Answering Questions

  • Read each question carefully.
  • When you answer a question, your answer will automatically be saved.
  • You can revisit questions and change your answers at any time during the exam.
  • The only permitted characters for numerical answers are:
    • Numbers
    • One full stop as a decimal point if required
    • One minus symbol at the front of the figure if the answer is negative.

              For example: -10234.35

No other characters, including commas, are accepted.

Navigating between questions

  • Click Next Button to move to the next question.
  • Click Previous Button to move back to the previous question.
  • Click on a question number from the Exam Progress Details panel (see next page) to move directly to that question.
  • A message will be displayed when you click to move away from a question which has been partially attempted. You can choose to stay on the question and review your answer(s) or continue.
  • When reviewing your answer(s) for partially attempted questions ensure you read any message displayed in red text below the question in Section A or below the question
    part(s) in Section B

1. The responsibility of issuing guidance on the application of IFRSs and reviewing new financial reporting issues, is the responsibility of which of the following bodies?
2. The International Accounting Standards Board adopts a due process for the preparation of a new International Financial Reporting Standard (IFRS). What is the next step following the revised Exposure Draft?
3. Which TWO of the following statements regarding systems of regulation of accounting are true?
1. A principles-based system requires the exercise of more judgment in application than a rules-based system.

2. A rules-based system will tend to give rise to a larger number of accounting standards than a principles-based system.

3. A principles-based system will require more detailed regulations than a rules-based system.

4. A principles-based system seeks to cover every eventuality.

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