 define the date of authorization for issuing financial statements?
7. How does IAS 10 handle situations where a going concern issue arises after the reporting
period?
8. Under what circumstances should an entity adjust its financial statements for an event
after the reporting period?
9. What is the disclosure requirement if an entity's owners have the power to amend
financial statements after issuance?
10. What examples can you give for adjusting and non-adjusting events?
IAS 16 — Property, Plant, and Equipment
1. What is the objective of IAS 16?
2. What criteria must be met for an item to be recognized as property, plant, and equipment
(PPE)?
3. How does IAS 16 define the initial cost of an item of PPE?
4. What are the two accounting models allowed for measuring PPE after initial recognition?
5. How should an entity account for revaluation of PPE?
6. What are the depreciation requirements under IAS 16?
7. When should an entity review the residual value and useful life of an asset?
8. What are the disclosure requirements for PPE under IAS 16?
9. How does IAS 16 require an entity to account for the disposal of PPE?
10. How should an entity treat costs incurred to replace parts of PPE?
IAS 18 — Revenue
1. What is the key definition of revenue under IAS 18?
2. How should revenue be measured according to IAS 18?
3. What are the criteria for recognizing revenue from the sale of goods?
4. How should an entity recognize revenue from rendering services?
5. What is the percentage-of-completion method in revenue recognition?
6. How should an entity recognize revenue from interest, royalties, and dividends?
7. What conditions must be met for an exchange transaction to be recognized as revenue?
8. What are the disclosure requirements for revenue under IAS 18?
9. How does IAS 18 treat revenue recognition when payments are deferred?
10. What are the main differences between IAS 18 and IFRS 15 for revenue recognition?
IAS 19 — Employee Benefits (1998) (Superseded)
1. What is the fundamental principle of IAS 19 regarding the recognition of employee
benefits?
2. How does IAS 19 define short-term employee benefits?
3. How should an entity recognize profit-sharing and bonus payments?
4. What is the difference between a defined contribution plan and a defined benefit plan?
5. How does IAS 19 require entities to measure defined benefit obligations?
6. What are actuarial gains and losses, and how should they be accounted for?
7. How should past service costs be treated under IAS 19?
8. What are the disclosure requirements for defined benefit plans?
9. When should termination benefits be recognized?
10. How does IAS 19 require the treatment of long-term employee benefits other than post-
employment benefits?