IFRS - Are we good to go - IFRS 16 - W9

IFRS - Are we good to go - IFRS 16 - W9

1st - 3rd Grade

10 Qs

quiz-placeholder

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IFRS - Are we good to go - IFRS 16 - W9

IFRS - Are we good to go - IFRS 16 - W9

Assessment

Quiz

Professional Development

1st - 3rd Grade

Hard

Created by

thao duong

Used 8+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A contract is, or contains, a lease if the contract conveys the right __________ an identified asset for a period of time in exchange for consideration.

To use

To control the use of

To obtain economic benefits from

To recognise depreciation changes of

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A right-of-use asset acquired under a lease is measured at which amount according to IFRS 16?

Lease liability + initial direct costs + estimated costs of dismantling + incentives received

Lease liability - initial direct costs + estimated costs of dismantling - incentives received

Lease liability - initial direct costs - estimated costs of dismantling + incentives received

Lease liability + initial direct costs + estimated costs of dismantling - incentives received

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

When A entity entered into a 4 year lease agreement on 30 April 2014, the fair price of the asset was $380,000. The lease term involved A entity making a payment on 30 April 2014 of $130,000, followed by 3 annual payments on 30 April of $101,000. The asset has an estimated useful life of 5 years and the rate implicit in the lease is 10%.

What amount will be charged to statement of profit or loss in respect of this asset in the year to 30 November 2014? ($'000)?

62

48

91

70

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

B entity entered into a lease of a piece of machinery for $1,000 per annum for 5 years. B is granted a rent-free period in the first year and elects to apply the low-value exemption in IFRS 16 leases.

Calculate the annual lease rental expense to be recognised through profit or loss?

1,000

Nil

1,250

800

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of following scenarios requires the discount rate to be reassessed?

A change in future lease payments due to a change in an index or rate.

A change in the amount expected to be payable under a residual value guarantee.

A change in variable lease payments.

A significant change in lease payments as a result of a floating interest rate.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the possible lease classification(s) for lessors under IFRS 16?

Operating or finance

Finance only

Operating only

None of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Variable payments that depend on a rate or index are initially measured as of the ___________ date.

termination

future

commencement

remeasurement

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