IFRS 9 Module 1
Mastering IFRS 9: Test Your Knowledge
Welcome to the IFRS 9 Quiz! This quiz is designed to test your knowledge about the International Financial Reporting Standard 9 (IFRS 9) and its implications on financial reporting. Whether you are a student, educator, or finance professional, this quiz can help reinforce your understanding of critical concepts.
Key Features:
- 11 engaging questions covering various aspects of IFRS 9
- Multiple choice and checkbox formats for a varied experience
- Immediate feedback on your answers to enhance learning
What did IFRS 9 replace?
IFRS 8
IFRS 13
IAS 39
IAS 9
These are the phases of IFRS 9 EXCEPT:
Significant Increase in Credit Risk
Hedge Accounting
Expected Credit Loss
Classification and Measurement
What is the objective of IFRS9?
To report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases.
To establish principles for the financial reporting of financial assets and financial liabilities that provide users of financial statements with relevant and useful information for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows.
To provide disclosures in their financial statements that enables users to evaluate the significance of financial instruments for the entity's financial position and performance as well as the nature and extent of risks arising from financial instruments to which the entity is exposed during the period, and how the entity manages the risks
to set out a single definition of fair value and to require entities to provide disclosures regarding fair value in their financial statements for all assets and liabilities (financial and non-financial) measured at fair value
IFRS 9 should apply to?
Investments in debt instruments measured at amortized cost
Investments in debt instruments measured at fair value through other comprehensive income (FVOCI)
De minimis losses
first-time adopters of IFRS that provide goods or services to customers at a price or rate that is subject to rate regulation by the government eg the supply of gas or electricity.
All loan commitments NOT measured at fair value through profit or loss (FVTPL)
All loan commitments measured at fair value through profit or loss (FVTPL)
Lease receivables that are within the scope of IAS 17, Leases, and trade receivables or contract assets within the scope of IFRS 15 that give rise to an unconditional right to consideration
According to IFRS 9, what are the TWO tests/conditions to help determine if a debt instrument will be measured at FVTPL or FVOCI?
Regression Test
Business Model Test
Impairment Test
Contractual Cash Flow Characteristics Test
Financial Entity Test
Debt Instrument Test
The objective of this model in IFRS 9 is to represent in the financial statements the effect of an entity’s risk management activities
Management Accounting
Capital Budgeting
Productivity Analysis
Hedge Accounting
Is IFRS 9 ECL Model being used for credit cards?
Yes
No
In the IFRS 9 ECL Model which stage do the "Non-performing or credit-impaired" assets fall under?
Stage 1
Stage 2
Stage 3
Non-applicable to IFRS
IAS 39 Model is also known as
Expected Credit Loss Model
Incurred Credit Loss Model
Advanced Credit Loss Model
Standard Credit Loss Model
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