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Questions and Answers
What is the classification of gains and losses from financial assets designated at fair value through other comprehensive income?
What is the classification of gains and losses from financial assets designated at fair value through other comprehensive income?
- Statement of financial position
- Statement of cash flows
- Other comprehensive income (correct)
- Profit or loss
What is the treatment of the effective portion of gains and losses from hedging instruments for cash flow hedges?
What is the treatment of the effective portion of gains and losses from hedging instruments for cash flow hedges?
- Recognized in profit or loss
- Excluded from the financial statements
- Deferred and then recognized in profit or loss
- Recognized in other comprehensive income (correct)
How are changes in the fair value of options separated into intrinsic value and time value?
How are changes in the fair value of options separated into intrinsic value and time value?
- Both the intrinsic value and time value are recognized, but only the intrinsic value is designated as a hedging instrument (correct)
- Neither the intrinsic value nor the time value is recognized
- Only the time value is recognized
- Only the intrinsic value is recognized
Which IFRS standard deals with insurance contracts?
Which IFRS standard deals with insurance contracts?
What is the treatment of the fair value change of the time element of a forward contract when separated into a time element and a cash flow element?
What is the treatment of the fair value change of the time element of a forward contract when separated into a time element and a cash flow element?
Which IFRIC deals with uncertainty over income tax treatments?
Which IFRIC deals with uncertainty over income tax treatments?
How are insurance contracts accounted for under IFRS 17?
How are insurance contracts accounted for under IFRS 17?
Which standard deals with Fair Value Measurement?
Which standard deals with Fair Value Measurement?
What is the treatment of insurance contracts that are reinsured?
What is the treatment of insurance contracts that are reinsured?
Which standard deals with financial instruments?
Which standard deals with financial instruments?
What is the purpose of paragraph 88(b) of IFRS 17?
What is the purpose of paragraph 88(b) of IFRS 17?
Which IFRIC deals with service concession arrangements?
Which IFRIC deals with service concession arrangements?
What is the treatment of the currency basis spread of a financial instrument?
What is the treatment of the currency basis spread of a financial instrument?
Which standard deals with revenue from contracts with customers?
Which standard deals with revenue from contracts with customers?
What is the classification of gains and losses from financial investments in equity instruments designated at fair value through other comprehensive income?
What is the classification of gains and losses from financial investments in equity instruments designated at fair value through other comprehensive income?
Which IFRIC deals with levies?
Which IFRIC deals with levies?
What is the treatment of the fair value change of a financial instrument that is designated as a hedging instrument?
What is the treatment of the fair value change of a financial instrument that is designated as a hedging instrument?
Which standard deals with consolidated financial statements?
Which standard deals with consolidated financial statements?
Which IFRIC deals with foreign currency transactions?
Which IFRIC deals with foreign currency transactions?
Which standard deals with business segments?
Which standard deals with business segments?
According to IFRS 15, what is the basis for recognizing revenue from contracts with customers?
According to IFRS 15, what is the basis for recognizing revenue from contracts with customers?
What should be considered when determining the revenue recognition from contracts with customers?
What should be considered when determining the revenue recognition from contracts with customers?
How should an entity present the results of transactions that do not generate revenue?
How should an entity present the results of transactions that do not generate revenue?
What is the treatment of gains and losses from the disposal of non-current assets?
What is the treatment of gains and losses from the disposal of non-current assets?
How should an entity account for expenses incurred in connection with a provision that is reimbursed by a third party?
How should an entity account for expenses incurred in connection with a provision that is reimbursed by a third party?
According to IFRS 15, what is the basis for recognizing revenue from contracts with customers?
According to IFRS 15, what is the basis for recognizing revenue from contracts with customers?
What should be considered when determining the revenue recognition from contracts with customers?
What should be considered when determining the revenue recognition from contracts with customers?
Why should an entity present the results of transactions that do not generate revenue?
Why should an entity present the results of transactions that do not generate revenue?
Study Notes
IFRS Regulations
- IFRS 9 regulates financial instruments, including those designated at fair value through other comprehensive income.
- IFRS 15 regulates revenue recognition from contracts with customers.
- IFRS 17 regulates insurance contracts.
Other Comprehensive Income
- Gains and losses on financial investments in equity instruments designated at fair value through other comprehensive income.
- Gains and losses on financial assets designated at fair value through other comprehensive income.
- Effective portion of gains and losses on hedging instruments used to hedge cash flows and fair value of equity investments.
- Changes in fair value of certain financial liabilities designated at fair value through profit or loss.
- Changes in time value of options separated from the underlying instrument, with only the changes in intrinsic value designated as a hedging instrument.
- Changes in the time value of forward elements of forward contracts separated from cash flow elements, with only changes in cash flow elements designated as a hedging instrument.
Insurance Contracts
- Insurance contract revenues and expenses from written contracts, excluded from profit or loss, presented separately.
- Insurance contract revenues and expenses from reinsurance contracts, excluded from profit or loss, presented separately.
Revenue Recognition
- Revenue recognition from contracts with customers based on the transaction price, adjusted for discounts and rebates.
- Revenue recognition includes transaction prices, discounts, and rebates, presented separately.
Segment Reporting
- IFRS 8 regulates operating segment reporting.
- IFRS 12 regulates disclosures of interests in other entities.
IFRIC and SIC Interpretations
- IFRIC 1: Changes in existing decommissioning, restoration, and similar liabilities.
- IFRIC 2: Members' shares in cooperative entities and similar instruments.
- IFRIC 5: Rights to interests in reclamation trusts for environmental remediation.
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Description
Test your knowledge of financial instruments and accounting standards, specifically IFRS 9 and IAS 1. This quiz covers financial investments, capital instruments, and their treatment in financial reporting.
