IFRS Quiz - CASL Kuwait

Amendment to IFRS 16 - COVID-19-Related Rent Concessions have been extended till …………………

• 31 December 2022

• 31 March 2023

• 30 June 2022

• 31 December 2023

Adoption of the Phase 2 amendments Interest Rate Benchmark Reform (IBOR Reforms) are not applicable to ………..

• IFRS 9

• IFRS 16

• IAS 39

• IFRS 15

The amendments to IAS 1 clarify the classification of a liability as either current or non-current is based on the ………………at the end of the reporting period

• contractual terms

• nature of the entity’ liability

• ability of the entity

• entity’s rights

The amendments to IAS 1 require entities to disclose ……………. accounting policies.

• Useful

• Significant

• Material

• Reasonable

Accounting in a hyperinflationary economy covered by………..

•      IAS 29

• IFRS 9

• IAS 21

• IAS 39

The inflation rate in 3 consecutive years is 20%, 30% and 40% respectively. The cumulative inflation rate is 90% (20% + 30% + 40%) and therefore, entities should not apply hyperinflationary accounting”. Is this statement is true or false?

• True

• Fales

Amendment to IAS 16 prohibits an entity from deducting from the cost of property, plant and equipment amounts received from …………………while the entity is preparing the asset for its intended use.

• government grants

• suppliers as discounts

• selling items produced

• third parties’ contribution

IFRS 17 is effective from …………….

• 1 January 2021

• 31 March 2022

• 30 June 2021

• 1 January 2023