TRUE FALSE CMKT

Under IAS 36 Impairment of assets is the following statement relating to an active market true or false? "Prices are available to the public."

• True
• False

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property? "Transfer to or from investment property should only be made when there is a change in their use"

• True
• False

Is the following statement true or false in respect of a lessee accounting for a lease, according to IFRS 16 Leases? "Any initial direct costs incurred by a lessee are added to the amount of the liability recognised in the statement of financial position."

• True
• False (Asset)

Is the following statement true or false, according to IAS 38 Intangible assets? "Expenditure during the development phase of a project may sometimes be capitalised as an intangible asset."

• True
• False

Are the following statements true or false in respect of a lessee accounting for a lease, according to IFRS 16 Leases? (1) Any initial direct costs incurred by a lessee are added to the amount of the liability recognised in the statement of financial position (2) Any initial direct costs incurred by a lessee are added to the amount of the asset recognised in the statement of financial position.

• 1. False & 2. False
• 1. False & 2. True
• 1. True & 2. False
• 1. True & 2. True

Under IAS 36 Impairment of assets are the following statements relating to an active market true or false? (1) Willing buyers and sellers are usually found. (2) Prices are available to the public.

• 1. False & 2. False
• 1. False & 2. True
• 1. True & 2. False
• 1. True & 2. True

Under IAS 36 Impairment of assets is the following statement relating to an active market true or false? "Willing buyers and sellers are usually found."

• True
• False

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property? "An entity should treat any difference between the measurement of an IAS 16 property and the measurement of an IAS 40 Investment Property at the date of transfer as an expense to the profit or loss."

• True
• False

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property? "Transfer from investment property to an IAS 16 property must be made at the FV of the IP at the date of the transfer."

• True
• False

Are the following statements true or false, according to IAS 38 Intangible assets? (1) Intangible assets cannot be treated as having an indefinite useful life. (2) Intangible assets with a finite useful life should be measured at cost and tested annually for impairment.

• 1. False & 2. False
• 1. False & 2. True
• 1. True & 2. False
• 1. True & 2. True