IFRS

Question 1

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Answer 1

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Question 2

Amortized cost

Answer 2

Scheduled payments that consist of mainly principal and interest.
The entity’s business model has an objective to hold until maturity such instruments in order to collect contractual cash flows.

Question 3

Financial instruments under IFRS

Answer 3

Three general approaches applied to instruments in financial instruments

Question 4

FVTOCI-Fair value through Other comprehensive income

Answer 4

same condition as amortized cost except the entity may choose to hold the instrument or sell it. (Only for debt securities)

Question 5

All other Equity and some debt

Answer 5

Are reported at FV

Question 6

For amortized assets using FVTOCI

Answer 6

Expected credit losses are recognized using FVOCTI allowance

Question 7

Under IFRS

Answer 7

research costs are expensed development cost are capitalized

Question 8

Under IFRS

Answer 8

If an entity is presenting one year of comparative information the first IFRS must inclide three bal sheets and two other financial statements

Question 9

Under IFRS

Answer 9

need not include changes in equity for the current period