{"entries":[{"key":"LX.IAS1.000001","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLETE_SET"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"RETAIL","tested_point":"COMPONENTS_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-complete-set"},"references":["IAS 1 §10"],"exercise":{"prompt":{"fr":"","en":"Classify each document according to whether or not it is a component of a retailer's complete set of financial statements.","es":""},"explanation":{"fr":"","en":"The complete set comprises the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes (IAS 1). A future budget or plan is a management document, not a financial statement.","es":""},"common_error":{"fr":"","en":"Placing an internal management document among the financial statements.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Component of the complete set","es":""}},{"id":"c2","text":{"fr":"","en":"Outside the complete set","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"The statement of cash flows for the year","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"The statement of financial position at the reporting date","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"The notes to the financial statements","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"The capital expenditure budget for the next year","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"The three-year store opening plan","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000002","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLETE_SET"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"COMPARATIVES_PURPOSE","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-complete-set"},"references":["IAS 1 §10"],"exercise":{"prompt":{"fr":"","en":"Why is each component of the complete set accompanied by comparative information?","es":""},"explanation":{"fr":"","en":"The previous period's comparatives accompany each component so that the user can follow how the entity has evolved (IAS 1).","es":""},"common_error":{"fr":"","en":"Seeing comparatives as a presentation option rather than a requirement.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"To replace the current period amounts when they are judged too uncertain","es":""},"correct":false,"feedback":{"fr":"","en":"Comparatives are added to the current period amounts; they never replace them.","es":""}},{"id":"B","text":{"fr":"","en":"To allow management to correct errors of the current period","es":""},"correct":false,"feedback":{"fr":"","en":"Correcting errors falls under IAS 8; comparatives serve to read the trend, not to correct.","es":""}},{"id":"C","text":{"fr":"","en":"So that the user can place the period against the previous one","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"To justify a liquidity presentation rather than current and non-current","es":""},"correct":false,"feedback":{"fr":"","en":"The presentation choice of the statement of financial position has no link with the presence of comparatives.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000003","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLETE_SET"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"MANUFACTURING","tested_point":"COMPONENT_QUESTION_MATCH","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-complete-set"},"references":["IAS 1 §10"],"exercise":{"prompt":{"fr":"","en":"Match each component of the complete set with the question it answers (practice reading).","es":""},"explanation":{"fr":"","en":"Each component has its role: position at the reporting date, movement in equity, cash flows, explanations (IAS 1). No statement answers a forecast.","es":""},"common_error":{"fr":"","en":"Giving the statement of financial position the role of showing performance.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"The statement of financial position","es":""}},{"id":"l2","text":{"fr":"","en":"The statement of changes in equity","es":""}},{"id":"l3","text":{"fr":"","en":"The statement of cash flows","es":""}},{"id":"l4","text":{"fr":"","en":"The notes","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"What explanations are needed to understand the other statements?","es":""}},{"id":"r2","text":{"fr":"","en":"What does the entity own and owe at the reporting date?","es":""}},{"id":"r3","text":{"fr":"","en":"Where did the period's cash come from and go?","es":""}},{"id":"r4","text":{"fr":"","en":"How did each category of equity move?","es":""}},{"id":"r5","text":{"fr":"","en":"What will next year's result be?","es":""}}],"pairs":[{"left":"l1","right":"r2"},{"left":"l2","right":"r4"},{"left":"l3","right":"r3"},{"left":"l4","right":"r1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000004","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.FAIR_PRESENTATION"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"FAIR_NOT_MARKET_VALUE","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-fair"},"references":["IAS 1 §15"],"exercise":{"prompt":{"fr":"","en":"Fair presentation requires every asset of the entity to be measured at its market value at the reporting date.","es":""},"explanation":{"fr":"","en":"Fair presentation results from applying IFRS, each standard with its measurement basis, and from the faithful representation of transactions (IAS 1).","es":""},"common_error":{"fr":"","en":"Confusing fair presentation with uniform market-value measurement.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000005","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.FAIR_PRESENTATION"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"SERVICES","tested_point":"ADDITIONAL_INFO_NEEDED","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"example"},"references":["IAS 1 §15"],"exercise":{"prompt":{"fr":"","en":"Case data: Orvane SA has applied all the requirements of the standards to a long-term maintenance contract. Its chief financial officer judges that, without an explanation, a reader would not understand why the contract's revenue is spread over eight years. What should Orvane do?","es":""},"explanation":{"fr":"","en":"When applying the standards is not enough for a transaction to be understood, additional information is needed for fair presentation (IAS 1). The case judgement concludes here that it is needed.","es":""},"common_error":{"fr":"","en":"Believing that following the standards removes any need for supplementary information.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Add nothing, because applying the standards alone guarantees fair presentation","es":""},"correct":false,"feedback":{"fr":"","en":"The presumption of fair presentation holds with additional disclosures where necessary; it does not excuse omitting them when judgement finds them necessary.","es":""}},{"id":"B","text":{"fr":"","en":"Supplement the notes with information explaining the contract","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Give up stating compliance with IFRS","es":""},"correct":false,"feedback":{"fr":"","en":"Adding information takes nothing away from compliance: the applicable requirements are met.","es":""}},{"id":"D","text":{"fr":"","en":"Change the accounting for the contract so that it is easier to understand","es":""},"correct":false,"feedback":{"fr":"","en":"Accounting that complies with the standards is not changed for simplicity; what is missing is the explanation, not the standard applied.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000006","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.FAIR_PRESENTATION"],"dimension":"APPLICATION","format":"ORDERING","context":"GENERIC","tested_point":"FAIR_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"how-fair"},"references":["IAS 1 §15"],"exercise":{"prompt":{"fr":"","en":"Put in order the approach to follow for a significant transaction.","es":""},"explanation":{"fr":"","en":"The standard is applied first, then judgement decides whether the effect is understood, and the notes are supplemented only if necessary (IAS 1).","es":""},"common_error":{"fr":"","en":"Adding information before having applied the standard.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Apply the IFRS that deals with the transaction","es":""}},{"id":"s2","text":{"fr":"","en":"Ask whether the user understands the effect of the transaction","es":""}},{"id":"s3","text":{"fr":"","en":"Add the necessary information to the notes","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000007","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLIANCE_STATEMENT"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"MANUFACTURING","tested_point":"COMPLIANCE_STATEMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-compliance"},"references":["IAS 1 §16"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the statement of compliance with IFRS.","es":""},"explanation":{"fr":"","en":"The statement is explicit, unreserved, in the notes, and requires all applicable requirements to be met (IAS 1); adding information is not a departure.","es":""},"common_error":{"fr":"","en":"Thinking that a reservation makes the statement acceptable.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"The statement of compliance appears in the notes.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"Adding information to what the standards require does not call the statement of compliance into question.","es":""},"erroneous":false},{"id":"e3","text":{"fr":"","en":"An entity that departs from an applicable requirement may still state compliance with IFRS provided it adds a reservation.","es":""},"erroneous":true,"correction":{"fr":"","en":"The statement must be explicit and unreserved; partial compliance does not allow it to be made.","es":""}},{"id":"e4","text":{"fr":"","en":"The statement of compliance may be made as soon as the main applicable standards are met.","es":""},"erroneous":true,"correction":{"fr":"","en":"All applicable requirements must be met, not only the main ones.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000008","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLIANCE_STATEMENT"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"COMPLIANCE_FILL","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-compliance"},"references":["IAS 1 §16"],"exercise":{"prompt":{"fr":"","en":"Complete the rule on the statement of compliance with IFRS.","es":""},"explanation":{"fr":"","en":"The statement of compliance is explicit and unreserved (IAS 1).","es":""},"common_error":{"fr":"","en":"Accepting implicit compliance, inferred from the mere use of IFRS.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"An entity that complies with IFRS makes an {{a}} and {{b}} statement of that compliance in the notes.","es":""},"blanks":[{"id":"a","mode":"CHOICE","choices":[{"id":"exp","text":{"fr":"","en":"explicit","es":""}},{"id":"imp","text":{"fr":"","en":"implicit","es":""}}],"answer":"exp"},{"id":"b","mode":"CHOICE","choices":[{"id":"sans","text":{"fr":"","en":"unreserved","es":""}},{"id":"avec","text":{"fr":"","en":"reserved","es":""}}],"answer":"sans"}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS1.000009","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.DEPARTURE"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"DEPARTURE_REGULATORY_FRAMEWORK","difficulty":"ADVANCED","estimated_time_s":150,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"judgment-departure"},"references":["IAS 1 §19"],"exercise":{"prompt":{"fr":"","en":"Case data: the management of Belcor SA concludes that complying with a measurement requirement would be so misleading that it would contradict the objective of financial statements. The regulatory framework to which Belcor is subject prohibits any departure from the standards. Which conclusion is correct?","es":""},"explanation":{"fr":"","en":"Departure requires two cumulative conditions: management's conclusion about the conflict with the objective, and a regulatory framework that requires or does not prohibit it (IAS 1). Here the second is missing.","es":""},"common_error":{"fr":"","en":"Believing that management's conviction is enough to depart.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Belcor cannot depart: the regulatory framework prohibits departure","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Belcor departs, because management's conclusion is enough on its own","es":""},"correct":false,"feedback":{"fr":"","en":"Management's conclusion is not enough: the applicable regulatory framework must also require the departure or not prohibit it.","es":""}},{"id":"C","text":{"fr":"","en":"Belcor departs provided it quantifies the effect of the departure in the notes","es":""},"correct":false,"feedback":{"fr":"","en":"Information about the departure is the counterpart of a possible departure; it does not make possible a departure that the framework prohibits.","es":""}},{"id":"D","text":{"fr":"","en":"Belcor departs if the effect on profit exceeds a threshold set by management","es":""},"correct":false,"feedback":{"fr":"","en":"The standard sets no numerical threshold for departing; an internal threshold replaces neither the objective condition nor the regulatory framework.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000010","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.DEPARTURE"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"GENERIC","tested_point":"DEPARTURE_ASSESSMENT_CASE","difficulty":"EXPERT","estimated_time_s":240,"lesson_id":"LS.IAS1.000001","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-departure"},"references":["IAS 1 §19"],"exercise":{"prompt":{"fr":"","en":"Assess Tarvane SA's request to depart.","es":""},"explanation":{"fr":"","en":"Departure answers two cumulative conditions, not a gap against expectations (IAS 1).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Case data: Tarvane SA applies a measurement requirement that leads it to recognise an expense of €40,000 higher than the entity expected. The chief financial officer would like to depart from the requirement because profit would be less favourable than last year's. The applicable regulatory framework does not prohibit departures. Management has not concluded that complying with the requirement would contradict the objective of financial statements.","es":""},"parts":[{"prompt":{"fr":"","en":"Is departure possible for Tarvane?","es":""},"explanation":{"fr":"","en":"Departure requires management to conclude that complying with the requirement would be so misleading that it would contradict the objective of financial statements (IAS 1). A higher-than-expected expense is not enough.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Yes: the regulatory framework does not prohibit departures","es":""},"correct":false,"feedback":{"fr":"","en":"A non-prohibitive framework is necessary but not sufficient: without management's substantive conclusion, departure is not open.","es":""}},{"id":"B","text":{"fr":"","en":"Yes: the €40,000 expense is higher than expected","es":""},"correct":false,"feedback":{"fr":"","en":"A gap against expectations is not the criterion: the standard sets no threshold, and the objective of financial statements is not contradicted.","es":""}},{"id":"C","text":{"fr":"","en":"No: departure is prohibited for any entity that complies with IFRS","es":""},"correct":false,"feedback":{"fr":"","en":"Departure remains possible in the extremely rare cases where the conditions are met; it is not an absolute prohibition.","es":""}},{"id":"D","text":{"fr":"","en":"No: no conflict with the objective has been concluded","es":""},"correct":true}],"id":"P1","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Which conditions should be met for a departure to be conceivable in another case?","es":""},"explanation":{"fr":"","en":"Two cumulative conditions: management's conclusion on the conflict with the objective, and a regulatory framework that requires or does not prohibit departure (IAS 1).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Management concludes that compliance would be so misleading that it would contradict the objective of financial statements","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The applicable regulatory framework requires the departure or does not prohibit it","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The effect on profit exceeds a percentage defined by the board","es":""},"correct":false,"feedback":{"fr":"","en":"No percentage is a criterion of the standard.","es":""}},{"id":"D","text":{"fr":"","en":"The main customer agrees to the departure","es":""},"correct":false,"feedback":{"fr":"","en":"A customer's agreement is not a condition for departure.","es":""}}],"id":"P2","dimension":"PROFESSIONAL_JUDGMENT"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000011","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"GC_DEFAULT_BASIS","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"What is the default basis for preparing financial statements as regards the entity's future?","es":""},"explanation":{"fr":"","en":"Statements are prepared on a going concern basis, unless there is an intention to liquidate or cease trading, or no realistic alternative (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Taking liquidation value as the default basis.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Liquidation value, unless it is shown that the business will continue","es":""},"correct":false,"feedback":{"fr":"","en":"It is the reverse: going concern is the default basis and an intention or lack of alternative is needed to set it aside.","es":""}},{"id":"B","text":{"fr":"","en":"Going concern, only if the entity made a profit during the year","es":""},"correct":false,"feedback":{"fr":"","en":"Profit is not the condition; management assesses the ability to continue.","es":""}},{"id":"C","text":{"fr":"","en":"Going concern, unless liquidation or cessation is intended","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Going concern, only if lenders have given their written agreement","es":""},"correct":false,"feedback":{"fr":"","en":"Lenders' agreement may count in the assessment, but it is not a condition of the standard.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000012","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"INDUSTRY","tested_point":"GC_SITUATIONS_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"example-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"Classify each situation (case data) according to the basis of preparation of the statements at 31 December N.","es":""},"explanation":{"fr":"","en":"Going concern is set aside only by an intention to liquidate or cease trading, or by the lack of a realistic alternative; a loss or the stopping of one line is not enough (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Setting going concern aside as soon as there is a loss or a reorganisation.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Going concern retained","es":""}},{"id":"c2","text":{"fr":"","en":"Going concern not used","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Normal activity, full order book and bank credit renewed","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"The board has voted to wind up the company in February N+1","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"A loss for the year, covered by a signed two-year financing","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"The operating licence is permanently withdrawn and no replacement activity exists","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Management decides to stop one product line but continues the other activities","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000013","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"GC_MATERIAL_UNCERTAINTY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"Case data: Tavrex SA has lost a major customer; management has a credible replacement plan whose financing is not yet signed. It has no intention to cease trading and judges it has a realistic alternative. What treatment is appropriate (case judgement)?","es":""},"explanation":{"fr":"","en":"With no intention to cease and with a realistic alternative, the statements are prepared on a going concern basis; the material uncertainty is disclosed (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Believing that an uncertainty forces either silence or abandoning going concern.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Prepare the statements on a going concern basis and disclose the material uncertainty bearing on it","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Abandon going concern, because the financing is not signed","es":""},"correct":false,"feedback":{"fr":"","en":"The lack of signature is neither an intention to liquidate nor a lack of realistic alternative; the uncertainty is disclosed.","es":""}},{"id":"C","text":{"fr":"","en":"Prepare the statements on a going concern basis and disclose nothing, management judging its plan credible","es":""},"correct":false,"feedback":{"fr":"","en":"A material uncertainty that may cast significant doubt must be disclosed, even if the plan is judged credible.","es":""}},{"id":"D","text":{"fr":"","en":"Delay issuing until the financing is signed","es":""},"correct":false,"feedback":{"fr":"","en":"The standard does not provide for delaying the statements; it requires assessing going concern and disclosing uncertainties.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000014","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"RETAIL","tested_point":"GC_LOSS_NOT_ENOUGH","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"A net loss during the year prevents the financial statements from being prepared on a going concern basis.","es":""},"explanation":{"fr":"","en":"Going concern is set aside only by an intention to liquidate or cease, or a lack of realistic alternative; management assesses the ability to continue (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Equating a loss with the end of going concern.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000015","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN_HORIZON"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"HORIZON_TWELVE_MONTHS","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-horizon"},"references":["IAS 1 §26"],"exercise":{"prompt":{"fr":"","en":"Complete the rule on the going concern assessment horizon.","es":""},"explanation":{"fr":"","en":"The minimum horizon is twelve months after the end of the reporting period (IAS 1).","es":""},"common_error":{"fr":"","en":"Confusing the minimum with the length of the year presented.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"Management examines the future for at least the {{mois}} months following the end of the reporting period.","es":""},"blanks":[{"id":"mois","mode":"NUMBER","answer":12,"tolerance":0}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000016","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN_HORIZON"],"dimension":"APPLICATION","format":"TRUE_FALSE","context":"MEDIA","tested_point":"HORIZON_FROM_REPORTING_DATE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-horizon"},"references":["IAS 1 §26"],"exercise":{"prompt":{"fr":"","en":"Case data: the year ends on 30 June N and the statements are approved on 30 September N. A management that examines the future only until 30 September N meets the minimum assessment horizon.","es":""},"explanation":{"fr":"","en":"The horizon is counted from the end of the reporting period: it must cover at least until 30 June N+1, not stop at the approval date (IAS 1).","es":""},"common_error":{"fr":"","en":"Counting the horizon from the approval date.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000017","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"ACCRUAL_STATEMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the accrual basis.","es":""},"explanation":{"fr":"","en":"The accrual basis applies to all statements except the statement of cash flows, and recognises transactions when they occur (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Confusing the accrual basis with cash accounting.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"The statement of financial position is prepared on the accrual basis.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"The statement of cash flows is also prepared on the accrual basis.","es":""},"erroneous":true,"correction":{"fr":"","en":"The statement of cash flows is the exception: it follows receipts and payments.","es":""}},{"id":"e3","text":{"fr":"","en":"An expense of December paid in January is an expense of the year that includes December.","es":""},"erroneous":false},{"id":"e4","text":{"fr":"","en":"A credit sale is recognised as revenue when cash is received.","es":""},"erroneous":true,"correction":{"fr":"","en":"The accrual basis recognises the sale when it occurs, not when the money arrives.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000018","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"CALCULATION","format":"CALCULATION","context":"DISTRIBUTION","tested_point":"ACCRUAL_REVENUE_VS_CASH","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"example-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Calculate the revenue of year N and the cash received in N (accrual basis).","es":""},"explanation":{"fr":"","en":"Revenue of N = 450,000 + 120,000 = €570,000 (sales of the period, collected or not). Cash received in N = €450,000: the €120,000 arrives in N+1 (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Leaving the uncollected sale out of N's revenue.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Cash sales of N","es":""},"value":"450000","unit":"EUR"},{"label":{"fr":"","en":"December N credit sales, collected in February N+1","es":""},"value":"120000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Revenue of year N","es":""},"answer":570000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Cash received in N on these sales","es":""},"answer":450000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Revenue of year N","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cash sales of N","es":""},"value":450000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"December N credit sales, collected in February N+1","es":""},"value":120000,"unit":"EUR"}],"result":570000,"unit":"EUR"}],"rationale":{"fr":"","en":"Cash received in N = €450,000: the €120,000 arrives in N+1 (IAS 1, para. 27).","es":""},"references":["REF.IAS1.27"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000019","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"TELECOM","tested_point":"ACCRUAL_EXCEPTION_STATEMENT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000002","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Which of these statements is not prepared on the accrual basis?","es":""},"explanation":{"fr":"","en":"Only the statement of cash flows is outside the accrual basis (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Thinking that profit is determined on receipt.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement of changes in equity","es":""},"correct":false,"feedback":{"fr":"","en":"It follows the accrual basis, like the other statements besides cash flows.","es":""}},{"id":"B","text":{"fr":"","en":"The statement of financial position","es":""},"correct":false,"feedback":{"fr":"","en":"It records assets and liabilities arising from transactions, paid or not: accrual.","es":""}},{"id":"C","text":{"fr":"","en":"The statement of cash flows","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The statement of profit or loss and other comprehensive income","es":""},"correct":false,"feedback":{"fr":"","en":"It attaches income and expenses to the period in which they occur: accrual.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000020","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"MATERIAL_CLASS_SEPARATE","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Each material class of similar items is presented separately in the financial statements.","es":""},"explanation":{"fr":"","en":"That is the first sentence of the materiality and aggregation rule (IAS 1, para. 29).","es":""},"common_error":{"fr":"","en":"Thinking that only a category's total amount is presented.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000021","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"GROUP_IMMATERIAL_DISSIMILAR","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Case data: Marvel SA has two expenses of dissimilar nature, reception costs and professional subscriptions. It judges, by a case judgement, that neither is material. What may it do?","es":""},"explanation":{"fr":"","en":"Dissimilar immaterial items may be grouped (IAS 1, para. 29); grouping adds, it does not offset.","es":""},"common_error":{"fr":"","en":"Believing that dissimilarity always prevents grouping.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Present them separately, because items of dissimilar nature are never grouped in any case","es":""},"correct":false,"feedback":{"fr":"","en":"The rule allows dissimilar items to be grouped when they are immaterial.","es":""}},{"id":"B","text":{"fr":"","en":"Group them under one line, since these dissimilar items are not material","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Group them only if their total remains below a percentage set by the standard","es":""},"correct":false,"feedback":{"fr":"","en":"The standard sets no percentage; materiality is a judgement.","es":""}},{"id":"D","text":{"fr":"","en":"Offset them against each other to present only a net amount","es":""},"correct":false,"feedback":{"fr":"","en":"Two expenses are not offset: grouping adds, offsetting subtracts, and only a standard can authorise it.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000022","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"MANUFACTURING","tested_point":"MATERIALITY_CLASSIFY_LINES","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"numeric-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Case data: the management of Fabrel SA judged the licence royalties and depreciation of the main equipment lines material, and the other three immaterial. Classify each line according to its presentation.","es":""},"explanation":{"fr":"","en":"Lines judged material stay separate; immaterial lines may be grouped (IAS 1, para. 29). The judgement concerns influence on users, not a threshold in the standard.","es":""},"common_error":{"fr":"","en":"Grouping every line to lighten the statement.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Separate line","es":""}},{"id":"c2","text":{"fr":"","en":"Grouping possible","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Licence royalties","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Amortisation of the main equipment","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Postage costs","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"Subscriptions to a sector association","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Office cleaning costs","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000023","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"RULE_KNOWLEDGE","format":"MULTIPLE_CHOICE","context":"SERVICES","tested_point":"AGGREGATION_STATEMENTS","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Which statements about materiality and aggregation are correct?","es":""},"explanation":{"fr":"","en":"Materiality drives separate presentation; grouping does not affect totals and follows no percentage of the standard (IAS 1, para. 29).","es":""},"common_error":{"fr":"","en":"Confusing materiality with a proportional threshold.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A material item is presented separately even if its amount is lower than that of other lines","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Grouping immaterial lines does not change the total presented","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The standard sets 5% of the total as the limit below which an item is immaterial","es":""},"correct":false,"feedback":{"fr":"","en":"The standard sets no percentage; it is a judgement about influence on users' decisions.","es":""}},{"id":"D","text":{"fr":"","en":"Material items of dissimilar nature may be grouped if they have the same sign","es":""},"correct":false,"feedback":{"fr":"","en":"The sign does not enter the rule: dissimilar material items are presented separately.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000024","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"CALCULATION","format":"CALCULATION","context":"LOGISTICS","tested_point":"AGGREGATED_LINE_TOTAL","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"numeric-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Calculate the 'Other expenses' line grouping the three immaterial expenses, then the total expenses presented.","es":""},"explanation":{"fr":"","en":"Other expenses = 14,000 + 8,000 + 6,000 = €28,000. Total = 640,000 + 210,000 + 28,000 = €878,000, equal to the sum of the five starting lines: grouping does not change the total (IAS 1, para. 29).","es":""},"common_error":{"fr":"","en":"Forgetting to add the grouped line to the total.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Transport expenses (material)","es":""},"value":"640000","unit":"EUR"},{"label":{"fr":"","en":"Vehicle maintenance (material)","es":""},"value":"210000","unit":"EUR"},{"label":{"fr":"","en":"Supplies (immaterial)","es":""},"value":"14000","unit":"EUR"},{"label":{"fr":"","en":"Documentation (immaterial)","es":""},"value":"8000","unit":"EUR"},{"label":{"fr":"","en":"Bank charges (immaterial)","es":""},"value":"6000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Other expenses","es":""},"answer":28000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Total expenses presented","es":""},"answer":878000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Other expenses","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Supplies (immaterial)","es":""},"value":14000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Documentation (immaterial)","es":""},"value":8000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Bank charges (immaterial)","es":""},"value":6000,"unit":"EUR"}],"result":28000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Total expenses presented","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Transport expenses (material)","es":""},"value":640000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Vehicle maintenance (material)","es":""},"value":210000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Other expenses","es":""},"value":28000,"unit":"EUR"}],"result":878000,"unit":"EUR"}],"rationale":{"fr":"","en":"Total = 640,000 + 210,000 + 28,000 = €878,000, equal to the sum of the five starting lines: grouping does not change the total (IAS 1, para. 29).","es":""},"references":["REF.IAS1.29"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000025","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.OFFSETTING"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"OFFSET_DEFAULT_GROSS","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-offsetting"},"references":["IAS 1 §32"],"exercise":{"prompt":{"fr":"","en":"By default, how does an entity present an asset and a liability with the same counterparty?","es":""},"explanation":{"fr":"","en":"The rule is the gross amount; offsetting is the exception, allowed only by an IFRS (IAS 1).","es":""},"common_error":{"fr":"","en":"Taking offsetting as the general rule.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"At their net amount only, as soon as they concern the same counterparty","es":""},"correct":false,"feedback":{"fr":"","en":"The same counterparty is not enough: net presentation requires an IFRS that requires or permits it.","es":""}},{"id":"B","text":{"fr":"","en":"At management's choice, depending on what makes the statement clearer","es":""},"correct":false,"feedback":{"fr":"","en":"Offsetting is not a presentation choice of management; it follows from a standard.","es":""}},{"id":"C","text":{"fr":"","en":"At their net amount, if the asset exceeds the liability","es":""},"correct":false,"feedback":{"fr":"","en":"The relation between the amounts is not an offsetting criterion.","es":""}},{"id":"D","text":{"fr":"","en":"At their gross amounts, unless an IFRS requires or permits offsetting","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000026","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.OFFSETTING"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"OFFSET_NET_AMOUNT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"numeric-offsetting"},"references":["IAS 1 §32"],"exercise":{"prompt":{"fr":"","en":"Case data: Elvan SA holds a €240,000 receivable from Térix and an €85,000 payable to Térix. Calculate the amount presented if an applicable standard permits offsetting, then the asset presented if no standard permits it.","es":""},"explanation":{"fr":"","en":"Net = 240,000 − 85,000 = €155,000 when offsetting is permitted. Otherwise the receivable stays at €240,000 in assets and the €85,000 payable in liabilities (IAS 1).","es":""},"common_error":{"fr":"","en":"Subtracting the payable even when no standard permits offsetting.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Gross receivable from Térix","es":""},"value":"240000","unit":"EUR"},{"label":{"fr":"","en":"Payable to Térix","es":""},"value":"85000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Net receivable presented (offsetting permitted)","es":""},"answer":155000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Receivable presented in assets (offsetting not permitted)","es":""},"answer":240000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Net receivable presented (offsetting permitted)","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Gross receivable from Térix","es":""},"value":240000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Payable to Térix","es":""},"value":85000,"unit":"EUR"}],"result":155000,"unit":"EUR"}],"rationale":{"fr":"","en":"Otherwise the receivable stays at €240,000 in assets and the €85,000 payable in liabilities (IAS 1).","es":""},"references":["REF.IAS1.32"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000027","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.OFFSETTING"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"FOOD","tested_point":"OFFSET_STATEMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-offsetting"},"references":["IAS 1 §32"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about offsetting.","es":""},"explanation":{"fr":"","en":"Gross is the rule, net the exception allowed by an IFRS; management does not decide alone to offset (IAS 1).","es":""},"common_error":{"fr":"","en":"Offsetting as soon as net seems clearer.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"Income and expenses are not offset, unless an IFRS requires or permits it.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"An entity may offset an asset and a liability whenever it believes the net amount is more informative.","es":""},"erroneous":true,"correction":{"fr":"","en":"Offsetting requires an IFRS to require or permit it; management's opinion is not enough.","es":""}},{"id":"e3","text":{"fr":"","en":"Presenting separately a receivable and a payable with the same counterparty, when no standard permits offsetting them, is a prohibited offsetting.","es":""},"erroneous":true,"correction":{"fr":"","en":"Presenting gross amounts is the rule; it is precisely the opposite of offsetting.","es":""}},{"id":"e4","text":{"fr":"","en":"When offsetting is permitted, the entity presents the gross asset less the liability offset.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000028","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.OFFSETTING"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"OFFSET_FILL_PERMITS","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000003","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-offsetting"},"references":["IAS 1 §32"],"exercise":{"prompt":{"fr":"","en":"Complete the rule on offsetting.","es":""},"explanation":{"fr":"","en":"Offsetting is allowed when an IFRS requires or permits it (IAS 1).","es":""},"common_error":{"fr":"","en":"Thinking that only an express requirement allows offsetting.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"Assets and liabilities are not offset, unless an IFRS requires or {{verbe}} it.","es":""},"blanks":[{"id":"verbe","mode":"TEXT","accepted":{"fr":["permet","autorise"],"en":["permits","allows"],"es":["permita","autorice"]}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS1.000029","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.FREQUENCY"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"FREQUENCY_ANNUAL_MINIMUM","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-frequency"},"references":["IAS 1 §36"],"exercise":{"prompt":{"fr":"","en":"An entity would like to present a complete set of financial statements at a spaced-out pace to lighten its workload. What minimum pace does IAS 1 require?","es":""},"explanation":{"fr":"","en":"A complete set is presented at least annually (IAS 1, para. 36).","es":""},"common_error":{"fr":"","en":"Confusing the frequency of annual statements with that of interim reporting.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"At least once every three years, depending on the size of the entity","es":""},"correct":false,"feedback":{"fr":"","en":"No rule allows presenting a complete set less than once a year.","es":""}},{"id":"B","text":{"fr":"","en":"At least once a year","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"At least once every half-year for all entities","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum is not half-yearly; interim reporting falls under another standard.","es":""}},{"id":"D","text":{"fr":"","en":"Whenever management decides, with no minimum","es":""},"correct":false,"feedback":{"fr":"","en":"The standard sets an annual minimum; management cannot dispense with it.","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS1.000030","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.FREQUENCY"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"TRANSPORT","tested_point":"PERIOD_LENGTH_COMPARABILITY","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-frequency"},"references":["IAS 1 §36"],"exercise":{"prompt":{"fr":"","en":"Case data: Navira SA changes its year-end and exceptionally presents a nine-month period, after a previous twelve-month year. Which reading consequence follows?","es":""},"explanation":{"fr":"","en":"Periods of different lengths make the comparison less direct; the reader must know the length (IAS 1, para. 36).","es":""},"common_error":{"fr":"","en":"Comparing amounts of different lengths without care.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Amounts are no longer fully comparable, and the length must be known","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Comparatives disappear, since the two periods no longer correspond","es":""},"correct":false,"feedback":{"fr":"","en":"The previous period's comparatives are still presented; it is their reading that calls for care.","es":""}},{"id":"C","text":{"fr":"","en":"The nine-month amounts must be multiplied by twelve-ninths before publication","es":""},"correct":false,"feedback":{"fr":"","en":"No annualisation of published amounts is provided for; the actual amounts of the period and its length are published.","es":""}},{"id":"D","text":{"fr":"","en":"Nothing changes, since the minimum frequency is annual","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum frequency does not say that periods are always the same length; a change of length affects comparability.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000031","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.COMPARATIVES"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"COMPARATIVE_MINIMUM_PERIOD","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-comparatives"},"references":["IAS 1 §38"],"exercise":{"prompt":{"fr":"","en":"What is the minimum comparative information for year N?","es":""},"explanation":{"fr":"","en":"At minimum, the previous period for all amounts of the period, and relevant narrative (IAS 1, para. 38).","es":""},"common_error":{"fr":"","en":"Limiting comparatives to lines with large changes.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The previous period, but only for lines whose change exceeds 10%","es":""},"correct":false,"feedback":{"fr":"","en":"No change threshold limits comparatives; they cover all amounts of the period.","es":""}},{"id":"B","text":{"fr":"","en":"The three previous periods, to bring out a trend more clearly","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum is a single previous period; more comparatives remain possible but not mandatory.","es":""}},{"id":"C","text":{"fr":"","en":"The previous period's profit only, since the other amounts are in the notes","es":""},"correct":false,"feedback":{"fr":"","en":"Profit alone is not enough: all amounts in the period's statements have a comparative.","es":""}},{"id":"D","text":{"fr":"","en":"The previous period, for all amounts of N, with relevant narrative","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000032","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.COMPARATIVES"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"MEDIA","tested_point":"COMPARATIVES_REQUIRED_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"example-comparatives"},"references":["IAS 1 §38"],"exercise":{"prompt":{"fr":"","en":"For the statements of year N of Medalis SA, classify each item according to whether it is part of the minimum comparatives.","es":""},"explanation":{"fr":"","en":"The minimum is the previous period for all amounts, with relevant narrative (IAS 1, para. 38). N-2 is possible additional information; a budget is not a comparative.","es":""},"common_error":{"fr":"","en":"Requiring N-2 as the minimum or ignoring the narrative.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Minimum comparative","es":""}},{"id":"c2","text":{"fr":"","en":"Outside the minimum","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Revenue of N-1","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Cash at 31 December N-1","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"The N-1 description of a dispute still open in N","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Revenue of N-2","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"The budget for N+1","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000033","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.COMPARATIVES"],"dimension":"APPLICATION","format":"MINI_CASE","context":"SERVICES","tested_point":"COMPARATIVES_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-comparatives"},"references":["IAS 1 §38"],"exercise":{"prompt":{"fr":"","en":"Determine Orsane SA's comparatives for year N.","es":""},"explanation":{"fr":"","en":"Orsane presents at minimum N-1 for all amounts and relevant narrative; N-2 remains a choice (IAS 1, para. 38).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Case data: Orsane SA publishes its statements for year N ended 31 December N. It has legal proceedings open since N-1, described in its N-1 notes, still ongoing at the end of N. It is considering also presenting N-2.","es":""},"parts":[{"prompt":{"fr":"","en":"Which comparatives must Orsane present at minimum?","es":""},"explanation":{"fr":"","en":"At minimum: the previous period for all amounts and relevant narrative, including the ongoing proceedings (IAS 1, para. 38).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"N-1 amounts for all amounts in the N statements","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The description of the legal proceedings, as it remains useful for understanding N","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"N-2 amounts for all statements of N","es":""},"correct":false,"feedback":{"fr":"","en":"N-2 is not required at minimum; it could be presented as additional information.","es":""}},{"id":"D","text":{"fr":"","en":"Only the N-1 amounts of the statement of profit or loss","es":""},"correct":false,"feedback":{"fr":"","en":"All statements of N have their comparatives, not only the statement of profit or loss.","es":""}}],"id":"P1","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"Orsane's voluntary presentation of N-2 would be contrary to the standard.","es":""},"explanation":{"fr":"","en":"Additional comparative information is possible: the minimum does not prevent going further (IAS 1, para. 38).","es":""},"common_error":{"fr":"","en":"Reading the minimum as a maximum.","es":""},"format":"TRUE_FALSE","answer":false,"id":"P2","dimension":"ANALYSIS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000034","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.CONSISTENCY"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"CONSISTENCY_EXCEPTIONS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-consistency"},"references":["IAS 1 §45"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about consistency of presentation.","es":""},"explanation":{"fr":"","en":"Consistency is the rule, with only two exceptions; a justified change requires comparable comparatives (IAS 1, para. 45).","es":""},"common_error":{"fr":"","en":"Thinking that consistency is a presentation preference.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"A presentation may change every year if management finds an advantage for its ratios.","es":""},"erroneous":true,"correction":{"fr":"","en":"Only two exceptions exist: a standard requires the change or another presentation is more appropriate.","es":""}},{"id":"e2","text":{"fr":"","en":"A newly applicable standard can justify a change of classification.","es":""},"erroneous":false},{"id":"e3","text":{"fr":"","en":"A more appropriate presentation can justify a change.","es":""},"erroneous":false},{"id":"e4","text":{"fr":"","en":"After a justified change in presentation, comparatives may stay classified on the old grid with no consequence.","es":""},"erroneous":true,"correction":{"fr":"","en":"Comparatives must remain comparable; they are reclassified on the new grid (restatement: IAS 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000035","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.CONSISTENCY"],"dimension":"CALCULATION","format":"CALCULATION","context":"DISTRIBUTION","tested_point":"RECLASSIFY_COMPARATIVES","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"numeric-consistency"},"references":["IAS 1 §45"],"exercise":{"prompt":{"fr":"","en":"Case data: Kelvar SA reclassifies in N its delivery costs from selling expenses to cost of sales (another presentation more appropriate, case judgement). For N-1 it had presented cost of sales of €1,800,000 and selling expenses of €700,000, of which €220,000 delivery costs. Calculate the N-1 amounts on the new grid.","es":""},"explanation":{"fr":"","en":"Cost of sales = 1,800,000 + 220,000 = €2,020,000. Selling expenses = 700,000 − 220,000 = €480,000. Total = €2,500,000, equal to 1,800,000 + 700,000: only the classification changes (IAS 1, para. 45).","es":""},"common_error":{"fr":"","en":"Adding the delivery costs to both lines or removing them from the total.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Initial N-1 cost of sales","es":""},"value":"1800000","unit":"EUR"},{"label":{"fr":"","en":"Initial N-1 selling expenses","es":""},"value":"700000","unit":"EUR"},{"label":{"fr":"","en":"Of which delivery costs","es":""},"value":"220000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"N-1 cost of sales on the new grid","es":""},"answer":2020000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"N-1 selling expenses on the new grid","es":""},"answer":480000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Total of the two lines","es":""},"answer":2500000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"N-1 cost of sales on the new grid","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Initial N-1 cost of sales","es":""},"value":1800000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Of which delivery costs","es":""},"value":220000,"unit":"EUR"}],"result":2020000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"N-1 selling expenses on the new grid","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Initial N-1 selling expenses","es":""},"value":700000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Of which delivery costs","es":""},"value":220000,"unit":"EUR"}],"result":480000,"unit":"EUR"}],"rationale":{"fr":"","en":"Total = €2,500,000, equal to 1,800,000 + 700,000: only the classification changes (IAS 1, para. 45).","es":""},"references":["REF.IAS1.45"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000036","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.CONSISTENCY"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"CONSISTENCY_FILL","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000004","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-consistency"},"references":["IAS 1 §45"],"exercise":{"prompt":{"fr":"","en":"Complete the consistency of presentation rule.","es":""},"explanation":{"fr":"","en":"The two exceptions to consistency are a standard's requirement and a more appropriate presentation (IAS 1, para. 45).","es":""},"common_error":{"fr":"","en":"Adding a third exception drawn from the lender's opinion.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"Presentation and classification are retained from one period to the next, unless a {{a}} requires a change or another presentation is more {{b}}.","es":""},"blanks":[{"id":"a","mode":"CHOICE","choices":[{"id":"norme","text":{"fr":"","en":"standard","es":""}},{"id":"banque","text":{"fr":"","en":"bank","es":""}}],"answer":"norme"},{"id":"b","mode":"CHOICE","choices":[{"id":"appropriee","text":{"fr":"","en":"appropriate","es":""}},{"id":"courte","text":{"fr":"","en":"short","es":""}}],"answer":"appropriee"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000037","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"POSITION_SEPARATE_LINES","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54","IAS 1 §57"],"exercise":{"prompt":{"fr":"","en":"In the statement of financial position, a single line item may combine items of a sufficiently different nature or function.","es":""},"explanation":{"fr":"","en":"No: items of a sufficiently different nature or function call for separate line items, under the principle of the minimum line items list (IAS 1, para. 57).","es":""},"common_error":{"fr":"","en":"Thinking that a whole category can always be presented on a single line.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000038","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"CONSTRUCTION","tested_point":"POSITION_ADD_SUBTOTALS","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54"],"exercise":{"prompt":{"fr":"","en":"Case data: Brisol SA wants to add to its statement of financial position a 'Total current assets' subtotal and a 'Equity and liabilities' heading. What does the standard say?","es":""},"explanation":{"fr":"","en":"Additional line items, headings and subtotals are added when relevant (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that the minimum list is also a maximum list.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It prohibits it, because the list of line items is closed and can take no additional line","es":""},"correct":false,"feedback":{"fr":"","en":"The standard expressly provides for adding relevant line items, headings and subtotals.","es":""}},{"id":"B","text":{"fr":"","en":"It requires it, because a precise list of subtotals is part of the mandatory format","es":""},"correct":false,"feedback":{"fr":"","en":"The standard imposes neither order nor format, so no mandatory list of subtotals.","es":""}},{"id":"C","text":{"fr":"","en":"It allows it when these lines are relevant to understanding the financial position","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It allows it only after prior agreement of the entity's users","es":""},"correct":false,"feedback":{"fr":"","en":"No prior agreement is required; only relevance for understanding the position matters.","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS1.000039","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"RETAIL","tested_point":"POSITION_ELEMENT_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54"],"exercise":{"prompt":{"fr":"","en":"Classify each item of a retailer according to its nature in the statement of financial position.","es":""},"explanation":{"fr":"","en":"Assets, liabilities and equity are the three main categories of line items of the statement of financial position (IAS 1).","es":""},"common_error":{"fr":"","en":"Classifying an amount owed to a supplier as equity.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Asset","es":""}},{"id":"c2","text":{"fr":"","en":"Liability","es":""}},{"id":"c3","text":{"fr":"","en":"Equity","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Merchandise inventories","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Amounts owed to suppliers","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Share capital and reserves","es":""},"category":"c3"},{"id":"i4","text":{"fr":"","en":"Cash at bank","es":""},"category":"c1"},{"id":"i5","text":{"fr":"","en":"A bank loan to be repaid","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000040","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"SPLIT_GENERAL_RULE","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"What is the principle presentation of assets and liabilities in the statement of financial position?","es":""},"explanation":{"fr":"","en":"In principle, assets and liabilities are classified as current and non-current; order of liquidity is allowed if more relevant and reliable (IAS 1, para. 60).","es":""},"common_error":{"fr":"","en":"Reversing the rule and the exception.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A single classification in order of liquidity imposed on all entities","es":""},"correct":false,"feedback":{"fr":"","en":"Order of liquidity is an allowed exception, not the general rule.","es":""}},{"id":"B","text":{"fr":"","en":"A current / non-current distinction, with order of liquidity allowed under a condition","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A classification by decreasing amount, from largest to smallest","es":""},"correct":false,"feedback":{"fr":"","en":"Amount is not a classification criterion; the standard imposes no order by amount.","es":""}},{"id":"D","text":{"fr":"","en":"A free presentation, chosen each year by management","es":""},"correct":false,"feedback":{"fr":"","en":"The principle presentation is current / non-current; it is not freely chosen each year.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000041","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"BANKING","tested_point":"SPLIT_LIQUIDITY_CONDITION","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"Case data: the management of a financial company judges that presenting its statement of financial position in order of liquidity gives reliable and more relevant information to its users. What is concluded?","es":""},"explanation":{"fr":"","en":"Order of liquidity is allowed when it gives reliable and more relevant information (IAS 1, para. 60).","es":""},"common_error":{"fr":"","en":"Believing that order of liquidity is reserved for certain legal forms.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Presentation in order of liquidity is allowed, since the condition set is met","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It is refused, because only current / non-current classification is allowed for listed companies","es":""},"correct":false,"feedback":{"fr":"","en":"The standard makes no distinction for listed entities; the condition of relevance and reliability decides.","es":""}},{"id":"C","text":{"fr":"","en":"It is allowed provided a second full current / non-current statement is also presented","es":""},"correct":false,"feedback":{"fr":"","en":"No second statement is required; the condition is the relevance and reliability of the information.","es":""}},{"id":"D","text":{"fr":"","en":"It is refused until the entity has obtained its lenders' agreement","es":""},"correct":false,"feedback":{"fr":"","en":"Lenders' agreement is not a condition of the standard; the information must be reliable and more relevant.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000042","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"DEFERRED_TAX_NEVER_CURRENT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §56","IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"A taxable temporary difference is due to reverse in eight months: the related deferred tax liability is then shown among current liabilities.","es":""},"explanation":{"fr":"","en":"Deferred taxes, assets and liabilities alike, are never classified as current (IAS 1, para. 56).","es":""},"common_error":{"fr":"","en":"Applying the twelve-month test to deferred taxes.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000043","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS","IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"POSITION_TOTALS_BALANCE","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"numeric-position"},"references":["IAS 1 §54","IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"Case data: the statement of Delvia SA, classified as current / non-current, includes: non-current assets 3,100,000, deferred tax asset (non-current) 80,000, inventories 640,000, receivables 720,000, cash 210,000. Equity 2,900,000, long-term borrowing 1,250,000, deferred tax liability 140,000, trade payables 410,000, current portion of borrowing 50,000 (all in euros). Calculate the totals.","es":""},"explanation":{"fr":"","en":"Non-current: 3,100,000 + 80,000 = €3,180,000. Current: 640,000 + 720,000 + 210,000 = €1,570,000. Total assets: €4,750,000. Non-current liabilities: 1,250,000 + 140,000 = €1,390,000 (deferred tax stays non-current). Current liabilities: 410,000 + 50,000 = €460,000. Equity and liabilities: 2,900,000 + 1,390,000 + 460,000 = €4,750,000 = total assets (IAS 1).","es":""},"common_error":{"fr":"","en":"Classifying the deferred tax liability as current or forgetting the current portion of the borrowing.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Non-current assets","es":""},"value":"3100000","unit":"EUR"},{"label":{"fr":"","en":"Deferred tax asset","es":""},"value":"80000","unit":"EUR"},{"label":{"fr":"","en":"Inventories","es":""},"value":"640000","unit":"EUR"},{"label":{"fr":"","en":"Receivables","es":""},"value":"720000","unit":"EUR"},{"label":{"fr":"","en":"Cash","es":""},"value":"210000","unit":"EUR"},{"label":{"fr":"","en":"Equity","es":""},"value":"2900000","unit":"EUR"},{"label":{"fr":"","en":"Long-term borrowing","es":""},"value":"1250000","unit":"EUR"},{"label":{"fr":"","en":"Deferred tax liability","es":""},"value":"140000","unit":"EUR"},{"label":{"fr":"","en":"Trade payables","es":""},"value":"410000","unit":"EUR"},{"label":{"fr":"","en":"Current portion of borrowing","es":""},"value":"50000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Total non-current assets","es":""},"answer":3180000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Total current assets","es":""},"answer":1570000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Total non-current liabilities","es":""},"answer":1390000,"tolerance":0,"unit":"EUR"},{"id":"s4","label":{"fr":"","en":"Total current liabilities","es":""},"answer":460000,"tolerance":0,"unit":"EUR"},{"id":"s5","label":{"fr":"","en":"Total equity and liabilities","es":""},"answer":4750000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Total non-current assets","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Non-current assets","es":""},"value":3100000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Deferred tax asset","es":""},"value":80000,"unit":"EUR"}],"result":3180000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Total current assets","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Inventories","es":""},"value":640000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Receivables","es":""},"value":720000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Cash","es":""},"value":210000,"unit":"EUR"}],"result":1570000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Total non-current liabilities","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Long-term borrowing","es":""},"value":1250000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Deferred tax liability","es":""},"value":140000,"unit":"EUR"}],"result":1390000,"unit":"EUR"},{"step":"s4","meaning":{"fr":"","en":"Total current liabilities","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Trade payables","es":""},"value":410000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Current portion of borrowing","es":""},"value":50000,"unit":"EUR"}],"result":460000,"unit":"EUR"},{"step":"s5","meaning":{"fr":"","en":"Total equity and liabilities","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Equity","es":""},"value":2900000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Total non-current liabilities","es":""},"value":1390000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Total current liabilities","es":""},"value":460000,"unit":"EUR"}],"result":4750000,"unit":"EUR"}],"rationale":{"fr":"","en":"Equity and liabilities: 2,900,000 + 1,390,000 + 460,000 = €4,750,000 = total assets (IAS 1).","es":""},"references":["REF.IAS1.54","REF.IAS1.60"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000044","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS","IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"POSITION_STATEMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000005","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54","IAS 1 §56","IAS 1 §57","IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the presentation of the statement of financial position.","es":""},"explanation":{"fr":"","en":"No order or format is imposed and deferred taxes are never current (IAS 1, paras. 56 and 57).","es":""},"common_error":{"fr":"","en":"Imagining a mandatory balance sheet template.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"The standard requires assets to be presented before liabilities, in a two-column format.","es":""},"erroneous":true,"correction":{"fr":"","en":"The standard imposes neither order nor format.","es":""}},{"id":"e2","text":{"fr":"","en":"An entity may add a subtotal when it is relevant to understanding the financial position.","es":""},"erroneous":false},{"id":"e3","text":{"fr":"","en":"Deferred taxes are classified as current or non-current depending on their reversal date.","es":""},"erroneous":true,"correction":{"fr":"","en":"Deferred taxes are never classified as current.","es":""}},{"id":"e4","text":{"fr":"","en":"Order of liquidity is allowed when it gives reliable and more relevant information.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000045","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"FOOD","tested_point":"ASSETS_CLASSIFY_CASE","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"example-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"Case data: the normal operating cycle of Lorvane SA, a wine merchant, is eighteen months. Classify each asset at 31 December N.","es":""},"explanation":{"fr":"","en":"One criterion is enough for an asset to be current: operating cycle, trading, twelve months, unrestricted cash; otherwise it is non-current (IAS 1). The equipment and the blocked deposit meet no criterion.","es":""},"common_error":{"fr":"","en":"Classifying the wines as non-current just because the cycle exceeds twelve months.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Current asset","es":""}},{"id":"c2","text":{"fr":"","en":"Non-current asset","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"A customer receivable due in five months","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Wines intended to be sold during the normal eighteen-month operating cycle","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Cellar equipment depreciable over ten years","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"A bank deposit blocked for four years as collateral for a borrowing","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"An available bank balance","es":""},"category":"c1"},{"id":"i6","text":{"fr":"","en":"Securities bought to be resold in the coming weeks","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000046","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"CASH_UNRESTRICTED_CURRENT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"How is a cash balance subject to no restriction classified?","es":""},"explanation":{"fr":"","en":"Cash or cash equivalent that is not restricted meets a criterion for current classification (IAS 1).","es":""},"common_error":{"fr":"","en":"Classifying all cash as non-current out of prudence.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a non-current asset, as long as the entity has not decided to use it within twelve months","es":""},"correct":false,"feedback":{"fr":"","en":"Unrestricted cash is a criterion for current classification; intention to use it does not enter the rule.","es":""}},{"id":"B","text":{"fr":"","en":"As a current asset only if its amount is below total current liabilities","es":""},"correct":false,"feedback":{"fr":"","en":"Comparing cash with current liabilities is not a classification criterion.","es":""}},{"id":"C","text":{"fr":"","en":"At management's choice, between current and non-current, depending on the presentation desired","es":""},"correct":false,"feedback":{"fr":"","en":"Classification results from the criteria, not from management's choice.","es":""}},{"id":"D","text":{"fr":"","en":"As a current asset, because it is unrestricted cash","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000047","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"RETAIL","tested_point":"ASSET_ONE_CRITERION_ENOUGH","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"An asset is current as soon as it meets just one of the criteria for current classification.","es":""},"explanation":{"fr":"","en":"The criteria are alternative: any one suffices; assets meeting none are non-current (IAS 1).","es":""},"common_error":{"fr":"","en":"Requiring all criteria to be met at once.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000048","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"RECOGNITION","format":"MATCHING","context":"TRANSPORT","tested_point":"ASSET_CRITERION_MATCH","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"Match each asset with the current classification criterion it meets.","es":""},"explanation":{"fr":"","en":"Each asset meets a criterion of the classification rule: trading, cash, twelve months, operating cycle (IAS 1).","es":""},"common_error":{"fr":"","en":"Putting the receivable under the operating cycle criterion, when its due date is enough.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"A securities portfolio bought for short-term trading","es":""}},{"id":"l2","text":{"fr":"","en":"An unrestricted bank current account","es":""}},{"id":"l3","text":{"fr":"","en":"A customer receivable due in seven months","es":""}},{"id":"l4","text":{"fr":"","en":"Parts to be consumed in the normal fifteen-month operating cycle","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"Normal operating cycle","es":""}},{"id":"r2","text":{"fr":"","en":"Held for trading","es":""}},{"id":"r3","text":{"fr":"","en":"Realisation within twelve months","es":""}},{"id":"r4","text":{"fr":"","en":"Unrestricted cash","es":""}},{"id":"r5","text":{"fr":"","en":"No criterion met","es":""}}],"pairs":[{"left":"l1","right":"r2"},{"left":"l2","right":"r4"},{"left":"l3","right":"r3"},{"left":"l4","right":"r1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000049","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"LIAB_TWELVE_MONTHS_FILL","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Complete the right-to-defer criterion for a liability.","es":""},"explanation":{"fr":"","en":"The criterion is the absence, at the end of the period, of a right to defer settlement for at least twelve months (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Taking six months, the length of a half-year.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"A liability is current if the entity has no right, at the end of the period, to defer settlement for at least {{mois}} months after the period.","es":""},"blanks":[{"id":"mois","mode":"NUMBER","answer":12,"tolerance":0}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000050","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"APPLICATION","format":"MULTIPLE_CHOICE","context":"INDUSTRY","tested_point":"LIAB_CURRENT_SELECT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Among these liabilities at 31 December N, which are classified as current (case data)?","es":""},"explanation":{"fr":"","en":"Liabilities settled in the cycle, due within the year, or with no twelve-month right to defer are current; the four-year loan with a right to defer is non-current (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying as non-current any loan of over a year without looking at the right to defer.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A trade payable to be settled in the normal operating cycle","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"A loan the lender can call at any time, the entity having no right to defer","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A €200,000 loan instalment due in eight months","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"A four-year loan with no early repayment clause, the entity having the right to defer","es":""},"correct":false,"feedback":{"fr":"","en":"Settlement is not due within twelve months and the entity holds the right to defer: no current classification criterion is met.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000051","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"NON_CURRENT_PORTION_OF_BORROWING","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"numeric-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Case data: at 31 December N, Norvik SA has a €2,400,000 borrowing repayable in constant instalments of €480,000; the first is due within twelve months. The right to defer the remainder exists (case judgement). Calculate the current and non-current portions.","es":""},"explanation":{"fr":"","en":"Current portion = instalment due within twelve months = €480,000. Non-current portion = 2,400,000 − 480,000 = €1,920,000, the right to defer the remainder existing at the end of the period (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying the whole borrowing as non-current or as current.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Total amount of the borrowing","es":""},"value":"2400000","unit":"EUR"},{"label":{"fr":"","en":"Instalment due within twelve months","es":""},"value":"480000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Current portion","es":""},"answer":480000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Non-current portion","es":""},"answer":1920000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s2","meaning":{"fr":"","en":"Non-current portion","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total amount of the borrowing","es":""},"value":2400000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Instalment due within twelve months","es":""},"value":480000,"unit":"EUR"}],"result":1920000,"unit":"EUR"}],"rationale":{"fr":"","en":"Non-current portion = 2,400,000 − 480,000 = €1,920,000, the right to defer the remainder existing at the end of the period (IAS 1, para. 69).","es":""},"references":["REF.IAS1.69"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000052","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"CALCULATION","format":"CALCULATION","context":"RETAIL","tested_point":"CURRENT_LIABILITIES_TOTAL","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"numeric-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Case data: the liabilities of Marden SA at 31 December N are: trade payables €410,000, portion of the borrowing due within the year €150,000, tax payable €60,000, long-term lease liability (right to defer existing) €890,000. Calculate total current liabilities.","es":""},"explanation":{"fr":"","en":"Total current liabilities = 410,000 + 150,000 + 60,000 = €620,000. The €890,000 lease liability stays non-current, the right to defer existing (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Adding the lease liability, which is not classified as current.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Trade payables","es":""},"value":"410000","unit":"EUR"},{"label":{"fr":"","en":"Portion of the borrowing due within the year","es":""},"value":"150000","unit":"EUR"},{"label":{"fr":"","en":"Tax payable","es":""},"value":"60000","unit":"EUR"},{"label":{"fr":"","en":"Long-term lease liability","es":""},"value":"890000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Total current liabilities","es":""},"answer":620000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Total current liabilities","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Trade payables","es":""},"value":410000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Portion of the borrowing due within the year","es":""},"value":150000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Tax payable","es":""},"value":60000,"unit":"EUR"}],"result":620000,"unit":"EUR"}],"rationale":{"fr":"","en":"The €890,000 lease liability stays non-current, the right to defer existing (IAS 1, para. 69).","es":""},"references":["REF.IAS1.69"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000053","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"ENERGY","tested_point":"RECLASSIFY_BORROWING_TO_CURRENT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"entry-reclass"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Case data: at 31 December N+1, a €150,000 instalment of a borrowing, until then non-current, becomes due within twelve months. Record the reclassification entry (case convention).","es":""},"explanation":{"fr":"","en":"The non-current borrowing is debited and the current borrowing credited with €150,000: a reclassification between two classes of liabilities, with no effect on profit or total liabilities (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Booking the instalment as an expense or repaying it from cash.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"NON_CURRENT_BORROWINGS","text":{"fr":"","en":"Non-current borrowing","es":""}},{"id":"CURRENT_BORROWINGS","text":{"fr":"","en":"Current borrowing","es":""}},{"id":"TRADE_PAYABLES","text":{"fr":"","en":"Trade payables","es":""}},{"id":"FINANCE_COST","text":{"fr":"","en":"Interest expense","es":""}}],"lines":[{"id":"L1","account":"NON_CURRENT_BORROWINGS","side":"DEBIT","amount":150000},{"id":"L2","account":"CURRENT_BORROWINGS","side":"CREDIT","amount":150000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000054","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"LIAB_STATEMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000006","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about classifying a liability.","es":""},"explanation":{"fr":"","en":"A liability is current if it meets one of the criteria, including being due within the year and the absence of a twelve-month right to defer at the end of the period (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Reducing the classification to the final due date alone.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"Only the final contractual due date of a loan determines its classification.","es":""},"erroneous":true,"correction":{"fr":"","en":"The right to defer settlement held at the end of the period and the part due within the year also count.","es":""}},{"id":"e2","text":{"fr":"","en":"Any liability not due within twelve months is non-current, whatever the entity's right to defer at the end of the period.","es":""},"erroneous":true,"correction":{"fr":"","en":"A liability is also current if the entity has no right, at the end of the period, to defer settlement for at least twelve months.","es":""}},{"id":"e3","text":{"fr":"","en":"The part of a loan due within twelve months after the period is classified as current.","es":""},"erroneous":false},{"id":"e4","text":{"fr":"","en":"A liability held primarily for trading is current.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000055","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.AMENDMENTS_2020"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"AMENDMENT_2020_CLARIFIED","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-rights"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"What does the January 2020 amendment to IAS 1 clarify about classifying liabilities?","es":""},"explanation":{"fr":"","en":"The 2020 amendment clarifies that classification depends on rights existing at the end of the period and not on management's expectations.","es":""},"common_error":{"fr":"","en":"Making classification depend on management's intention.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Classification depends on the date on which management intends to settle the liability, provided it is documented","es":""},"correct":false,"feedback":{"fr":"","en":"It is the reverse: management's intention does not enter the classification, even if documented.","es":""}},{"id":"B","text":{"fr":"","en":"Any liability of more than twelve months at inception is non-current, whatever the contract's clauses","es":""},"correct":false,"feedback":{"fr":"","en":"The original term is not enough: the rights existing at the end of the period, and the contract's clauses, decide.","es":""}},{"id":"C","text":{"fr":"","en":"Classification depends on rights existing at the end of the period, not management's expectations","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The classification of liabilities is now left to the entity's choice, which informs in the notes","es":""},"correct":false,"feedback":{"fr":"","en":"No amendment gave the entity a choice: classification follows the criteria.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000056","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.AMENDMENTS_2020"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"RIGHT_VS_EXPECTATION_REFINANCING","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-rights"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Case data: the management of Dolvic SA hopes to obtain a refinancing and therefore intends not to repay a loan in 2024. At the end of the period, the lender can demand repayment and Dolvic has no right to defer settlement. What is the classification?","es":""},"explanation":{"fr":"","en":"Without a right to defer at the end of the period, the liability is current; hope of a refinancing is an expectation with no effect on classification (2020 amendment to IAS 1; IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Considering that a hoped-for refinancing is enough to make the loan non-current.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Non-current, because management forecasts a credible refinancing","es":""},"correct":false,"feedback":{"fr":"","en":"A hoped-for refinancing is a management expectation: it does not create a right to defer at the end of the period.","es":""}},{"id":"B","text":{"fr":"","en":"Current, because no right to defer exists at the end of the period, whatever the hope","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Non-current, provided the refinancing hope is disclosed in the notes","es":""},"correct":false,"feedback":{"fr":"","en":"Disclosure in the notes does not replace a right that does not exist at the end of the period.","es":""}},{"id":"D","text":{"fr":"","en":"Half current, half non-current, depending on the likelihood of refinancing","es":""},"correct":false,"feedback":{"fr":"","en":"The likelihood of a future event is not a classification criterion; only the right at the end of the period counts.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000057","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.AMENDMENTS_2020"],"dimension":"RULE_KNOWLEDGE","format":"ORDERING","context":"GENERIC","tested_point":"AMENDMENT_DATES_ORDER","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"context-amendments"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Put in chronological order the stages of the IAS 1 amendments on classifying liabilities.","es":""},"explanation":{"fr":"","en":"The January 2020 amendment is first deferred in July 2020, then the 2022 amendment aligns the date on 1 January 2024 (historical context).","es":""},"common_error":{"fr":"","en":"Placing the covenants amendment before the 2020 deferral.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"January 2020: classification depends on rights at the end of the period","es":""}},{"id":"s2","text":{"fr":"","en":"July 2020: application deferred to 1 January 2023","es":""}},{"id":"s3","text":{"fr":"","en":"October 2022: covenants amendment, date aligned on 1 January 2024","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000058","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER"],"dimension":"RULE_KNOWLEDGE","format":"MULTIPLE_CHOICE","context":"TELECOM","tested_point":"RIGHT_TO_DEFER_CONDITIONS","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-right-to-defer"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"Which statements about the right to defer settlement are correct?","es":""},"explanation":{"fr":"","en":"The right to defer must have substance and exist at the end of the period; if conditional, it requires compliance with the conditions at the end of the period (IAS 1, paras. 72A and 72B).","es":""},"common_error":{"fr":"","en":"Taking a right for granted as long as the lender has not challenged it.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The right must have substance","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The right must exist at the reporting date","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A right subject to conditions exists at the end of the period only if the entity meets them at that date","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The right exists as long as the lender has not yet tested the conditions","es":""},"correct":false,"feedback":{"fr":"","en":"The absence of a test does not create the right: what counts is compliance with the conditions at the end of the period (IAS 1, paras. 72A and 72B).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000059","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"SOFTWARE","tested_point":"RIGHT_TO_DEFER_CASH_CONDITION","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-right-to-defer"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"Case data: a five-year loan requires Tamlex SA to hold at least €500,000 of cash at 31 December N. On that date Tamlex holds €620,000; the bank will check the condition only on 15 January N+1. Does the right to defer settlement exist at the end of the period?","es":""},"explanation":{"fr":"","en":"The cash condition is met at the end of the period (€620,000 against €500,000 required): the right to defer exists (IAS 1, paras. 72A and 72B).","es":""},"common_error":{"fr":"","en":"Waiting for the lender's check before recognising the right.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Yes: the condition is met at the end of the period, whatever the bank's checking date","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"No: the right exists only after the bank's check on 15 January N+1","es":""},"correct":false,"feedback":{"fr":"","en":"The bank's checking date has no effect: compliance with the condition at the end of the period is enough (IAS 1, paras. 72A and 72B).","es":""}},{"id":"C","text":{"fr":"","en":"No: a cash condition always strips the right of substance","es":""},"correct":false,"feedback":{"fr":"","en":"A condition does not remove the right's substance; as long as it is met, the right exists.","es":""}},{"id":"D","text":{"fr":"","en":"Yes, but only for half the loan, out of prudence","es":""},"correct":false,"feedback":{"fr":"","en":"The right exists or does not exist at the end of the period; prudence does not divide it.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000060","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"GENERIC","tested_point":"RIGHT_NOT_UNTIL_TESTED","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-right-to-defer"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"A right to defer settlement subject to conditions does not exist until the lender has tested those conditions.","es":""},"explanation":{"fr":"","en":"The right exists at the end of the period if the entity meets the conditions at that date, even if the lender tests them later (IAS 1, paras. 72A and 72B).","es":""},"common_error":{"fr":"","en":"Linking the existence of the right to the lender's act.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000061","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"COVENANT_AFTER_NO_EFFECT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-covenant-timing"},"references":["IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"A covenant that the entity has to meet only after the end of the period does not affect the liability's classification at the end of the period.","es":""},"explanation":{"fr":"","en":"Only covenants to be met at the end of the period or before affect the existence of the right to defer at the end of the period (IAS 1, para. 72B).","es":""},"common_error":{"fr":"","en":"Bringing every covenant in the contract into the classification.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000062","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"AUTOMOTIVE","tested_point":"COVENANT_TIMING_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-covenant-timing"},"references":["IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"Case data: Brevox SA's reporting date is 31 December N. Classify each covenant according to its effect on the loan's classification at the end of the period.","es":""},"explanation":{"fr":"","en":"Covenants to be met at the end of the period or before affect the right to defer; those to be met after do not affect classification at the end of the period (IAS 1, para. 72B).","es":""},"common_error":{"fr":"","en":"Retaining only the covenant tested exactly on the reporting date.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Affects classification at the end of the period","es":""}},{"id":"c2","text":{"fr":"","en":"Does not affect classification at the end of the period","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Leverage ratio to be met at 31 December N","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Minimum equity to be met at 30 September N","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Interest cover ratio to be met at 30 June N+1","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"Leverage ratio to be met at 31 December N+1","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Minimum cash to hold at the reporting date, 31 December N","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000063","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"NON_CURRENT_PORTION_COVENANT_CASES","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"numeric-covenants"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"Case data: Sorvane SA has a €3,000,000 loan, of which €500,000 is due within twelve months. Calculate the non-current portion in three situations: A, the covenant tested at the end of the period is met; B, the covenant tested at the end of the period is not met and no waiver is obtained at that date; C, the only covenant is tested six months after the end of the period and management forecasts it will not be met.","es":""},"explanation":{"fr":"","en":"A: 3,000,000 − 500,000 = €2,500,000 (right to defer existing). B: the right does not exist at the end of the period, the whole €3,000,000 is current, the non-current portion is €0. C: the covenant to be met after the end of the period does not affect classification, the non-current portion is 3,000,000 − 500,000 = €2,500,000 (IAS 1, para. 72A and 72B).","es":""},"common_error":{"fr":"","en":"Classifying the loan as current in situation C because of the forecast breach.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Amount of the loan","es":""},"value":"3000000","unit":"EUR"},{"label":{"fr":"","en":"Portion due within twelve months","es":""},"value":"500000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Non-current portion, situation A","es":""},"answer":2500000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Non-current portion, situation B","es":""},"answer":0,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Non-current portion, situation C","es":""},"answer":2500000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Non-current portion, situation A","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Amount of the loan","es":""},"value":3000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Portion due within twelve months","es":""},"value":500000,"unit":"EUR"}],"result":2500000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Non-current portion, situation C","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Amount of the loan","es":""},"value":3000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Portion due within twelve months","es":""},"value":500000,"unit":"EUR"}],"result":2500000,"unit":"EUR"}],"rationale":{"fr":"","en":"C: the covenant to be met after the end of the period does not affect classification, the non-current portion is 3,000,000 − 500,000 = €2,500,000 (IAS 1, para. 72A and 72B).","es":""},"references":["REF.IAS1.72A","REF.IAS1.72B"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000064","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"AUTOMOTIVE","tested_point":"RECLASSIFY_BORROWING_COVENANT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"entry-covenants"},"references":["IAS 1 §72A"],"exercise":{"prompt":{"fr":"","en":"Case data: at 31 December N, Brevox SA does not meet a covenant tested on that date and has obtained no waiver. Its €2,500,000 debt, until then non-current, becomes entirely current. Record the reclassification entry (case convention).","es":""},"explanation":{"fr":"","en":"Reclassification between two classes of liabilities: debit non-current borrowings, credit current borrowings, €2,500,000; no effect on profit or total liabilities (IAS 1, para. 72A).","es":""},"common_error":{"fr":"","en":"Charging the reclassification to finance cost.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"NON_CURRENT_BORROWINGS","text":{"fr":"","en":"Non-current borrowings","es":""}},{"id":"CURRENT_BORROWINGS","text":{"fr":"","en":"Current borrowings","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}},{"id":"FINANCE_COST","text":{"fr":"","en":"Finance cost","es":""}}],"lines":[{"id":"L1","account":"NON_CURRENT_BORROWINGS","side":"DEBIT","amount":2500000},{"id":"L2","account":"CURRENT_BORROWINGS","side":"CREDIT","amount":2500000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000065","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER","IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"INDUSTRY","tested_point":"COVENANTS_MULTI_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":300,"lesson_id":"LS.IAS1.000007","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"numeric-covenants"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"Classify Marlex SA's loan at 31 December N and record any reclassification.","es":""},"explanation":{"fr":"","en":"Covenants to be met at the end of the period decide the right to defer; a single breach is enough to make the loan current (IAS 1, para. 72A and 72B).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Case data: Marlex SA has a €1,800,000 loan, of which €300,000 is due within twelve months, until now classified as non-current for €1,500,000. Three covenants: C1, leverage ratio to be met at 31 December N, met; C2, minimum equity to be met at 31 December N, not met, no waiver obtained at that date; C3, interest cover ratio to be met at 30 June N+1.","es":""},"parts":[{"prompt":{"fr":"","en":"Which covenants must be checked to assess the right to defer at the end of the period?","es":""},"explanation":{"fr":"","en":"Only C1 and C2, to be met at the end of the period, count; C3 is later (IAS 1, para. 72B).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"C1, to be met at the end of the period","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"C2, to be met at the end of the period","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"C3, to be met after the end of the period","es":""},"correct":false,"feedback":{"fr":"","en":"C3 is to be met after the end of the period: it does not affect classification at the end of the period (IAS 1, para. 72B).","es":""}}],"id":"P1","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"What is the loan's classification at 31 December N?","es":""},"explanation":{"fr":"","en":"C2 not met at the end of the period: the right to defer does not exist, the loan is entirely current (IAS 1, paras. 72A and 72B).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"€300,000 current and €1,500,000 non-current, C2 being met on average","es":""},"correct":false,"feedback":{"fr":"","en":"A covenant not met at the end of the period removes the right to defer; there is no averaging.","es":""}},{"id":"B","text":{"fr":"","en":"€300,000 current and €1,500,000 non-current, the waiver possibly being obtained later","es":""},"correct":false,"feedback":{"fr":"","en":"A waiver hoped for is an expectation; no right to defer exists at the end of the period.","es":""}},{"id":"C","text":{"fr":"","en":"€1,500,000 current and €300,000 non-current, the part due within the year being non-current","es":""},"correct":false,"feedback":{"fr":"","en":"It is the reverse: the part due within twelve months is current.","es":""}},{"id":"D","text":{"fr":"","en":"The whole €1,800,000 is current, C2 not being met at the end of the period","es":""},"correct":true}],"id":"P2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"Record the reclassification entry (case convention).","es":""},"explanation":{"fr":"","en":"Only the part until then non-current, €1,500,000, is reclassified; the €300,000 was already current.","es":""},"common_error":{"fr":"","en":"Reclassifying the whole borrowing, including the €300,000 already presented as current: only the part still non-current changes heading.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"NON_CURRENT_BORROWINGS","text":{"fr":"","en":"Non-current borrowings","es":""}},{"id":"CURRENT_BORROWINGS","text":{"fr":"","en":"Current borrowings","es":""}},{"id":"TRADE_PAYABLES","text":{"fr":"","en":"Trade payables","es":""}}],"lines":[{"id":"L1","account":"NON_CURRENT_BORROWINGS","side":"DEBIT","amount":1500000},{"id":"L2","account":"CURRENT_BORROWINGS","side":"CREDIT","amount":1500000,"given":["account","side"]}],"id":"P3","dimension":"JOURNAL_ENTRY"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000066","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_DISCLOSURE"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"COVENANT_DISCLOSURE_PURPOSE","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000008","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"understand"},"references":["IAS 1 §76ZA"],"exercise":{"prompt":{"fr":"","en":"The disclosure on a non-current liability subject to covenants aims to enable users to assess the risk that the liability becomes repayable within twelve months.","es":""},"explanation":{"fr":"","en":"That is the purpose of the information required when covenants are to be met within twelve months (IAS 1).","es":""},"common_error":{"fr":"","en":"Seeing the disclosure as a new classification criterion.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000067","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_DISCLOSURE"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"TRANSPORT","tested_point":"COVENANT_DISCLOSURE_WHEN","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000008","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"rule-disclosure"},"references":["IAS 1 §76ZA"],"exercise":{"prompt":{"fr":"","en":"Case data: for each Navex SA loan at 31 December N, classify the situation according to whether the disclosure on the risk of becoming repayable within twelve months is required or not.","es":""},"explanation":{"fr":"","en":"The disclosure is required when the liability is classified as non-current and covenants are to be met within twelve months (IAS 1).","es":""},"common_error":{"fr":"","en":"Requiring the disclosure for a liability already classified as current.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Disclosure required","es":""}},{"id":"c2","text":{"fr":"","en":"Disclosure not required","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Non-current loan; covenant to be met in five months","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Non-current loan; covenant to be met in eleven months","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Non-current loan; covenant to be met only in three years","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"Loan classified as current; covenant to be met in six months","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Non-current loan with no covenant at all","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000068","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.BREACH_BEFORE_PERIOD_END"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"CONSTRUCTION","tested_point":"BREACH_STATEMENTS_SPOT","difficulty":"ADVANCED","estimated_time_s":180,"lesson_id":"LS.IAS1.000008","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"rule-breach"},"references":["IAS 1 §74"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about a covenant breach before the reporting date followed by a waiver.","es":""},"explanation":{"fr":"","en":"A breach before the reporting date classifies the loan as current and a later or hoped-for waiver does not change that classification (IAS 1).","es":""},"common_error":{"fr":"","en":"Correcting the classification after the fact with the waiver obtained.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"If a breach before the reporting date makes the loan repayable on demand, it is classified as current at the end of the period.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"Classification is assessed at the reporting date, on the rights existing at that date.","es":""},"erroneous":false},{"id":"e3","text":{"fr":"","en":"A waiver obtained after the reporting date allows the loan to be classified as non-current at the end of the period.","es":""},"erroneous":true,"correction":{"fr":"","en":"A waiver after the reporting date does not change classification at the end of the period.","es":""}},{"id":"e4","text":{"fr":"","en":"The high likelihood of obtaining a waiver makes the right to defer existing at the end of the period.","es":""},"erroneous":true,"correction":{"fr":"","en":"A hoped-for waiver is a management expectation; it does not create a right to defer at the end of the period.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000069","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.BREACH_BEFORE_PERIOD_END"],"dimension":"PROFESSIONAL_JUDGMENT","format":"MINI_CASE","context":"FINANCE","tested_point":"BREACH_WAIVER_MINI_CASE","difficulty":"EXPERT","estimated_time_s":300,"lesson_id":"LS.IAS1.000008","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"numeric-breach"},"references":["IAS 1 §74"],"exercise":{"prompt":{"fr":"","en":"Classify Corvel SA's loan and record the reclassification.","es":""},"explanation":{"fr":"","en":"Classification follows the situation at the reporting date; a later waiver changes nothing, an earlier waiver must be analysed on its terms (IAS 1).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Case data: Corvel SA has a €900,000 loan, repayable in one instalment in three years, classified as non-current. On 15 November N it breaches a covenant; the loan becomes repayable on demand. The bank grants a waiver on 10 February N+1. The reporting date is 31 December N.","es":""},"parts":[{"prompt":{"fr":"","en":"What is the loan's classification at 31 December N?","es":""},"explanation":{"fr":"","en":"The breach before the reporting date makes the loan current; the 10 February N+1 waiver is later and does not change that classification (IAS 1).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Non-current, because the waiver covers the whole remaining term of the loan","es":""},"correct":false,"feedback":{"fr":"","en":"The waiver, obtained after the reporting date, does not establish a right to defer existing at the end of the period.","es":""}},{"id":"B","text":{"fr":"","en":"Non-current, provided the waiver is mentioned in the notes as a subsequent event","es":""},"correct":false,"feedback":{"fr":"","en":"Mentioning a subsequent event does not change classification at the end of the period.","es":""}},{"id":"C","text":{"fr":"","en":"Current: the waiver is after the reporting date and does not change the classification","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Non-current for €600,000 and current for €300,000, depending on the fraction covered by the waiver","es":""},"correct":false,"feedback":{"fr":"","en":"No split exists: without a right to defer at the end of the period, the whole is current.","es":""}}],"id":"P1","dimension":"PROFESSIONAL_JUDGMENT"},{"prompt":{"fr":"","en":"If the waiver had been obtained on 15 December N, before the reporting date, what should be done?","es":""},"explanation":{"fr":"","en":"Classification is assessed at the reporting date: an earlier waiver requires examining whether a right to defer then exists, on its terms (IAS 1).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Automatically classify the loan as non-current, without examining the waiver","es":""},"correct":false,"feedback":{"fr":"","en":"A waiver before the reporting date is a fact to analyse; its terms (duration, conditions) decide the right at the end of the period.","es":""}},{"id":"B","text":{"fr":"","en":"Re-examine the right to defer at the end of the period on the waiver's terms","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Keep the current classification in all cases, the breach remaining established","es":""},"correct":false,"feedback":{"fr":"","en":"A waiver before the reporting date may restore a right to defer; classification depends on its terms.","es":""}},{"id":"D","text":{"fr":"","en":"Ignore the waiver, because only the breach date matters","es":""},"correct":false,"feedback":{"fr":"","en":"The date that matters is the reporting date; a waiver before that date is part of the picture.","es":""}}],"id":"P2","dimension":"PROFESSIONAL_JUDGMENT"},{"prompt":{"fr":"","en":"Record the reclassification entry for the actual loan (waiver of 10 February N+1), case convention.","es":""},"explanation":{"fr":"","en":"The €900,000 moves from non-current to current; no expense is recorded.","es":""},"common_error":{"fr":"","en":"Recording an expense on reclassification: it is only a transfer from non-current to current, with no effect on profit or loss.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"NON_CURRENT_BORROWINGS","text":{"fr":"","en":"Non-current borrowings","es":""}},{"id":"CURRENT_BORROWINGS","text":{"fr":"","en":"Current borrowings","es":""}},{"id":"FINANCE_COST","text":{"fr":"","en":"Finance cost","es":""}}],"lines":[{"id":"L1","account":"NON_CURRENT_BORROWINGS","side":"DEBIT","amount":900000},{"id":"L2","account":"CURRENT_BORROWINGS","side":"CREDIT","amount":900000,"given":["account","side"]}],"id":"P3","dimension":"JOURNAL_ENTRY"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000070","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"CONSUMER","tested_point":"PL_MINIMUM_ITEMS_SELECT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-pl-items"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"Which items are among the minimum line items of the statement of profit or loss? Select the correct ones.","es":""},"explanation":{"fr":"","en":"Revenue, finance costs and tax expense are among the minimum line items; neither dividends nor an imposed subtotal are part of them (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Mixing distributions to shareholders with profit or loss expenses.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Revenue for the year","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Finance costs","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Tax expense","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Dividends paid to shareholders","es":""},"correct":false,"feedback":{"fr":"","en":"Dividends are distributions, shown among changes in equity.","es":""}},{"id":"E","text":{"fr":"","en":"An 'operating profit' subtotal defined by the standard","es":""},"correct":false,"feedback":{"fr":"","en":"The standard imposes no such subtotal; subtotals are presented when relevant.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000071","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"CALCULATION","format":"CALCULATION","context":"MANUFACTURING","tested_point":"PL_SUBTOTALS_CALC","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"numeric-pl"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"Case data: Ostrem SA has revenue of €2,400,000, cost of sales of €1,500,000, distribution costs of €300,000, administrative expenses of €200,000, a share of profit of an associate of €30,000, finance costs of €70,000, tax expense of €110,000 and a loss on discontinued operations of €20,000. Calculate the subtotals.","es":""},"explanation":{"fr":"","en":"Gross profit = 2,400,000 − 1,500,000 = €900,000. Profit before tax = 900,000 − 300,000 − 200,000 + 30,000 − 70,000 = €360,000. Continuing operations = 360,000 − 110,000 = €250,000. Profit for the year = 250,000 − 20,000 = €230,000 (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Subtracting the associate's share or deducting discontinued operations before tax.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Revenue","es":""},"value":"2400000","unit":"EUR"},{"label":{"fr":"","en":"Cost of sales","es":""},"value":"1500000","unit":"EUR"},{"label":{"fr":"","en":"Distribution costs","es":""},"value":"300000","unit":"EUR"},{"label":{"fr":"","en":"Administrative expenses","es":""},"value":"200000","unit":"EUR"},{"label":{"fr":"","en":"Share of profit of an associate","es":""},"value":"30000","unit":"EUR"},{"label":{"fr":"","en":"Finance costs","es":""},"value":"70000","unit":"EUR"},{"label":{"fr":"","en":"Tax expense","es":""},"value":"110000","unit":"EUR"},{"label":{"fr":"","en":"Loss on discontinued operations","es":""},"value":"20000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Gross profit","es":""},"answer":900000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Profit before tax","es":""},"answer":360000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Profit from continuing operations","es":""},"answer":250000,"tolerance":0,"unit":"EUR"},{"id":"s4","label":{"fr":"","en":"Profit for the year","es":""},"answer":230000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Gross profit","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Revenue","es":""},"value":2400000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cost of sales","es":""},"value":1500000,"unit":"EUR"}],"result":900000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Profit before tax","es":""},"expression":"a - b - c + d - e","variables":[{"symbol":"a","meaning":{"fr":"","en":"Gross profit","es":""},"value":900000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Distribution costs","es":""},"value":300000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Administrative expenses","es":""},"value":200000,"unit":"EUR"},{"symbol":"d","meaning":{"fr":"","en":"Share of profit of an associate","es":""},"value":30000,"unit":"EUR"},{"symbol":"e","meaning":{"fr":"","en":"Finance costs","es":""},"value":70000,"unit":"EUR"}],"result":360000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Profit from continuing operations","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit before tax","es":""},"value":360000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Tax expense","es":""},"value":110000,"unit":"EUR"}],"result":250000,"unit":"EUR"},{"step":"s4","meaning":{"fr":"","en":"Profit for the year","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit from continuing operations","es":""},"value":250000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Loss on discontinued operations","es":""},"value":20000,"unit":"EUR"}],"result":230000,"unit":"EUR"}],"rationale":{"fr":"","en":"Profit for the year = 250,000 − 20,000 = €230,000 (IAS 1, para. 82).","es":""},"references":["REF.IAS1.82"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000072","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"CONSUMER","tested_point":"PL_ADDITIONAL_LINES_WHEN","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-pl-items"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"When does an entity present additional line items or subtotals in the statement of profit or loss?","es":""},"explanation":{"fr":"","en":"Additional line items and subtotals are presented when relevant to understanding performance (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Thinking that the list of line items of the statement is closed.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"When it is relevant to understanding its financial performance","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Only when the standard imposes the exact list","es":""},"correct":false,"feedback":{"fr":"","en":"The standard provides for adding relevant lines and subtotals without fixing a list.","es":""}},{"id":"C","text":{"fr":"","en":"Only after authorisation by the market authority","es":""},"correct":false,"feedback":{"fr":"","en":"The standard provides for no authorisation to add a relevant line.","es":""}},{"id":"D","text":{"fr":"","en":"Never, since the content of the statement is strictly closed","es":""},"correct":false,"feedback":{"fr":"","en":"The statement is not closed: relevant lines can be added to the minimum line items.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000073","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.SINGLE_OR_TWO_STATEMENTS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"SINGLE_OR_TWO_OPTIONS","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-single-two"},"references":["IAS 1 §10A"],"exercise":{"prompt":{"fr":"","en":"An entity may present profit or loss and other comprehensive income in a single statement or in two separate statements.","es":""},"explanation":{"fr":"","en":"Both ways of presenting are allowed; with two statements, profit or loss comes first (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that a single statement is prohibited.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000074","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.SINGLE_OR_TWO_STATEMENTS"],"dimension":"RECOGNITION","format":"ORDERING","context":"SERVICES","tested_point":"TWO_STATEMENTS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-single-two"},"references":["IAS 1 §10A"],"exercise":{"prompt":{"fr":"","en":"Put in order the elements of a presentation in two statements.","es":""},"explanation":{"fr":"","en":"With two statements, the statement of profit or loss comes first; the second starts with profit or loss and adds other comprehensive income (IAS 1).","es":""},"common_error":{"fr":"","en":"Starting the second statement with other comprehensive income without profit or loss.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Statement of profit or loss, with its line items","es":""}},{"id":"s2","text":{"fr":"","en":"Profit for the year, starting point of the next statement","es":""}},{"id":"s3","text":{"fr":"","en":"Other comprehensive income, then total comprehensive income","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000075","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.EXPENSE_ANALYSIS"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"AUTOMOTIVE","tested_point":"NATURE_VS_FUNCTION_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-expense-analysis"},"references":["IAS 1 §99"],"exercise":{"prompt":{"fr":"","en":"Classify each expense line according to whether it belongs to an analysis by nature or by function.","es":""},"explanation":{"fr":"","en":"Analysis by nature groups expenses by what they are; analysis by function by their role in the entity (IAS 1).","es":""},"common_error":{"fr":"","en":"Taking cost of sales for an expense by nature.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Analysis by nature","es":""}},{"id":"c2","text":{"fr":"","en":"Analysis by function","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Employee benefits expense","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Raw materials consumed","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Depreciation and amortisation","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Cost of sales","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Distribution costs","es":""},"category":"c2"},{"id":"i6","text":{"fr":"","en":"Administrative expenses","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000076","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.EXPENSE_ANALYSIS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"FOOD","tested_point":"FUNCTION_REQUIRES_NATURE_NOTE","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-expense-analysis"},"references":["IAS 1 §99"],"exercise":{"prompt":{"fr":"","en":"Case data: Brandel SA presents its expenses by function. A user asks how much the entity spent on staff. Where does he find the information?","es":""},"explanation":{"fr":"","en":"Under presentation by function, information on the nature of expenses appears in the notes (IAS 1).","es":""},"common_error":{"fr":"","en":"Looking for the nature of expenses in a statement other than the notes.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Nowhere: presentation by function removes any need for analysis by nature","es":""},"correct":false,"feedback":{"fr":"","en":"Presentation by function requires, on the contrary, information on the nature of expenses.","es":""}},{"id":"B","text":{"fr":"","en":"In the statement of cash flows, line by line","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of cash flows shows receipts and payments, not the information on the nature of expenses.","es":""}},{"id":"C","text":{"fr":"","en":"In the notes, in the nature-of-expense information","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"In the statement of financial position, in the employee liabilities line","es":""},"correct":false,"feedback":{"fr":"","en":"A liability line at the end of the period is not the year's employee benefits expense.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000077","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.EXPENSE_ANALYSIS"],"dimension":"CALCULATION","format":"CALCULATION","context":"RETAIL","tested_point":"NATURE_FUNCTION_SAME_TOTAL","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000009","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"numeric-expense"},"references":["IAS 1 §99"],"exercise":{"prompt":{"fr":"","en":"Case data: Lorien SA's expenses by nature are: materials €480,000, staff €300,000, depreciation €90,000, other €30,000. By function they are: cost of sales €560,000, distribution costs €170,000, the rest being administrative expenses. Calculate the total by nature, then administrative expenses.","es":""},"explanation":{"fr":"","en":"Total by nature = 480,000 + 300,000 + 90,000 + 30,000 = €900,000. The total by function is the same: administrative expenses = 900,000 − 560,000 − 170,000 = €170,000 (IAS 1).","es":""},"common_error":{"fr":"","en":"Thinking that the two analyses give different totals.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Materials","es":""},"value":"480000","unit":"EUR"},{"label":{"fr":"","en":"Staff","es":""},"value":"300000","unit":"EUR"},{"label":{"fr":"","en":"Depreciation","es":""},"value":"90000","unit":"EUR"},{"label":{"fr":"","en":"Other expenses","es":""},"value":"30000","unit":"EUR"},{"label":{"fr":"","en":"Cost of sales","es":""},"value":"560000","unit":"EUR"},{"label":{"fr":"","en":"Distribution costs","es":""},"value":"170000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Total expenses by nature","es":""},"answer":900000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Administrative expenses","es":""},"answer":170000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Total expenses by nature","es":""},"expression":"a + b + c + d","variables":[{"symbol":"a","meaning":{"fr":"","en":"Materials","es":""},"value":480000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Staff","es":""},"value":300000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Depreciation","es":""},"value":90000,"unit":"EUR"},{"symbol":"d","meaning":{"fr":"","en":"Other expenses","es":""},"value":30000,"unit":"EUR"}],"result":900000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Administrative expenses","es":""},"expression":"a - b - c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total expenses by nature","es":""},"value":900000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cost of sales","es":""},"value":560000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Distribution costs","es":""},"value":170000,"unit":"EUR"}],"result":170000,"unit":"EUR"}],"rationale":{"fr":"","en":"The total by function is the same: administrative expenses = 900,000 − 560,000 − 170,000 = €170,000 (IAS 1).","es":""},"references":["REF.IAS1.99"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000078","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"INDUSTRY","tested_point":"OCI_GROUPS_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Case data: the standard that creates each item specifies whether it will be reclassified to profit or loss. Classify Pardel SA's other comprehensive income items.","es":""},"explanation":{"fr":"","en":"Other comprehensive income items are grouped according to whether or not they will be reclassified to profit or loss; the standard that creates the item specifies it (IAS 1, para. 82A). Here the case gives whether each is reclassifiable.","es":""},"common_error":{"fr":"","en":"Classifying the items by positive or negative sign.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Will not be reclassified to profit or loss","es":""}},{"id":"c2","text":{"fr":"","en":"Will be reclassified to profit or loss under conditions","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Remeasurement of a pension plan (not reclassifiable under the relevant standard)","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Translation difference of a foreign subsidiary (reclassifiable under the relevant standard)","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Gain on an equity instrument measured through other comprehensive income (not reclassifiable under the relevant standard)","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Effective portion of a cash flow hedge (reclassifiable under the relevant standard)","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000079","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"OCI_EQUITY_ACCOUNTED_SAME_SPLIT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"The share of other comprehensive income of equity-accounted entities follows the same separation between reclassifiable and non-reclassifiable items.","es":""},"explanation":{"fr":"","en":"The standard requires the same separation for the share of other comprehensive income of equity-accounted entities (IAS 1, para. 82A).","es":""},"common_error":{"fr":"","en":"Presenting this share in a single block without separating.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000080","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"CALCULATION","format":"CALCULATION","context":"RETAIL","tested_point":"TOTAL_COMPREHENSIVE_INCOME","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"numeric-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Case data: Ostrem SA has profit of €230,000. Other comprehensive income items, net of tax: reclassifiable, translation difference +€40,000 and cash flow hedge −€10,000; non-reclassifiable, pension plan remeasurement +€15,000. Calculate the subtotals and total comprehensive income.","es":""},"explanation":{"fr":"","en":"Reclassifiable = 40,000 − 10,000 = €30,000. Other comprehensive income = 30,000 + 15,000 = €45,000. Total comprehensive income = 230,000 + 45,000 = €275,000 (IAS 1, para. 82A).","es":""},"common_error":{"fr":"","en":"Forgetting the hedge loss or adding other comprehensive income twice.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Profit for the year","es":""},"value":"230000","unit":"EUR"},{"label":{"fr":"","en":"Translation difference (reclassifiable)","es":""},"value":"40000","unit":"EUR"},{"label":{"fr":"","en":"Cash flow hedge (reclassifiable)","es":""},"value":"-10000","unit":"EUR"},{"label":{"fr":"","en":"Pension plan (non-reclassifiable)","es":""},"value":"15000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Subtotal of reclassifiable items","es":""},"answer":30000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Total other comprehensive income","es":""},"answer":45000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Total comprehensive income","es":""},"answer":275000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s2","meaning":{"fr":"","en":"Total other comprehensive income","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Subtotal of reclassifiable items","es":""},"value":30000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Pension plan (non-reclassifiable)","es":""},"value":15000,"unit":"EUR"}],"result":45000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Total comprehensive income","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit for the year","es":""},"value":230000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Total other comprehensive income","es":""},"value":45000,"unit":"EUR"}],"result":275000,"unit":"EUR"}],"rationale":{"fr":"","en":"Total comprehensive income = 230,000 + 45,000 = €275,000 (IAS 1, para. 82A).","es":""},"references":["REF.IAS1.82A"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000081","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"LOGISTICS","tested_point":"RECLASSIFY_OCI_TO_PROFIT_OR_LOSS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"entry-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Case data: Navix SA disposes of a foreign subsidiary. A cumulative translation difference of €25,000, held in the reserve of reclassifiable other comprehensive income, is to be reclassified to profit or loss under the applicable standard. Record the entry (case convention).","es":""},"explanation":{"fr":"","en":"The reclassifiable reserve is debited and the gain reclassified to profit or loss credited with €25,000: profit increases, other comprehensive income decreases, total equity does not change (IAS 1, para. 82A).","es":""},"common_error":{"fr":"","en":"Posting the counterpart to cash or counting the gain twice.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"OCI_RESERVE_RECLASSIFIABLE","text":{"fr":"","en":"Reserve of reclassifiable other comprehensive income","es":""}},{"id":"RECYCLED_GAIN_IN_PROFIT_OR_LOSS","text":{"fr":"","en":"Gain reclassified to profit or loss","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}}],"lines":[{"id":"L1","account":"OCI_RESERVE_RECLASSIFIABLE","side":"DEBIT","amount":25000},{"id":"L2","account":"RECYCLED_GAIN_IN_PROFIT_OR_LOSS","side":"CREDIT","amount":25000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000082","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CHANGES_IN_EQUITY"],"dimension":"RULE_KNOWLEDGE","format":"MULTIPLE_CHOICE","context":"GENERIC","tested_point":"EQUITY_STATEMENT_CONTENT","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-equity"},"references":["IAS 1 §106"],"exercise":{"prompt":{"fr":"","en":"Which items does the statement of changes in equity present?","es":""},"explanation":{"fr":"","en":"The statement presents total comprehensive income, the effects of retrospective changes by component and the opening-to-closing reconciliation (IAS 1).","es":""},"common_error":{"fr":"","en":"Putting cash flows that belong to IAS 7 into this statement.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Total comprehensive income for the period","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"For each component, a reconciliation of the opening and closing amounts","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"For each component, the effects of retrospective application or restatements","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Receipts and payments of the period by activity","es":""},"correct":false,"feedback":{"fr":"","en":"Cash flows by activity belong to the statement of cash flows (IAS 7).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000083","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CHANGES_IN_EQUITY"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"EQUITY_CLOSING_BALANCE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"numeric-equity"},"references":["IAS 1 §106"],"exercise":{"prompt":{"fr":"","en":"Case data: Belmar SA. Share capital: opening €2,000,000, issue for the year €300,000. Retained earnings: opening €1,500,000, profit €200,000, non-reclassifiable other comprehensive income +€10,000 (case convention: taken here), dividends €120,000. Reserve of reclassifiable other comprehensive income: opening €80,000, reclassifiable other comprehensive income +€25,000. Calculate the closing balances.","es":""},"explanation":{"fr":"","en":"Capital = 2,000,000 + 300,000 = €2,300,000. Retained earnings = 1,500,000 + 200,000 + 10,000 − 120,000 = €1,590,000. Reserve = 80,000 + 25,000 = €105,000. Total = 2,300,000 + 1,590,000 + 105,000 = €3,995,000 (IAS 1).","es":""},"common_error":{"fr":"","en":"Subtracting the share issue or adding the dividends.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Opening share capital","es":""},"value":"2000000","unit":"EUR"},{"label":{"fr":"","en":"Issue","es":""},"value":"300000","unit":"EUR"},{"label":{"fr":"","en":"Opening retained earnings","es":""},"value":"1500000","unit":"EUR"},{"label":{"fr":"","en":"Profit for the year","es":""},"value":"200000","unit":"EUR"},{"label":{"fr":"","en":"Non-reclassifiable other comprehensive income","es":""},"value":"10000","unit":"EUR"},{"label":{"fr":"","en":"Dividends","es":""},"value":"120000","unit":"EUR"},{"label":{"fr":"","en":"Opening reserve","es":""},"value":"80000","unit":"EUR"},{"label":{"fr":"","en":"Reclassifiable other comprehensive income","es":""},"value":"25000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Closing share capital","es":""},"answer":2300000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Closing retained earnings","es":""},"answer":1590000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Closing reserve","es":""},"answer":105000,"tolerance":0,"unit":"EUR"},{"id":"s4","label":{"fr":"","en":"Total closing equity","es":""},"answer":3995000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Closing share capital","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Opening share capital","es":""},"value":2000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Issue","es":""},"value":300000,"unit":"EUR"}],"result":2300000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Closing retained earnings","es":""},"expression":"a + b + c - d","variables":[{"symbol":"a","meaning":{"fr":"","en":"Opening retained earnings","es":""},"value":1500000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Profit for the year","es":""},"value":200000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Non-reclassifiable other comprehensive income","es":""},"value":10000,"unit":"EUR"},{"symbol":"d","meaning":{"fr":"","en":"Dividends","es":""},"value":120000,"unit":"EUR"}],"result":1590000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Closing reserve","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Opening reserve","es":""},"value":80000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Reclassifiable other comprehensive income","es":""},"value":25000,"unit":"EUR"}],"result":105000,"unit":"EUR"},{"step":"s4","meaning":{"fr":"","en":"Total closing equity","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Closing share capital","es":""},"value":2300000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Closing retained earnings","es":""},"value":1590000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Closing reserve","es":""},"value":105000,"unit":"EUR"}],"result":3995000,"unit":"EUR"}],"rationale":{"fr":"","en":"Total = 2,300,000 + 1,590,000 + 105,000 = €3,995,000 (IAS 1).","es":""},"references":["REF.IAS1.106"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000084","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CHANGES_IN_EQUITY","IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"EQUITY_AND_TCI_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000010","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-equity"},"references":["IAS 1 §106","IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about comprehensive income and equity.","es":""},"explanation":{"fr":"","en":"Total comprehensive income is the sum of profit or loss and other comprehensive income; a reclassification does not change it; the reconciliation is done by component (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that a reclassification creates extra comprehensive income.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"Total comprehensive income equals profit or loss plus other comprehensive income.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"A reclassification to profit or loss increases total comprehensive income by the same amount.","es":""},"erroneous":true,"correction":{"fr":"","en":"Reclassification increases profit and decreases other comprehensive income by the same amount: total comprehensive income does not change.","es":""}},{"id":"e3","text":{"fr":"","en":"Dividends paid are not in comprehensive income but in the equity reconciliation.","es":""},"erroneous":false},{"id":"e4","text":{"fr":"","en":"The equity reconciliation is done only for total equity, never by component.","es":""},"erroneous":true,"correction":{"fr":"","en":"The reconciliation is presented for each component of equity.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000085","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.NOTES_STRUCTURE"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"GENERIC","tested_point":"NOTES_CONTENT_MATCH","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-notes"},"references":["IAS 1 §112"],"exercise":{"prompt":{"fr":"","en":"Match each piece of information with the category of notes content it belongs to.","es":""},"explanation":{"fr":"","en":"The notes comprise the basis of preparation and policies, required information not presented elsewhere and useful additional information (IAS 1). Forecasts are not part of them.","es":""},"common_error":{"fr":"","en":"Placing in the notes forecasts that do not belong to the financial statements.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"The description of the basis of preparation of the statements","es":""}},{"id":"l2","text":{"fr":"","en":"Information a standard requires on a line item and that does not appear in the statements","es":""}},{"id":"l3","text":{"fr":"","en":"The description of a particular contract judged useful for understanding","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"Information required by standards and not presented elsewhere","es":""}},{"id":"r2","text":{"fr":"","en":"Useful additional information","es":""}},{"id":"r3","text":{"fr":"","en":"Basis of preparation and accounting policies","es":""}},{"id":"r4","text":{"fr":"","en":"Profit forecasts for the following year","es":""}}],"pairs":[{"left":"l1","right":"r3"},{"left":"l2","right":"r1"},{"left":"l3","right":"r2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000086","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.NOTES_STRUCTURE"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"NOTES_CROSS_REFERENCE_ROLE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-notes"},"references":["IAS 1 §112"],"exercise":{"prompt":{"fr":"","en":"What is the role of the notes relative to the primary statements?","es":""},"explanation":{"fr":"","en":"The notes explain and complete the statements, systematically and cross-referenced to line items (IAS 1).","es":""},"common_error":{"fr":"","en":"Seeing the notes as a substitute for the primary statements.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"To replace the primary statements when they are too long to read","es":""},"correct":false,"feedback":{"fr":"","en":"The notes complete the primary statements; they never replace them.","es":""}},{"id":"B","text":{"fr":"","en":"To gather information in the free order chosen by each writer, with no link to line items","es":""},"correct":false,"feedback":{"fr":"","en":"The notes are presented systematically and cross-referenced to the line items.","es":""}},{"id":"C","text":{"fr":"","en":"To present only the information that management wishes to highlight","es":""},"correct":false,"feedback":{"fr":"","en":"The notes contain the information required by the standards, whatever management's preference.","es":""}},{"id":"D","text":{"fr":"","en":"To explain, detail and complete the statements, by referring to their line items","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000087","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ACCOUNTING_POLICY_INFORMATION"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"POLICY_INFO_NATURE_NOT_AMOUNT","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-policy-info"},"references":["IAS 1 §117"],"exercise":{"prompt":{"fr":"","en":"Information about an accounting policy may be material by its nature even if the amounts concerned are not.","es":""},"explanation":{"fr":"","en":"Materiality is judged by influence on users' decisions and may stem from the nature of the information (IAS 1, para. 117).","es":""},"common_error":{"fr":"","en":"Judging on amount alone.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000088","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ACCOUNTING_POLICY_INFORMATION"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"MANUFACTURING","tested_point":"POLICY_INFO_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"example-policy-info"},"references":["IAS 1 §117"],"exercise":{"prompt":{"fr":"","en":"Case data: Torvic SA reviews six policies. Classify each piece of information according to the case judgements.","es":""},"explanation":{"fr":"","en":"Entity-specific information that influences users' decisions (choice, judgement, unusual transaction) is material; repeating the standard or a detail with no influence is not (IAS 1, para. 117).","es":""},"common_error":{"fr":"","en":"Judging on amount only and ruling out the unusual low-value transaction.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Material information to provide","es":""}},{"id":"c2","text":{"fr":"","en":"Immaterial information, to remove","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Choice of the revaluation model for land, between two permitted treatments, with a noticeable effect on equity","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Judgement on the date control transfers on complex made-to-order contracts","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Treatment of an unusual entity-specific transaction, of small amount but sensitive for lenders","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Sentence restating the general inventory measurement principle as the standard states it","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Description of a policy applied to a line item with a very small amount, with nothing particular","es":""},"category":"c2"},{"id":"i6","text":{"fr":"","en":"Reminder of the presentation currency, with nothing particular","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000089","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ACCOUNTING_POLICY_INFORMATION"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"RETAIL","tested_point":"STANDARDISED_INFO_OBSCURES","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-policy-info"},"references":["IAS 1 §117"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about accounting policy information.","es":""},"explanation":{"fr":"","en":"Only material information is required and it must not be obscured by standardised information; nature matters as much as amount (IAS 1, para. 117).","es":""},"common_error":{"fr":"","en":"Equating completeness with usefulness.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"Immaterial information must not obscure material information.","es":""},"erroneous":false},{"id":"e2","text":{"fr":"","en":"Describing every policy applied out of prudence is always preferable to sorting.","es":""},"erroneous":true,"correction":{"fr":"","en":"The requirement covers material information; an accumulation of standardised information may drown the information that matters.","es":""}},{"id":"e3","text":{"fr":"","en":"A small amount alone is enough to conclude that the information is not material.","es":""},"erroneous":true,"correction":{"fr":"","en":"The nature of the information can make it material even if the amounts are small.","es":""}},{"id":"e4","text":{"fr":"","en":"A policy resulting from an entity judgement is more likely to be material than a sentence copied from the standard.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000090","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CAPITAL_DISCLOSURES"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"BANKING","tested_point":"CAPITAL_DISCLOSURE_ELEMENTS","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-capital"},"references":["IAS 1 §134"],"exercise":{"prompt":{"fr":"","en":"Which capital information does IAS 1 require to be provided?","es":""},"explanation":{"fr":"","en":"The disclosure covers the objectives, policies and processes for managing capital and external requirements and their compliance (IAS 1).","es":""},"common_error":{"fr":"","en":"Reducing capital disclosures to the share capital.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The share capital amount alone, as it stands at the end of the year","es":""},"correct":false,"feedback":{"fr":"","en":"The disclosure covers capital management and external requirements, beyond the share capital amount.","es":""}},{"id":"B","text":{"fr":"","en":"The detail of the share's stock market prices throughout the year","es":""},"correct":false,"feedback":{"fr":"","en":"Stock market prices are not the capital management information required.","es":""}},{"id":"C","text":{"fr":"","en":"The list of the entity's shareholders and their postal addresses","es":""},"correct":false,"feedback":{"fr":"","en":"The list of shareholders is not capital management information.","es":""}},{"id":"D","text":{"fr":"","en":"Capital management and external requirements with their compliance","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000091","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CAPITAL_DISCLOSURES"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"CAPITAL_DISCLOSURE_TIMING","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS1.000011","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-capital"},"references":["IAS 1 §134"],"exercise":{"prompt":{"fr":"","en":"Case data: Vilmor SA prepares its statements for the year beginning 1 July 2026 and ending 30 June 2027, without early application of IFRS 18. Which standard carries the capital disclosure requirement for that year?","es":""},"explanation":{"fr":"","en":"IAS 1 applies until IFRS 18 is applied (annual periods beginning on or after 1 January 2027): the year beginning 1 July 2026 falls under IAS 1 (IAS 1).","es":""},"common_error":{"fr":"","en":"Applying IFRS 18 to a year beginning before 2027.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IFRS 18, because the year ends after 1 January 2027","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 18 replaces IAS 1 for annual periods beginning on or after 1 January 2027; what matters is the opening date (1 July 2026), not the closing date.","es":""}},{"id":"B","text":{"fr":"","en":"IAS 7, which deals with all cash flows","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 7 deals with cash flows, not capital management.","es":""}},{"id":"C","text":{"fr":"","en":"IAS 1, which applies until IFRS 18 is applied","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"IAS 33, which deals with earnings per share","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 33 deals with earnings per share, unrelated to capital disclosures.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000092","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.JUDGEMENTS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"JUDGEMENTS_DISCLOSED_TRUE","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"rule-judgements"},"references":["IAS 1 §122"],"exercise":{"prompt":{"fr":"","en":"The entity discloses, with its accounting policies, the judgements made in applying them that have the most significant effect on the amounts recognised.","es":""},"explanation":{"fr":"","en":"That is the requirement on judgements, which excludes those involving estimations (IAS 1).","es":""},"common_error":{"fr":"","en":"Thinking that judgements concern only quantified estimates.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000093","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.JUDGEMENTS","IAS1.NOTES.ESTIMATION_UNCERTAINTY"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"CONSTRUCTION","tested_point":"JUDGEMENT_VS_ESTIMATE_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"example-judgements"},"references":["IAS 1 §122","IAS 1 §125"],"exercise":{"prompt":{"fr":"","en":"Classify each point in Aldric SA's closing file according to its nature.","es":""},"explanation":{"fr":"","en":"A judgement concerns applying a policy; an estimate quantifies an uncertain value (life, provision, rate) (IAS 1).","es":""},"common_error":{"fr":"","en":"Taking a scope decision for an estimate.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Judgement in applying a policy","es":""}},{"id":"c2","text":{"fr":"","en":"Estimate of an uncertain value","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Deciding whether a company held at 48% is controlled","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Deciding whether a capacity contract contains a lease","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Choosing the moment control of an asset passes to the customer","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Setting a machine's useful life at twelve years","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Quantifying the provision for an ongoing dispute","es":""},"category":"c2"},{"id":"i6","text":{"fr":"","en":"Adopting a long-term growth rate to test goodwill","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000094","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.JUDGEMENTS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"CONSTRUCTION","tested_point":"JUDGEMENT_TO_DISCLOSE_SELECT","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"rule-judgements"},"references":["IAS 1 §122"],"exercise":{"prompt":{"fr":"","en":"Case data: Corlan SA has made three judgements in applying its policies. Which one must be disclosed?","es":""},"explanation":{"fr":"","en":"Only the judgement whose effect on the amounts recognised is the most significant is disclosed (IAS 1).","es":""},"common_error":{"fr":"","en":"Disclosing all judgements, even those with no effect on the amounts.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The choice of the invoice number format, with no effect on the amounts","es":""},"correct":false,"feedback":{"fr":"","en":"A choice with no effect on the amounts recognised does not have the most significant effect.","es":""}},{"id":"B","text":{"fr":"","en":"The judgement on control of a subsidiary, decisive for the amounts","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The choice of the colour of the financial statements' headings","es":""},"correct":false,"feedback":{"fr":"","en":"Formatting is not a judgement in applying accounting policies.","es":""}},{"id":"D","text":{"fr":"","en":"The judgement not to round to the nearest euro in the notes","es":""},"correct":false,"feedback":{"fr":"","en":"Presentation rounding has no significant effect on the amounts recognised.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000095","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ESTIMATION_UNCERTAINTY"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"ESTIMATION_SOURCES_SELECT","difficulty":"BEGINNER","estimated_time_s":75,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"rule-estimation"},"references":["IAS 1 §125"],"exercise":{"prompt":{"fr":"","en":"What must the entity provide about estimation uncertainty at the end of the period?","es":""},"explanation":{"fr":"","en":"The entity discloses assumptions about the future and major sources of uncertainty carrying a significant risk of material adjustment to carrying amounts within the next year (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that every estimate must be detailed.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Assumptions about the future and major sources of uncertainty","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The detail of all estimates used to prepare the statements, without sorting","es":""},"correct":false,"feedback":{"fr":"","en":"The requirement concerns major sources carrying a significant risk, not all estimates.","es":""}},{"id":"C","text":{"fr":"","en":"Only the results expected for the following year","es":""},"correct":false,"feedback":{"fr":"","en":"The disclosure concerns the uncertainty of values at the end of the period, not a profit forecast.","es":""}},{"id":"D","text":{"fr":"","en":"The list of scope judgements, which belong to the other requirement","es":""},"correct":false,"feedback":{"fr":"","en":"Judgements belong to a separate requirement; here it is about estimation uncertainty.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000096","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ESTIMATION_UNCERTAINTY"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"ESTIMATION_HORIZON_NEXT_YEAR","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"rule-estimation"},"references":["IAS 1 §125"],"exercise":{"prompt":{"fr":"","en":"The estimation uncertainty disclosure targets any risk of adjustment to the carrying amount, whatever the horizon at which it could occur.","es":""},"explanation":{"fr":"","en":"The disclosure targets the significant risk of material adjustment within the next financial year, not any horizon (IAS 1).","es":""},"common_error":{"fr":"","en":"Ignoring the next-year horizon.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000097","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.NOTES.JUDGEMENTS","IAS1.NOTES.ESTIMATION_UNCERTAINTY"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"CONSTRUCTION","tested_point":"JUDGEMENT_ESTIMATE_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":240,"lesson_id":"LS.IAS1.000012","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"example-judgements"},"references":["IAS 1 §122","IAS 1 §125"],"exercise":{"prompt":{"fr":"","en":"Sort the points in Brevex SA's closing file.","es":""},"explanation":{"fr":"","en":"Control is a judgement; only goodwill presents a major source of uncertainty within the next year; the two requirements are separate (IAS 1).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Case data: at 31 December N, Brevex SA notes three points. (1) It concluded that it controls a company held at 48%, which determines the scope. (2) Goodwill of €1,800,000 depends on a long-term growth rate; a reasonable change in the rate would noticeably change its value as early as year N+1. (3) The useful life of its standard trucks is set at eight years, with no particular stake.","es":""},"parts":[{"prompt":{"fr":"","en":"What is the nature of point (1)?","es":""},"explanation":{"fr":"","en":"Concluding on control is a judgement in applying a policy (IAS 1).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"An estimate, because the 48% is a figure","es":""},"correct":false,"feedback":{"fr":"","en":"The percentage is data; the conclusion on control is a judgement of application.","es":""}},{"id":"B","text":{"fr":"","en":"A source of estimation uncertainty over the next year","es":""},"correct":false,"feedback":{"fr":"","en":"It is not about quantifying an uncertain value but about deciding the treatment.","es":""}},{"id":"C","text":{"fr":"","en":"A judgement made in applying a policy","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Information unrelated to the notes","es":""},"correct":false,"feedback":{"fr":"","en":"A judgement with the most significant effect on the amounts is disclosed in the notes.","es":""}}],"id":"P1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"Which points call for an estimation uncertainty disclosure for the next year?","es":""},"explanation":{"fr":"","en":"Only point (2) combines uncertainty, significant risk of material adjustment and next-year horizon (IAS 1).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Point (2), goodwill dependent on a growth rate","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Point (1), conclusion on control","es":""},"correct":false,"feedback":{"fr":"","en":"Point (1) is a judgement of application, not an estimation uncertainty.","es":""}},{"id":"C","text":{"fr":"","en":"Point (3), eight-year life of standard trucks with no stake","es":""},"correct":false,"feedback":{"fr":"","en":"With no significant risk of material adjustment in the next year, point (3) does not call for this disclosure.","es":""}}],"id":"P2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"The judgement of point (1) and the uncertainty of point (2) fall under the same disclosure requirement.","es":""},"explanation":{"fr":"","en":"Judgement and estimation uncertainty fall under two separate IAS 1 requirements.","es":""},"common_error":{"fr":"","en":"Merging judgements and estimates.","es":""},"format":"TRUE_FALSE","answer":false,"id":"P3","dimension":"ANALYSIS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000098","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"EARLY_APPLICATION_PERMITTED","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-replacement"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"An entity may apply IFRS 18 before 1 January 2027, disclosing the fact in the notes.","es":""},"explanation":{"fr":"","en":"Early application of IFRS 18 is permitted, with the fact disclosed in the notes.","es":""},"common_error":{"fr":"","en":"Thinking that the 1 January 2027 date prevents any earlier application.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000099","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"APPLICATION","format":"CLASSIFICATION","context":"SERVICES","tested_point":"STANDARD_BY_YEAR_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"example-which-standard"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Case data: no entity applies IFRS 18 early. Classify each year according to the applicable presentation standard.","es":""},"explanation":{"fr":"","en":"IFRS 18 applies to annual periods beginning on or after 1 January 2027; IAS 1 remains applicable to years that begin earlier, even if they end in 2027 (IAS 1).","es":""},"common_error":{"fr":"","en":"Relying on the year's closing date.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"IAS 1","es":""}},{"id":"c2","text":{"fr":"","en":"IFRS 18","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Year from 1 January to 31 December 2025","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Year from 1 October 2026 to 30 September 2027","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"Year from 1 January to 31 December 2027","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"Year from 1 April 2027 to 31 March 2028","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Year from 1 July 2026 to 30 June 2027","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000100","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"RULE_KNOWLEDGE","format":"MULTIPLE_CHOICE","context":"GENERIC","tested_point":"IFRS18_FEATURES_SELECT","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-replacement"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Which statements about the replacement of IAS 1 by IFRS 18 are correct?","es":""},"explanation":{"fr":"","en":"IFRS 18 applies from 1 January 2027 (early application permitted, retrospective application); IAS 1 remains applicable until then (IAS 1).","es":""},"common_error":{"fr":"","en":"Confusing the issue date and the effective date.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IFRS 18, issued in April 2024, replaces IAS 1 for annual periods beginning on or after 1 January 2027","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Early application is permitted with disclosure in the notes","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The application of IFRS 18 is retrospective","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"IAS 1 stops applying as soon as IFRS 18 is issued in 2024","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 1 remains applicable until IFRS 18 is applied, not from its issue.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000101","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.MOVED_REQUIREMENTS"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"GENERIC","tested_point":"MOVED_REQUIREMENTS_MATCH","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-moved"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Match each IAS 1 requirement with its destination under IFRS 18.","es":""},"explanation":{"fr":"","en":"Going concern and the accrual basis move to the renamed IAS 8 under IFRS 18, like fair presentation; the statement of profit or loss is restructured by IFRS 18 (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that an IAS 1 requirement that does not stay in the new standard disappears.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"The going concern requirement","es":""}},{"id":"l2","text":{"fr":"","en":"The accrual basis requirement","es":""}},{"id":"l3","text":{"fr":"","en":"The structure of the statement of profit or loss","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"IAS 8 renamed 'Basis of Preparation of Financial Statements'","es":""}},{"id":"r2","text":{"fr":"","en":"IAS 7, statement of cash flows","es":""}},{"id":"r3","text":{"fr":"","en":"IAS 33, earnings per share","es":""}},{"id":"r4","text":{"fr":"","en":"It disappears with no equivalent elsewhere","es":""}},{"id":"r5","text":{"fr":"","en":"IFRS 18, which restructures this statement","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r1"},{"left":"l3","right":"r5"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000102","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.MOVED_REQUIREMENTS"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"IAS8_RENAMED_TITLE","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-moved"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Complete the renaming of IAS 8 made by IFRS 18.","es":""},"explanation":{"fr":"","en":"IAS 8 is renamed 'Basis of Preparation of Financial Statements' and receives IAS 1 requirements (IAS 1).","es":""},"common_error":{"fr":"","en":"Confusing IAS 8's title with IAS 7's.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"IFRS 18 renames IAS 8 as '{{titre}}' and transfers several IAS 1 requirements into it.","es":""},"blanks":[{"id":"titre","mode":"CHOICE","choices":[{"id":"basis","text":{"fr":"","en":"Basis of Preparation of Financial Statements","es":""}},{"id":"perf","text":{"fr":"","en":"Performance Measures of Financial Statements","es":""}},{"id":"cash","text":{"fr":"","en":"Statement of Cash Flows","es":""}}],"answer":"basis"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000103","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.MOVED_REQUIREMENTS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"GENERIC","tested_point":"MOVED_REQUIREMENTS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-moved"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the transfer of IAS 1 requirements to the renamed IAS 8.","es":""},"explanation":{"fr":"","en":"Several IAS 1 requirements move to the renamed IAS 8, which keeps its own content (IAS 1).","es":""},"common_error":{"fr":"","en":"Thinking that the renaming erases IAS 8's former content.","es":""},"format":"ERROR_SPOT","statements":[{"id":"e1","text":{"fr":"","en":"Renaming IAS 8 changes its content on changes in policies and estimates and on errors, which disappears.","es":""},"erroneous":true,"correction":{"fr":"","en":"IAS 8's content on these subjects remains in IAS 8; the standard also receives IAS 1 requirements.","es":""}},{"id":"e2","text":{"fr":"","en":"Under IFRS 18, fair presentation and compliance are taken over by the renamed IAS 8.","es":""},"erroneous":false},{"id":"e3","text":{"fr":"","en":"A cross-reference to 'IAS 8' means, after transition, the renamed standard.","es":""},"erroneous":false},{"id":"e4","text":{"fr":"","en":"IAS 1's accrual basis requirements are deleted without being taken over.","es":""},"erroneous":true,"correction":{"fr":"","en":"The accrual basis moves to the renamed IAS 8.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000104","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.UNCHANGED_STATEMENTS"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"UNCHANGED_STATEMENTS_SELECT","difficulty":"BEGINNER","estimated_time_s":75,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-unchanged"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Which statement sees its content change in a major way under IFRS 18 compared with IAS 1?","es":""},"explanation":{"fr":"","en":"IFRS 18's major change concerns the statement of profit or loss; the structure of the two other statements is kept and the financial position is little changed (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that IFRS 18 overhauls every statement.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement of profit or loss","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The statement of changes in equity","es":""},"correct":false,"feedback":{"fr":"","en":"Its structure is unchanged relative to IAS 1.","es":""}},{"id":"C","text":{"fr":"","en":"The statement of other comprehensive income","es":""},"correct":false,"feedback":{"fr":"","en":"Its structure is unchanged relative to IAS 1.","es":""}},{"id":"D","text":{"fr":"","en":"The statement of financial position, entirely overhauled","es":""},"correct":false,"feedback":{"fr":"","en":"It is little changed, not overhauled: the major change is elsewhere.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000105","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.UNCHANGED_STATEMENTS"],"dimension":"ANALYSIS","format":"TRUE_FALSE","context":"GENERIC","tested_point":"LITTLE_CHANGED_NOT_UNCHANGED","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-unchanged"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Saying that the statement of financial position is 'little changed' under IFRS 18 amounts to saying it is strictly unchanged compared with IAS 1.","es":""},"explanation":{"fr":"","en":"'Little changed' is not 'strictly unchanged': detail changes are possible, whereas the statement of other comprehensive income and the statement of changes in equity keep their structure (IAS 1).","es":""},"common_error":{"fr":"","en":"Equating 'little changed' and 'unchanged'.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000106","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.FAIR_PRESENTATION_2026"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"AGENDA_DECISION_NATURE","difficulty":"ADVANCED","estimated_time_s":120,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-agenda-2026"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: 'The April 2026 agenda decision amends IAS 1's text on departure, so we must change our statements.' Which answer is correct?","es":""},"explanation":{"fr":"","en":"An agenda decision is a Committee explanation of how to apply the standard; it is not a standard and does not amend IAS 1 (IAS 1).","es":""},"common_error":{"fr":"","en":"Treating an agenda decision as an amendment.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It amends IAS 1 as soon as it is finalised, like any Committee decision","es":""},"correct":false,"feedback":{"fr":"","en":"An agenda decision is not an amendment to the standard.","es":""}},{"id":"B","text":{"fr":"","en":"It creates a new disclosure requirement for all entities","es":""},"correct":false,"feedback":{"fr":"","en":"It creates no new requirement.","es":""}},{"id":"C","text":{"fr":"","en":"It replaces the statement of compliance with a statement of departure","es":""},"correct":false,"feedback":{"fr":"","en":"It does not touch the statement of compliance; it concerns a rare application question.","es":""}},{"id":"D","text":{"fr":"","en":"An agenda decision explains how to apply the standard; it does not amend the text of IAS 1","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000107","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.FAIR_PRESENTATION_2026"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"GENERIC","tested_point":"SOURCE_NATURE_DOSSIER","difficulty":"EXPERT","estimated_time_s":180,"lesson_id":"LS.IAS1.000013","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"judgment"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Mardel SA's transition file: classify each statement according to its nature.","es":""},"explanation":{"fr":"","en":"IAS 1 is the standard in force for 2026; the agenda decision explains and creates no standard; IFRS 18 and the transfer to the renamed IAS 8 are future (IAS 1).","es":""},"common_error":{"fr":"","en":"Applying a future text in 2026 or giving an explanation the force of a standard.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Standard in force for year 2026","es":""}},{"id":"c2","text":{"fr":"","en":"Committee explanation, not a standard","es":""}},{"id":"c3","text":{"fr":"","en":"Future standard, not yet applicable to 2026","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"IAS 1: components of the complete set and fair presentation","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"The April 2026 agenda decision on fair presentation and departure","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"IFRS 18: new presentation standard applicable to years beginning from 1 January 2027","es":""},"category":"c3"},{"id":"i4","text":{"fr":"","en":"IAS 1: classification of liabilities by rights existing at the end of the period","es":""},"category":"c1"},{"id":"i5","text":{"fr":"","en":"The planned transfer of IAS 1 requirements to the renamed IAS 8","es":""},"category":"c3"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000108","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.INTERACTIONS.OTHER_STANDARDS"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"RETAIL","tested_point":"OTHER_STANDARDS_MATCH","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS1.000014","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000014","section_id":"rule-links"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Match each question with the standard that answers it.","es":""},"explanation":{"fr":"","en":"IAS 8 deals with errors and restatement, IAS 7 with the content of the statement of cash flows, IAS 33 with earnings per share (IAS 1).","es":""},"common_error":{"fr":"","en":"Placing earnings per share under IAS 7 because it is an amount per security.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"How to restate comparatives after discovering an error?","es":""}},{"id":"l2","text":{"fr":"","en":"What does the statement of cash flows contain?","es":""}},{"id":"l3","text":{"fr":"","en":"How to calculate and present earnings per share?","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"IAS 33","es":""}},{"id":"r2","text":{"fr":"","en":"IAS 8","es":""}},{"id":"r3","text":{"fr":"","en":"IAS 7","es":""}},{"id":"r4","text":{"fr":"","en":"IAS 2","es":""}}],"pairs":[{"left":"l1","right":"r2"},{"left":"l2","right":"r3"},{"left":"l3","right":"r1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000109","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.INTERACTIONS.OTHER_STANDARDS"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"TELECOM","tested_point":"PRESENTS_VS_MEASURES","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS1.000014","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000014","section_id":"rule-links"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Among these questions, which belongs to IAS 1 rather than to a specialised standard?","es":""},"explanation":{"fr":"","en":"IAS 1 says which components make up the complete set; calculation, classification of flows and restatement belong to other standards (IAS 1).","es":""},"common_error":{"fr":"","en":"Looking in IAS 1 for a calculation rule that belongs to another standard.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"How to restate the previous year after a material error?","es":""},"correct":false,"feedback":{"fr":"","en":"Restating after an error belongs to IAS 8.","es":""}},{"id":"B","text":{"fr":"","en":"Which components make up a complete set of financial statements?","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Which cash flows are investing cash flows?","es":""},"correct":false,"feedback":{"fr":"","en":"The classification of cash flows belongs to IAS 7.","es":""}},{"id":"D","text":{"fr":"","en":"How to weight shares to calculate basic earnings per share?","es":""},"correct":false,"feedback":{"fr":"","en":"The calculation of earnings per share belongs to IAS 33.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS1.000110","source":"V2","standard_id":"IAS1","concept_ids":["IAS1.INTERACTIONS.OTHER_STANDARDS"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"MEDIA","tested_point":"QUESTION_TO_STANDARD_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS1.000014","review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000014","section_id":"example-links"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Classify each Merlion SA question according to the standard that answers it.","es":""},"explanation":{"fr":"","en":"The presentation and composition of the statements belong to IAS 1; flows, corrections and earnings per share belong to IAS 7, IAS 8 and IAS 33.","es":""},"common_error":{"fr":"","en":"Gathering under IAS 1 every presentation question of a transaction.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"IAS 1","es":""}},{"id":"c2","text":{"fr":"","en":"IAS 7","es":""}},{"id":"c3","text":{"fr":"","en":"IAS 8","es":""}},{"id":"c4","text":{"fr":"","en":"IAS 33","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"May the statement of profit or loss be presented with additional subtotals?","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"How to classify dividends paid in the statement of cash flows?","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"How to present a change in accounting policy with restatement of comparatives?","es":""},"category":"c3"},{"id":"i4","text":{"fr":"","en":"How to calculate diluted earnings per share?","es":""},"category":"c4"},{"id":"i5","text":{"fr":"","en":"Must the notes be cross-referenced to the line items of the statements?","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000001","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000001","tested_point":"QST.IAS1.000001","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"An entity that made a profit for the year is exempt from assessing its ability to continue as a going concern when it prepares its financial statements.","es":""},"explanation":{"fr":"","en":"When preparing the financial statements, management assesses the entity's ability to continue as a going concern (IAS 1, para. 25). The assessment concerns that ability, not the sign of the result for the year: a profit therefore does not exempt the entity from carrying it out. Trap: Linking the going concern assessment to the result for the year. Rule to remember: Management assesses going concern each time the financial statements are prepared (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Linking the going concern assessment to the sign of the result for the year.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000002","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000002","tested_point":"QST.IAS1.000002","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"When finalising the accounts for 2026, the management of Aube SA decided to liquidate the entity in the first half of 2027 and acknowledges that there is no realistic alternative (case facts). How must the financial statements for 2026 be prepared?","es":""},"explanation":{"fr":"","en":"Financial statements are prepared on a going concern basis unless there is an intention to liquidate the entity or to cease trading, or no realistic alternative (IAS 1, para. 25). Case facts: a decision to liquidate and no other realistic solution; management's judgement therefore leads to not using that assumption. Trap: Waiting for a legal event or an unbalanced statement of financial position before ruling out going concern. Rule to remember: Intention to liquidate or no realistic alternative: no going concern assumption (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Waiting for a legal event or an unbalanced statement of financial position before ruling out the going concern assumption.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"On a going concern basis, a note on the decision to liquidate being enough to inform users.","es":""},"correct":false,"feedback":{"fr":"","en":"A note does not replace the basis of preparation: when management intends to liquidate, the statements are no longer prepared on a going concern basis (IAS 1, para. 25). Informing users of the decision does not keep that basis. Rule to remember: An intention to liquidate rules out the going concern assumption (IAS 1, para. 25).","es":""}},{"id":"B","text":{"fr":"","en":"Without the going concern assumption, because management intends to liquidate the entity.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"On a going concern basis, as long as the entity's assets exceed its liabilities at the closing date.","es":""},"correct":false,"feedback":{"fr":"","en":"The position of assets against liabilities is not the criterion: the going concern assumption is ruled out when management intends to liquidate the entity or to cease trading, or has no realistic alternative (IAS 1, para. 25). Rule to remember: Management's intention and the absence of a realistic alternative decide the basis (IAS 1, para. 25).","es":""}},{"id":"D","text":{"fr":"","en":"On a going concern basis, until the legal date of dissolution of the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"The legal date of dissolution is not the criterion: it is the intention to liquidate or to cease trading, or the absence of a realistic alternative, that rules out the going concern assumption (IAS 1, para. 25). Waiting for dissolution would wrongly keep that assumption. Rule to remember: Management's intention is enough to rule it out (IAS 1, para. 25).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000003","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.GOING_CONCERN"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000003","tested_point":"QST.IAS1.000003","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-going-concern"},"references":["IAS 1 §25"],"exercise":{"prompt":{"fr":"","en":"Which statements about the going concern assumption are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"Management assesses the entity's ability to continue as a going concern; the statements are prepared on that basis unless there is an intention to liquidate or to cease trading, or no realistic alternative; material uncertainties are disclosed (IAS 1, para. 25). Trap: Entrusting the assessment to the auditor or waiting for a decision to liquidate before disclosing. Rule to remember: Assessment by management, going concern by default, material uncertainties disclosed (IAS 1, para. 25).","es":""},"common_error":{"fr":"","en":"Entrusting the going concern assessment to the auditor, or disclosing only after a decision to liquidate.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The assessment is entrusted to the auditor, management adopting its conclusion.","es":""},"correct":false,"feedback":{"fr":"","en":"The assessment rests with management, which prepares the financial statements (IAS 1, para. 25); the auditor then examines the information without taking its place. Rule to remember: Management assesses going concern (IAS 1, para. 25).","es":""}},{"id":"B","text":{"fr":"","en":"Material uncertainties about going concern are disclosed in the financial statements.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Management assesses the entity's ability to continue as a going concern when preparing the financial statements.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The financial statements are prepared on that basis unless there is an intention to liquidate or to cease trading, or no realistic alternative.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"A material uncertainty is disclosed after the formal decision to liquidate the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"A material uncertainty is disclosed as soon as it exists, without waiting for a decision to liquidate (IAS 1, para. 25). Waiting for that decision would deprive users of useful information. Rule to remember: Material uncertainties are disclosed (IAS 1, para. 25).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000004","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000004","tested_point":"QST.IAS1.000004","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Which of the statements in a complete set of financial statements is not prepared on the accrual basis of accounting?","es":""},"explanation":{"fr":"","en":"Except for cash flow information, an entity prepares its financial statements using the accrual basis of accounting (IAS 1, para. 27). The statement of cash flows traces receipts and payments and is therefore the exception; the other three statements follow the accrual basis. Trap: Believing that the cash basis applies to the statement of profit or loss. Rule to remember: Accrual basis for every statement, except cash flows (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Believing that the statement of profit or loss follows the cash basis.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement of financial position.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of financial position is prepared on the accrual basis: the exception concerns only cash flow information (IAS 1, para. 27). Rule to remember: Only cash flows escape the accrual basis (IAS 1, para. 27).","es":""}},{"id":"B","text":{"fr":"","en":"The statement of profit or loss and other comprehensive income.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of profit or loss follows the accrual basis: income and expenses are not tied to the dates of cash receipts and payments (IAS 1, para. 27). The exception does not target that statement. Rule to remember: Profit or loss and financial position on the accrual basis (IAS 1, para. 27).","es":""}},{"id":"C","text":{"fr":"","en":"The statement of changes in equity.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of changes in equity is prepared on the accrual basis: the standard keeps the exception for cash flow information (IAS 1, para. 27). Rule to remember: The accrual exception is limited to cash flows (IAS 1, para. 27).","es":""}},{"id":"D","text":{"fr":"","en":"The statement of cash flows.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000005","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000005","tested_point":"QST.IAS1.000005","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Under IAS 1, an entity recognises its income in the statement of profit or loss when it receives the cash, the cash basis applying to all of the financial statements.","es":""},"explanation":{"fr":"","en":"Except for cash flow information, an entity prepares its financial statements using the accrual basis of accounting (IAS 1, para. 27). The cash basis therefore applies neither to the statement of profit or loss nor to the other statements apart from cash flows. Trap: Extending the cash logic of the statement of cash flows to all statements. Rule to remember: Accrual basis by default, cash basis for cash flow information only (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Extending the cash logic of the statement of cash flows to all of the financial statements.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000006","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.ACCRUAL_BASIS"],"dimension":"ANALYSIS","context":"V1_QST.IAS1.000006","tested_point":"QST.IAS1.000006","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000002","section_id":"rule-accrual"},"references":["IAS 1 §27"],"exercise":{"prompt":{"fr":"","en":"Orion SA closes its books on 31 December 2026. It delivered goods in December 2026 (the income is earned in 2026 under the standard that governs it, case fact) and will collect the invoice only in February 2027. An analyst summarises the treatment; which of her sentences is wrong?","es":""},"explanation":{"fr":"","en":"Except for cash flow information, an entity prepares its financial statements using the accrual basis of accounting (IAS 1, para. 27). The income earned in 2026 is in the 2026 result; the February 2027 receipt appears only in the 2027 statement of cash flows. The wrong sentence applies the cash basis to the result. Trap: Tying income to the year of its collection. Rule to remember: Result on the accrual basis, cash flows on receipt (IAS 1, para. 27).","es":""},"common_error":{"fr":"","en":"Tying income to the year in which it is collected instead of the year in which it is earned.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The income is excluded from the 2026 result, since the statement of profit or loss follows cash receipts.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The February 2027 receipt will appear in the 2027 statement of cash flows, the year in which the cash is received.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: cash flow information follows receipts, so the February 2027 receipt belongs to 2027 (IAS 1, para. 27). It is not the wrong sentence.","es":""}},{"id":"C","text":{"fr":"","en":"The 2026 result includes the income, even though the cash has not yet been received.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: the statement of profit or loss follows the accrual basis, so the income appears from 2026 (IAS 1, para. 27). Rule to remember: The result follows the accrual basis, not receipts (IAS 1, para. 27). It is not the wrong sentence.","es":""}},{"id":"D","text":{"fr":"","en":"The 2026 statement of cash flows does not include this sale, for lack of a receipt before the closing date.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: the statement of cash flows traces receipts, and none takes place in 2026 (IAS 1, para. 27). Rule to remember: Cash flows follow the receipts of the period (IAS 1, para. 27). It is not the wrong sentence.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000007","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000007","tested_point":"QST.IAS1.000007","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"Items of a dissimilar nature or function are presented separately in the financial statements, unless they are immaterial.","es":""},"explanation":{"fr":"","en":"Each material class of similar items is presented separately; items of a dissimilar nature or function are too, unless they are immaterial (IAS 1, para. 29). Materiality therefore governs both separation and aggregation. Trap: Believing that a dissimilar nature always requires a separate line. Rule to remember: Dissimilar and material: separate; dissimilar and immaterial: aggregation possible (IAS 1, para. 29).","es":""},"common_error":{"fr":"","en":"Believing that a dissimilar nature requires a separate line even for an immaterial item.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000008","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.MATERIALITY_AGGREGATION"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000008","tested_point":"QST.IAS1.000008","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-materiality"},"references":["IAS 1 §29"],"exercise":{"prompt":{"fr":"","en":"In its statement of profit or loss, Vega SA presents rent of EUR 410,000, which is material. It also has three small expenses of different natures: subscriptions (EUR 5,000), donations (EUR 4,000) and stamp duties (EUR 3,000). Case convention: none of these three expenses is material, individually or together. How may Vega present these items?","es":""},"explanation":{"fr":"","en":"Each material class of similar items is presented separately; items of a dissimilar nature or function are too, unless they are immaterial (IAS 1, para. 29). Case facts: material rent; three dissimilar immaterial expenses (case convention): they may form one common line. Trap: Requiring a line per nature, or removing the immaterial item from the statement. Rule to remember: Material: presented separately; immaterial and dissimilar: aggregation possible (IAS 1, para. 29).","es":""},"common_error":{"fr":"","en":"Requiring a line per nature for immaterial items, or removing them from the statement.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Present each small expense on its own line, since their natures differ.","es":""},"correct":false,"feedback":{"fr":"","en":"Items of a dissimilar nature are presented separately unless they are immaterial (IAS 1, para. 29): here the three expenses are immaterial, so a separate line is not required. Rule to remember: Dissimilar but immaterial: aggregation possible (IAS 1, para. 29).","es":""}},{"id":"B","text":{"fr":"","en":"Aggregate the three small expenses with the rent, to reduce the number of lines.","es":""},"correct":false,"feedback":{"fr":"","en":"The rent is material and forms a class to be presented separately; mixing it with dissimilar items would obscure material information (IAS 1, para. 29). Rule to remember: A material class stays presented separately (IAS 1, para. 29).","es":""}},{"id":"C","text":{"fr":"","en":"Aggregate the three small expenses on one common line and present the rent separately.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Remove the three small expenses from the statement of profit or loss, since they are immaterial.","es":""},"correct":false,"feedback":{"fr":"","en":"Aggregating is not removing: immaterial amounts remain included in a line of the statement, otherwise its totals would be wrong (IAS 1, para. 29). Rule to remember: Materiality allows aggregation, not omission (IAS 1, para. 29).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000010","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.FREQUENCY"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000010","tested_point":"QST.IAS1.000010","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-frequency"},"references":["IAS 1 §36"],"exercise":{"prompt":{"fr":"","en":"IAS 1 allows an entity to present a complete set of financial statements every two years.","es":""},"explanation":{"fr":"","en":"A complete set of financial statements is presented at least annually (IAS 1, para. 36). The minimum is therefore one presentation per year; a higher frequency is not excluded, a lower one is. Trap: Confusing the periodicity of meetings or audits with the minimum frequency of presentation. Rule to remember: A complete set at least once a year (IAS 1, para. 36).","es":""},"common_error":{"fr":"","en":"Retaining a period longer than a year for the presentation of a complete set.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000011","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.FREQUENCY"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000011","tested_point":"QST.IAS1.000011","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-frequency"},"references":["IAS 1 §36"],"exercise":{"prompt":{"fr":"","en":"Under IAS 1, what is the minimum frequency at which a complete set of financial statements is presented?","es":""},"explanation":{"fr":"","en":"A complete set of financial statements is presented at least annually (IAS 1, para. 36). The minimum is neither half-yearly nor three-yearly, and it does not depend on a decision of the shareholders. Trap: Retaining a rhythm chosen by the entity or its bodies instead of the standard's minimum. Rule to remember: At least one complete set of financial statements per year (IAS 1, para. 36).","es":""},"common_error":{"fr":"","en":"Retaining a frequency chosen by the entity or its bodies instead of the annual minimum of the standard.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"At least every six months, at each half-year of the period.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum set by IAS 1 is annual, not half-yearly: more frequent presentation remains possible but is not required by this paragraph (IAS 1, para. 36). Rule to remember: The minimum for a complete set is the year (IAS 1, para. 36).","es":""}},{"id":"B","text":{"fr":"","en":"At least every three years, with simplified accounts in the intermediate years.","es":""},"correct":false,"feedback":{"fr":"","en":"A three-yearly frequency is less frequent than the IAS 1 minimum: the complete set is presented at least annually, with no simplified intermediate year (IAS 1, para. 36). Rule to remember: At least one complete set per year (IAS 1, para. 36).","es":""}},{"id":"C","text":{"fr":"","en":"At least once a year.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"At the frequency that the shareholders' meeting decides each year.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum frequency does not depend on a decision of the meeting: it is set by the standard, at least annually (IAS 1, para. 36). Rule to remember: The standard, not governance, sets the annual minimum (IAS 1, para. 36).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000012","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.COMPARATIVES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000012","tested_point":"QST.IAS1.000012","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-comparatives"},"references":["IAS 1 §38"],"exercise":{"prompt":{"fr":"","en":"The comparative information for the preceding period may be limited to the totals and subtotals of each financial statement of the period.","es":""},"explanation":{"fr":"","en":"An entity presents as a minimum comparative information in respect of the preceding period for all amounts reported in the financial statements of the period (IAS 1, para. 38). Limiting it to totals would deprive users of the ability to compare each line. Trap: Believing that the comparative may be reduced to the main aggregates. Rule to remember: A comparative of the preceding period for every amount of the period (IAS 1, para. 38).","es":""},"common_error":{"fr":"","en":"Believing that the comparative may be reduced to totals and subtotals.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000013","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.COMPARATIVES"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000013","tested_point":"QST.IAS1.000013","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-comparatives"},"references":["IAS 1 §38"],"exercise":{"prompt":{"fr":"","en":"Nova SA prepares its financial statements for 2026. What comparative information must it present as a minimum for the amounts in those statements?","es":""},"explanation":{"fr":"","en":"An entity presents as a minimum comparative information in respect of the preceding period for all amounts reported in the financial statements of the period (IAS 1, para. 38). For Nova, this means 2025 against each 2026 amount. Trap: Limiting the comparative to the primary statements or to aggregates, or requiring two prior periods. Rule to remember: Preceding period, for all amounts of the period (IAS 1, para. 38).","es":""},"common_error":{"fr":"","en":"Limiting the comparative to the primary statements or to aggregates, or requiring two prior periods.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The 2025 amounts for all amounts reported in the 2026 financial statements.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The 2025 amounts for the primary statements, the notes being free to go without.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum covers all amounts in the financial statements of the period, not just those of the primary statements (IAS 1, para. 38). Leaving out the notes would deprive users of the comparison of the amounts they detail. Rule to remember: The minimum comparative covers all amounts of the period (IAS 1, para. 38).","es":""}},{"id":"C","text":{"fr":"","en":"The 2024 and 2025 amounts, that is two prior periods, for every amount in the statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum is a comparative for the preceding period, that is 2025; a second prior period, 2024, is not required by this minimum (IAS 1, para. 38). Rule to remember: At least the preceding period (IAS 1, para. 38).","es":""}},{"id":"D","text":{"fr":"","en":"The 2025 amounts for the totals of each statement, without the detail of its lines.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum covers all amounts in the financial statements of the period, not just their totals (IAS 1, para. 38). A comparative limited to aggregates would prevent users from following each line. Rule to remember: A comparative for every amount (IAS 1, para. 38).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000015","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.CONSISTENCY"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000015","tested_point":"QST.IAS1.000015","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-consistency"},"references":["IAS 1 §45"],"exercise":{"prompt":{"fr":"","en":"An entity may change the presentation and classification of items in its financial statements every year, according to the preference of its management.","es":""},"explanation":{"fr":"","en":"The presentation and classification of items in the financial statements are retained from one period to the next, unless a standard requires a change or another presentation would be more appropriate (IAS 1, para. 45). Management's preference is not, in itself, one of those two exceptions. Trap: Equating a management preference with a more appropriate presentation. Rule to remember: Consistency, unless a standard requires a change or another presentation is more appropriate (IAS 1, para. 45).","es":""},"common_error":{"fr":"","en":"Equating a mere management preference with a more appropriate presentation.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000016","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.CONSISTENCY"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000016","tested_point":"QST.IAS1.000016","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000004","section_id":"rule-consistency"},"references":["IAS 1 §45"],"exercise":{"prompt":{"fr":"","en":"Taurus SA used to classify its transport costs among administrative expenses. After reviewing its financial statements, its management concludes, following a documented analysis, that classification among distribution costs is more appropriate; no standard requires this change (case facts). Is this change of classification possible?","es":""},"explanation":{"fr":"","en":"Presentation and classification are retained from one period to the next, unless a standard requires a change or another presentation would be more appropriate (IAS 1, para. 45). Case facts: a documented analysis concluding that a classification is more appropriate, with no requirement of a standard; the second exception applies, which rests on management's judgement. Trap: Requiring a standard, an authorisation or a favourable effect in order to change. Rule to remember: Two exceptions to consistency: a requirement of a standard, a more appropriate presentation (IAS 1, para. 45).","es":""},"common_error":{"fr":"","en":"Requiring a standard, an authorisation or a favourable effect on ratios to change a classification.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No: a change of presentation requires that an IFRS standard imposes it, otherwise the previous classification is kept.","es":""},"correct":false,"feedback":{"fr":"","en":"Consistency has two exceptions, not one: besides a change required by a standard, another, more appropriate presentation justifies a change (IAS 1, para. 45). Requiring a standard ignores the second. Rule to remember: A change is possible if a standard requires it or if another presentation is more appropriate (IAS 1, para. 45).","es":""}},{"id":"B","text":{"fr":"","en":"Yes, but only provided that the entity's auditor has given prior approval.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard does not make the change subject to the auditor's approval: the criterion is that the new presentation is more appropriate, assessed by management (IAS 1, para. 45). Rule to remember: The criterion is the relevance of the presentation, not an authorisation (IAS 1, para. 45).","es":""}},{"id":"C","text":{"fr":"","en":"Yes, as long as the new classification clearly improves the entity's published ratios.","es":""},"correct":false,"feedback":{"fr":"","en":"Improving ratios is not the criterion: the change is justified by a more appropriate presentation or by a requirement of a standard (IAS 1, para. 45). An effect on ratios does not make the presentation more appropriate. Rule to remember: More appropriate does not mean more favourable (IAS 1, para. 45).","es":""}},{"id":"D","text":{"fr":"","en":"Yes: a more appropriate presentation justifies the change, even without a standard.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000017","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000017","tested_point":"QST.IAS1.000017","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54"],"exercise":{"prompt":{"fr":"","en":"The statement of financial position presents line items separately when the items concerned are sufficiently different in nature or function.","es":""},"explanation":{"fr":"","en":"The statement of financial position includes as a minimum a list of line items (IAS 1, para. 54) (assets, liabilities, equity) presented separately when they are sufficiently different in nature or function (IAS 1). The criterion for separation is therefore the difference in nature or function. Trap: Basing the separation of line items on the amount alone. Rule to remember: Separate line item if nature or function is sufficiently different (IAS 1).","es":""},"common_error":{"fr":"","en":"Basing the separation of line items on their amount rather than on their nature or function.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000018","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000018","tested_point":"QST.IAS1.000018","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54"],"exercise":{"prompt":{"fr":"","en":"Which statements about the structure of the statement of financial position are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The statement of financial position includes as a minimum a list of line items (IAS 1, para. 54); additional line items, headings and subtotals are added when relevant; the standard prescribes neither order nor format (IAS 1). Trap: Believing that the standard sets a single order or fixed headings for the line items. Rule to remember: Minimum list supplemented when relevant, with no order or format imposed (IAS 1).","es":""},"common_error":{"fr":"","en":"Believing that the standard imposes a single order or fixed headings for line items.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Line items are presented in the order that the standard sets for all entities.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard prescribes neither order nor format: the entity chooses the presentation that makes its line items readable (IAS 1). Imposing a single order attributes to the standard a rule it does not contain. Rule to remember: No order imposed by the standard (IAS 1).","es":""}},{"id":"B","text":{"fr":"","en":"Additional line items, headings and subtotals are added when relevant to understanding the financial position.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The headings of line items are set by the standard and cannot be adapted by the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"Headings may be adapted: the standard adds additional line items, headings and subtotals when relevant, and prescribes no format (IAS 1). Rule to remember: Headings adapt to the nature of the items (IAS 1).","es":""}},{"id":"D","text":{"fr":"","en":"The standard prescribes neither the order nor the format of the presentation of these line items.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"The minimum list of line items is a foundation, which the entity supplements according to the nature of its items.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000019","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"ANALYSIS","context":"V1_QST.IAS1.000019","tested_point":"QST.IAS1.000019","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §54"],"exercise":{"prompt":{"fr":"","en":"A trainee summarises the requirements of IAS 1 on the statement of financial position of Argan SA. Which of the trainee's sentences is wrong?","es":""},"explanation":{"fr":"","en":"The list of line items of the statement of financial position is a minimum (IAS 1, para. 54): additional line items, headings and subtotals are added when relevant, and the standard prescribes neither order nor format (IAS 1). The wrong sentence forbids a subtotal that the standard allows to be added. Trap: Reading the minimum list as a closed list. Rule to remember: Minimum, not exhaustive, list: adding relevant subtotals is allowed (IAS 1).","es":""},"common_error":{"fr":"","en":"Reading the minimum list of line items as a closed list that would forbid adding subtotals.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Argan presents separately assets and liabilities of sufficiently different nature or function.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: line items are presented separately when their nature or function is sufficiently different (IAS 1). It is not the wrong sentence; the error forbids an addition that the standard allows.","es":""}},{"id":"B","text":{"fr":"","en":"Argan may not present a subtotal that does not appear in the standard's minimum list of line items.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Argan adds a line item, heading or subtotal when relevant to understanding its financial position.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: the standard adds line items, headings and subtotals when relevant (IAS 1). It is not the wrong sentence; the sentence forbidding the addition of subtotals is.","es":""}},{"id":"D","text":{"fr":"","en":"Argan chooses the order and format of its line items, the standard prescribing neither.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: the standard prescribes neither order nor format for line items (IAS 1). It is not the wrong sentence; the error restricts the addition of subtotals, not the choice of order or format of the line items.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000020","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000020","tested_point":"QST.IAS1.000020","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"A deferred tax liability expected to reverse within 12 months after the closing date is classified as a current liability.","es":""},"explanation":{"fr":"","en":"An entity presents in principle current and non-current assets, and current and non-current liabilities, as separate classifications (IAS 1, para. 60), and deferred tax is never classified as current (IAS 1). The reversal timing of a deferred tax liability therefore does not open the current classification. Trap: Applying to deferred tax the 12-month criterion that holds for other items. Rule to remember: Deferred tax is not a current item (IAS 1).","es":""},"common_error":{"fr":"","en":"Applying to deferred tax the 12-month criterion that holds for other assets and liabilities.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000021","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000021","tested_point":"QST.IAS1.000021","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"Prisme SA, a financial services company, considers that presenting its assets and liabilities in order of liquidity gives reliable and more relevant information than a current / non-current classification (documented judgement, case fact). May it adopt that presentation?","es":""},"explanation":{"fr":"","en":"An entity presents in principle current and non-current assets, and current and non-current liabilities, as separate classifications; a presentation in order of liquidity is allowed when it provides reliable and more relevant information (IAS 1, para. 60). Case fact: Prisme's documented judgement to that effect. Trap: Seeing the two-category classification as a rule without exception, or reserving the order of liquidity for certain sectors. Rule to remember: Current / non-current by principle; order of liquidity if the information is more reliable and relevant (IAS 1, para. 60).","es":""},"common_error":{"fr":"","en":"Seeing the current / non-current classification as a rule without exception, or reserving order of liquidity for certain sectors.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No: current and non-current assets and liabilities are presented in two separate classifications, without exception.","es":""},"correct":false,"feedback":{"fr":"","en":"Classification into two categories is the principle, not an obligation without exception: order of liquidity is allowed when it provides reliable and more relevant information (IAS 1, para. 60). Rule to remember: Current / non-current as the principle, liquidity as the exception if more relevant (IAS 1, para. 60).","es":""}},{"id":"B","text":{"fr":"","en":"Yes, provided that the entity is a bank or an insurance company, other entities keeping the two-category classification.","es":""},"correct":false,"feedback":{"fr":"","en":"The criterion is not the business sector: order of liquidity is allowed as soon as it provides reliable and more relevant information, whatever the nature of the entity (IAS 1, para. 60). Rule to remember: Relevance of the information decides, not the type of entity (IAS 1, para. 60).","es":""}},{"id":"C","text":{"fr":"","en":"No: presentation in order of liquidity is intended for interim statements, not for annual statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The order-of-liquidity exception is not limited to interim statements: it applies to the presentation of financial position as soon as the information is reliable and more relevant (IAS 1, para. 60). Rule to remember: The exception rests on relevance, not on the nature of the statements (IAS 1, para. 60).","es":""}},{"id":"D","text":{"fr":"","en":"Yes: a presentation in order of liquidity is allowed when it provides reliable and more relevant information.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000022","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000022","tested_point":"QST.IAS1.000022","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §60"],"exercise":{"prompt":{"fr":"","en":"Which statements about the current / non-current distinction are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"In principle, an entity presents current and non-current assets and liabilities in two separate classifications; order of liquidity is allowed when it provides reliable and more relevant information; deferred taxes are never classified as current (IAS 1, para. 60). Trap: Making the classification a free option or order of liquidity an obligation linked to listing. Rule to remember: Two classifications by principle; liquidity as the exception; deferred tax outside current (IAS 1, para. 60).","es":""},"common_error":{"fr":"","en":"Making the current / non-current classification a free option, or order of liquidity an obligation linked to listing.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A presentation in order of liquidity is allowed when it provides reliable and more relevant information.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"A presentation in order of liquidity is imposed on any listed entity.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard does not impose order of liquidity on listed entities: it is allowed, not required, when it provides reliable and more relevant information (IAS 1, para. 60). Rule to remember: Order of liquidity is an option justified by relevance (IAS 1, para. 60).","es":""}},{"id":"C","text":{"fr":"","en":"In principle, assets and liabilities are presented as current and non-current in two separate classifications.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Deferred taxes are never classified as current.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"The current / non-current distinction is optional for any entity, whatever its situation.","es":""},"correct":false,"feedback":{"fr":"","en":"The distinction is the presentation principle: it is not optional, order of liquidity being allowed only if it provides reliable and more relevant information (IAS 1, para. 60). Rule to remember: Current / non-current principle, exception justified by relevance (IAS 1, para. 60).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000023","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000023","tested_point":"QST.IAS1.000023","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"An asset held primarily for the purpose of trading is classified as a current asset.","es":""},"explanation":{"fr":"","en":"An asset is current if it is expected to be realised, sold or consumed in the normal operating cycle, held primarily for the purpose of trading, or expected to be realised within 12 months after the reporting period, or if it is cash or a cash equivalent (IAS 1, para. 66). Holding for trading is enough, whatever the expected holding period. Trap: Excluding a trading security from current because it is to be held for more than 12 months. Rule to remember: Held for trading: current asset (IAS 1, para. 66).","es":""},"common_error":{"fr":"","en":"Excluding from current a trading security on the grounds that it is to be held for more than 12 months.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000024","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000024","tested_point":"QST.IAS1.000024","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"Delta SA's normal operating cycle is 18 months. At 31 December 2026, which of its assets is classified as current?","es":""},"explanation":{"fr":"","en":"An asset is current if it is expected to be realised, sold or consumed in the normal operating cycle, held primarily for the purpose of trading, or expected to be realised within 12 months after the reporting period (IAS 1, para. 66). The inventories that Delta will sell in 15 months fall within its 18-month cycle, hence current although the maturity exceeds 12 months; the other three assets fall outside these criteria. Trap: Applying 12 months without regard to the normal operating cycle. Rule to remember: The normal operating cycle extends current beyond 12 months (IAS 1, para. 66).","es":""},"common_error":{"fr":"","en":"Applying the 12-month threshold without regard to the entity's normal operating cycle.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A machine that Delta expects to use for 5 years to produce its goods.","es":""},"correct":false,"feedback":{"fr":"","en":"A machine used for 5 years is not expected to be consumed within the 18-month operating cycle nor realised within 12 months: it is non-current (IAS 1, para. 66). Rule to remember: An asset lasting beyond the cycle and 12 months is non-current (IAS 1, para. 66).","es":""}},{"id":"B","text":{"fr":"","en":"Inventories of goods that Delta expects to sell in 15 months, within its normal operating cycle.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A loan granted to a third party, which the borrower must repay in 3 years.","es":""},"correct":false,"feedback":{"fr":"","en":"A loan repayable in 3 years is neither held for trading nor expected to be realised within 12 months or within the 18-month cycle: it is non-current (IAS 1, para. 66). Rule to remember: Maturity beyond 12 months and the cycle: non-current (IAS 1, para. 66).","es":""}},{"id":"D","text":{"fr":"","en":"A building that Delta rents to third parties and plans to keep for 10 years.","es":""},"correct":false,"feedback":{"fr":"","en":"A building kept for 10 years is not expected to be realised or consumed within the 18-month cycle, and is not held for trading: it is non-current (IAS 1, para. 66). Rule to remember: A long holding period rules out current (IAS 1, para. 66).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000025","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_ASSET_CRITERIA"],"dimension":"ANALYSIS","context":"V1_QST.IAS1.000025","tested_point":"QST.IAS1.000025","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-assets"},"references":["IAS 1 §66"],"exercise":{"prompt":{"fr":"","en":"An accountant classifies four assets of Cordier SA at 31 December 2026. Which of the accountant's conclusions is wrong?","es":""},"explanation":{"fr":"","en":"An asset is current if it is expected to be realised, sold or consumed in the normal operating cycle, held primarily for the purpose of trading, or expected to be realised within 12 months after the reporting period (IAS 1, para. 66). An intention to dispose of an asset in 24 months meets none of these criteria. Trap: Basing the classification on management's intention with a horizon longer than 12 months. Rule to remember: Current: normal cycle, trading or realisation within 12 months (IAS 1, para. 66).","es":""},"common_error":{"fr":"","en":"Basing the current classification on an intention to dispose at a horizon longer than 12 months.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A trade receivable due in 8 months is current.","es":""},"correct":false,"feedback":{"fr":"","en":"This conclusion is correct: a receivable due in 8 months is expected to be realised within 12 months after the reporting period, hence current (IAS 1, para. 66). It is not the wrong conclusion.","es":""}},{"id":"B","text":{"fr":"","en":"Securities held for trading are current, even if they are to be held for 2 years.","es":""},"correct":false,"feedback":{"fr":"","en":"This conclusion is correct: an asset held primarily for the purpose of trading is current, whatever the expected holding period (IAS 1, para. 66). It is not the wrong conclusion.","es":""}},{"id":"C","text":{"fr":"","en":"An asset is current as soon as management intends to dispose of it within 24 months after the closing date.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Industrial equipment used for 8 years is non-current.","es":""},"correct":false,"feedback":{"fr":"","en":"This conclusion is correct: equipment used for 8 years is neither expected to be realised within 12 months nor consumed within the operating cycle, hence non-current (IAS 1, para. 66). It is not the wrong conclusion.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000026","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000026","tested_point":"QST.IAS1.000026","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"A borrowing falls due in eight months and, at 31 December, the entity has no right to postpone its repayment beyond twelve months after the period: it is presented as a current liability.","es":""},"explanation":{"fr":"","en":"A liability is current if it is expected to be settled in the normal operating cycle, held primarily for the purpose of trading, due to be settled within 12 months after the reporting period, or if the entity does not have, at the end of the reporting period, the right to defer settlement for at least 12 months after the period (IAS 1, para. 69). Classification therefore depends on a right existing at the closing date. Trap: Classifying according to the expected settlement date rather than the right to defer. Rule to remember: No right to defer for at least 12 months at the closing date: current liability (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying a liability according to the expected date of its settlement rather than the right to defer.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000027","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"CALCULATION","context":"V1_QST.IAS1.000027","tested_point":"QST.IAS1.000027","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Mistral SA borrowed {total_borrowing} from a bank. At 31 December 2026, two instalments are due within 12 months: {instalment_june_2027} on 30 June 2027 and {instalment_december_2027} on 31 December 2027. Case facts: at the closing date, Mistral has the right to defer settlement of all the later instalments for more than 12 months. Calculate the current portion, then the non-current portion of the borrowing.","es":""},"explanation":{"fr":"","en":"Method: current portion = 1,200,000 + 1,300,000 = 2,500,000, since both instalments are due within 12 months after the period. Non-current portion = 7,500,000 − 2,500,000 = 5,000,000, Mistral having the right to defer settlement of the other instalments (case fact). A liability is current if it is due to be settled within 12 months after the reporting period or if the entity does not have the right to defer settlement for at least 12 months (IAS 1, para. 69). Trap: Classifying the whole borrowing as current because one instalment is close. Rule to remember: Current for what is due within 12 months, non-current for the deferrable balance (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying the whole borrowing as current because one instalment is close, instead of only the instalments of the next 12 months.","es":""},"format":"CALCULATION","placeholders":[{"id":"total_borrowing","value":"7500000","unit":"EUR"},{"id":"instalment_june_2027","value":"1200000","unit":"EUR"},{"id":"instalment_december_2027","value":"1300000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Total amount of the borrowing","es":""},"value":"7500000","unit":"EUR"},{"label":{"fr":"","en":"Instalment of 30 June 2027","es":""},"value":"1200000","unit":"EUR"},{"label":{"fr":"","en":"Instalment of 31 December 2027","es":""},"value":"1300000","unit":"EUR"}],"steps":[{"id":"CURRENT_PORTION","label":{"fr":"","en":"Current portion of the borrowing","es":""},"answer":2500000,"tolerance":0,"unit":"EUR"},{"id":"NON_CURRENT_PORTION","label":{"fr":"","en":"Non-current portion of the borrowing","es":""},"answer":5000000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"CURRENT_PORTION","meaning":{"fr":"","en":"Current portion of the borrowing","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Instalment of 30 June 2027","es":""},"value":1200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Instalment of 31 December 2027","es":""},"value":1300000,"unit":"EUR"}],"result":2500000,"unit":"EUR"},{"step":"NON_CURRENT_PORTION","meaning":{"fr":"","en":"Non-current portion of the borrowing","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total amount of the borrowing","es":""},"value":7500000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Current portion of the borrowing","es":""},"value":2500000,"unit":"EUR"}],"result":5000000,"unit":"EUR"}],"rationale":{"fr":"","en":"Current for what is due within 12 months, non-current for the deferrable balance (IAS 1, para. 69).","es":""},"references":["REF.IAS1.69"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000028","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000028","tested_point":"QST.IAS1.000028","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"At 31 December 2026, Opale SA has four liabilities. Loan A (EUR 2,000,000) is due on 31 August 2027. Loan B (EUR 3,000,000) has a contractual maturity in 2030, but the lender may demand repayment at any time. Loan C (EUR 1,500,000) has a maturity in 2030, with no early repayment clause. A trade payable of EUR 800,000 will be settled in 14 months, Opale's normal operating cycle being 16 months (case facts). What is the total of the current liabilities among these four items?","es":""},"explanation":{"fr":"","en":"A liability is current if it is expected to be settled in the normal operating cycle, due to be settled within 12 months after the reporting period, or if the entity does not have, at the end of the reporting period, the right to defer settlement for at least 12 months (IAS 1, para. 69). Case facts: A current (due in 8 months); B current (repayable at any time, so no right to defer); C non-current; the trade payable current (16-month cycle). Total current: 2,000,000 + 3,000,000 + 800,000 = EUR 5,800,000. Trap: Relying on the contractual maturity alone, or ignoring the operating cycle. Rule to remember: Classify by the right to defer at the closing date and the normal cycle, not by the contractual date alone (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Relying on the contractual maturity alone, or ignoring the operating cycle for trade payables.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"EUR 5,800,000.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"EUR 2,000,000.","es":""},"correct":false,"feedback":{"fr":"","en":"EUR 2,000,000 retains only loan A, due within 12 months; loan B, which the lender may call at any time, and the trade payable settled within the cycle are also current (IAS 1, para. 69). Rule to remember: The right to defer at the closing date and the cycle count as much as the date (IAS 1, para. 69).","es":""}},{"id":"C","text":{"fr":"","en":"EUR 2,800,000.","es":""},"correct":false,"feedback":{"fr":"","en":"EUR 2,800,000 adds the trade payable but treats loan B by its contractual maturity of 2030; yet since the lender may demand repayment at any time, Opale has no right to defer settlement (IAS 1, para. 69). Rule to remember: Possible repayment on demand rules out a right to defer (IAS 1, para. 69).","es":""}},{"id":"D","text":{"fr":"","en":"EUR 7,300,000.","es":""},"correct":false,"feedback":{"fr":"","en":"EUR 7,300,000 also classifies loan C as current; but C has no early repayment clause, Opale keeps the right to defer its settlement beyond 12 months and C is non-current (IAS 1, para. 69). Rule to remember: Only the absence of a right to defer makes a liability with a distant maturity current (IAS 1, para. 69).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000029","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.AMENDMENTS_2020","IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000029","tested_point":"QST.IAS1.000029","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1","IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"Under the January 2020 amendment to IAS 1, the classification of a liability as current or non-current depends on management's intention to settle it within 12 months.","es":""},"explanation":{"fr":"","en":"The January 2020 amendment clarifies that the classification of a liability as current or non-current depends on the rights existing at the end of the reporting period and not on management's expectations about settlement; the criterion of the right to defer settlement for at least 12 months is in paragraph 69 (IAS 1, para. 69). Trap: Classifying a liability according to management's intention rather than the right existing at the closing date. Rule to remember: The right existing at the closing date decides, not management's expectation (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying a liability according to management's intention to settle it rather than the right existing at the closing date.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000030","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.AMENDMENTS_2020","IAS1.POSITION.CURRENT_LIABILITY_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000030","tested_point":"QST.IAS1.000030","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000006","section_id":"rule-liabilities"},"references":["IAS 1","IAS 1 §69"],"exercise":{"prompt":{"fr":"","en":"At 31 December 2026, Zephyr SA must repay a loan of EUR 3,000,000 in 2029 and, at the closing date, has the right to defer that settlement beyond 12 months (case facts). Its management nevertheless considers repaying early in June 2027, without being compelled to. How is the loan classified at 31 December 2026?","es":""},"explanation":{"fr":"","en":"The January 2020 amendment clarifies that classification depends on the rights existing at the end of the reporting period and not on management's expectations about settlement (IAS 1, para. 69). Case facts: right to defer beyond 12 months at the closing date; early repayment merely considered, without compulsion. The loan is therefore non-current. Trap: Classifying as current a liability that management plans to settle early. Rule to remember: Right to defer existing at the closing date: non-current, whatever the intention (IAS 1, para. 69).","es":""},"common_error":{"fr":"","en":"Classifying as current a loan that management plans to repay early although the right to defer exists at the closing date.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a non-current liability, since the right to defer exists at the closing date, whatever management's intention.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"As a current liability, since management expects to settle the loan within 12 months after the closing date.","es":""},"correct":false,"feedback":{"fr":"","en":"Management's expectation does not decide the classification: a liability is current notably when the entity does not have, at the closing date, the right to defer settlement for at least 12 months, which is not the case here (IAS 1, para. 69). Rule to remember: The right existing at the closing date decides (IAS 1, para. 69).","es":""}},{"id":"C","text":{"fr":"","en":"As a current liability for the part that management plans to repay, the balance being non-current.","es":""},"correct":false,"feedback":{"fr":"","en":"Splitting the loan according to the repayment intention amounts to classifying on a management expectation; yet the right to defer settlement of the whole amount beyond 12 months exists at the closing date (IAS 1, para. 69). Rule to remember: No split based on intention (IAS 1, para. 69).","es":""}},{"id":"D","text":{"fr":"","en":"As a current liability, as soon as early repayment is probable at the date the accounts are finalised, even without any obligation to pay.","es":""},"correct":false,"feedback":{"fr":"","en":"The probability of a voluntary early repayment is an expectation, not a right existing at the closing date: the entity keeps the right to defer settlement (IAS 1, para. 69). Rule to remember: A probable expectation does not replace the absence of a right (IAS 1, para. 69).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000031","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000031","tested_point":"QST.IAS1.000031","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-rights"},"references":["IAS 1 §72A"],"exercise":{"prompt":{"fr":"","en":"A right to defer settlement of a loan obtained after the closing date allows that loan to be classified as a non-current liability at the closing date.","es":""},"explanation":{"fr":"","en":"The right to defer settlement must have substance and exist at the end of the reporting period (IAS 1, para. 72A). A right obtained after the closing date does not meet that condition of existence at the classification date. Trap: Taking into account an agreement reached after the closing date to classify the liability at the closing date. Rule to remember: The right to defer is assessed at the closing date (IAS 1, para. 72A).","es":""},"common_error":{"fr":"","en":"Taking into account an agreement obtained after the closing date to classify the liability at the closing date.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000032","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.RIGHT_TO_DEFER"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000032","tested_point":"QST.IAS1.000032","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-rights"},"references":["IAS 1 §72A","IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"At 31 December 2026, Boreas SA must repay a loan of EUR 4,000,000 in 2029. The contract requires Boreas to comply, at each 31 December, with a ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) of at most 3.0. At 31 December 2026, the ratio is 3.4 (case facts). The lender will test the ratio only on 30 June 2027, using the 2026 accounts. How is the loan classified at 31 December 2026?","es":""},"explanation":{"fr":"","en":"The right to defer settlement must have substance and exist at the end of the reporting period; when it depends on compliance with conditions, it exists at the closing date only if the entity complies with those conditions at that date, even if the lender tests them later (IAS 1, paras. 72A and 72B). Case facts: limit of 3.0 (contractual case data) and ratio of 3.4 at the closing date: condition not met, hence no right to defer; the loan is current. Trap: Waiting for the lender's test or a waiver to retain the non-current classification. Rule to remember: Condition not met at the closing date: no right to defer, hence current liability (IAS 1, paras. 72A and 72B).","es":""},"common_error":{"fr":"","en":"Waiting for the lender's test or a future waiver to retain the non-current classification.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a non-current liability, since the lender will test the ratio in June 2027, after the closing date, using the 2026 accounts.","es":""},"correct":false,"feedback":{"fr":"","en":"The date of the lender's test is not what counts: the right to defer exists at the closing date only if the entity complies with the conditions at that date, even if the lender tests them later (IAS 1, paras. 72A and 72B). Rule to remember: Compliance at the closing date decides, not the date of the test (IAS 1, paras. 72A and 72B).","es":""}},{"id":"B","text":{"fr":"","en":"As a non-current liability, as long as management expects to obtain a waiver from the lender before its test.","es":""},"correct":false,"feedback":{"fr":"","en":"A hoped-for waiver is not a right existing at the closing date: the right to defer must exist and have substance at that date (IAS 1, para. 72A). Counting on a future agreement amounts to classifying on an expectation. Rule to remember: A hoped-for agreement does not create the right at the closing date (IAS 1, para. 72A).","es":""}},{"id":"C","text":{"fr":"","en":"As a current liability, since the ratio is not met at the closing date, when the right to defer must exist.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"As a non-current liability, as long as the contractual maturity of the loan is set in 2029.","es":""},"correct":false,"feedback":{"fr":"","en":"The contractual maturity of 2029 is not enough: the right to defer settlement, conditional on the ratio, exists at the closing date only if the conditions are met at that date (IAS 1, paras. 72A and 72B). Rule to remember: A conditional right requires compliance at the closing date (IAS 1, paras. 72A and 72B).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000034","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000034","tested_point":"QST.IAS1.000034","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-covenant-timing"},"references":["IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"A loan is repayable in 2029, but its covenant will only be tested at a date after the closing date: by itself, that covenant does not prevent the loan from being classified as non-current at the closing date.","es":""},"explanation":{"fr":"","en":"Covenants that the entity must comply with on or before the closing date affect whether the right to defer settlement exists; those it must comply with only after the closing date do not affect classification at the closing date (IAS 1, para. 72B). A future covenant therefore does not call into question the right existing at the closing date. Trap: Including in the classification a covenant whose compliance date falls after the closing date. Rule to remember: Only covenants to be complied with at the closing date or before count for classification (IAS 1, para. 72B).","es":""},"common_error":{"fr":"","en":"Including in the classification a covenant whose compliance date falls after the closing date.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000036","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_TIMING"],"dimension":"CALCULATION","context":"V1_QST.IAS1.000036","tested_point":"QST.IAS1.000036","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000007","section_id":"rule-covenant-timing"},"references":["IAS 1 §72B"],"exercise":{"prompt":{"fr":"","en":"At 31 December 2026, Ibis SA has two loans. Loan X ({loan_x}) complies with its covenant at the closing date; its next instalment, of {loan_x_next_instalment}, is due in 2027, and Ibis has the right to defer settlement of the balance beyond 12 months. Loan Y ({loan_y}), maturing in 2031, is subject to a covenant to be complied with at 31 December 2026, which is not complied with, with no waiver obtained at that date (case facts). Calculate the total of the loans classified as current, then the total classified as non-current.","es":""},"explanation":{"fr":"","en":"Method: loan Y is entirely current, because the covenant to be complied with at the closing date is not met and the right to defer does not exist at that date (IAS 1, para. 72B): 4,000,000. Of loan X, only the 2027 instalment is current: 700,000. Current total = 4,000,000 + 700,000 = 4,700,000. Non-current total = balance of X = 5,000,000 − 700,000 = 4,300,000. The total of the loans, 9,000,000, is unchanged. Trap: Classifying X entirely as current, or leaving Y non-current because of its 2031 maturity. Rule to remember: A closing-date covenant not met makes the loan concerned current, not the compliant loans (IAS 1, para. 72B).","es":""},"common_error":{"fr":"","en":"Classifying the compliant loan entirely as current, or keeping as non-current the loan whose closing-date covenant is not met.","es":""},"format":"CALCULATION","placeholders":[{"id":"loan_x","value":"5000000","unit":"EUR"},{"id":"loan_x_next_instalment","value":"700000","unit":"EUR"},{"id":"loan_y","value":"4000000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Loan X (covenant met at the closing date)","es":""},"value":"5000000","unit":"EUR"},{"label":{"fr":"","en":"Instalment of loan X due in 2027","es":""},"value":"700000","unit":"EUR"},{"label":{"fr":"","en":"Loan Y (covenant not met at the closing date)","es":""},"value":"4000000","unit":"EUR"}],"steps":[{"id":"CURRENT_BORROWINGS","label":{"fr":"","en":"Total of loans classified as current","es":""},"answer":4700000,"tolerance":0,"unit":"EUR"},{"id":"NON_CURRENT_BORROWINGS","label":{"fr":"","en":"Total of loans classified as non-current","es":""},"answer":4300000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"CURRENT_BORROWINGS","meaning":{"fr":"","en":"Total of loans classified as current","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Loan Y (covenant not met at the closing date)","es":""},"value":4000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Instalment of loan X due in 2027","es":""},"value":700000,"unit":"EUR"}],"result":4700000,"unit":"EUR"},{"step":"NON_CURRENT_BORROWINGS","meaning":{"fr":"","en":"Total of loans classified as non-current","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Loan X (covenant met at the closing date)","es":""},"value":5000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Instalment of loan X due in 2027","es":""},"value":700000,"unit":"EUR"}],"result":4300000,"unit":"EUR"}],"rationale":{"fr":"","en":"A closing-date covenant not met makes the loan concerned current, not the compliant loans (IAS 1, para. 72B).","es":""},"references":["REF.IAS1.72B"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000037","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_DISCLOSURE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000037","tested_point":"QST.IAS1.000037","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"rule-disclosure"},"references":["IAS 1 §76ZA"],"exercise":{"prompt":{"fr":"","en":"A liability subject to covenants to be complied with within 12 months is classified as non-current. What is the objective of the information the entity then provides in the notes?","es":""},"explanation":{"fr":"","en":"When a liability subject to covenants to be complied with within 12 months is classified as non-current, the entity provides in the notes information enabling users to assess the risk that the liability becomes repayable within 12 months (IAS 1, para. 76ZA). The information complements the classification: it flags the exposure that a non-current classification does not show. Trap: Seeing it as a demonstration of compliance or a general description of the loan. Rule to remember: Non-current liability under covenants within 12 months: information on repayment risk (IAS 1, para. 76ZA).","es":""},"common_error":{"fr":"","en":"Seeing it as a demonstration of compliance with covenants or a general description of the loan terms.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"To demonstrate that the non-current classification complies with all the covenants of the loan contract.","es":""},"correct":false,"feedback":{"fr":"","en":"The information is not meant to demonstrate compliance with covenants: it enables an assessment of the risk of becoming repayable within 12 months for a liability classified as non-current (IAS 1). Rule to remember: The information sheds light on repayment risk, it does not prove compliance (IAS 1).","es":""}},{"id":"B","text":{"fr":"","en":"To enable users to assess the risk that the liability becomes repayable within 12 months.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"To inform users of the interest rate and repayment schedule of the loan.","es":""},"correct":false,"feedback":{"fr":"","en":"The financial terms of the loan fall under other disclosures; the one required here targets the risk that the liability classified as non-current becomes repayable within 12 months (IAS 1). Rule to remember: The objective concerns repayment risk (IAS 1).","es":""}},{"id":"D","text":{"fr":"","en":"To justify the current classification of another loan of the entity that has been breached.","es":""},"correct":false,"feedback":{"fr":"","en":"The information concerns the liability classified as non-current, subject to covenants to be complied with within 12 months, not another loan classified as current (IAS 1). Rule to remember: The information targets the non-current liability exposed to a risk (IAS 1).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000038","standard_id":"IAS1","concept_ids":["IAS1.LIABILITIES.COVENANT_DISCLOSURE"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000038","tested_point":"QST.IAS1.000038","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000008","section_id":"rule-disclosure"},"references":["IAS 1 §76ZA"],"exercise":{"prompt":{"fr":"","en":"At 31 December 2026, Eolis SA has four loans. Which one requires the note disclosure on repayment risk provided for liabilities subject to covenants?","es":""},"explanation":{"fr":"","en":"When a liability subject to covenants to be complied with within twelve months is classified as non-current, the entity provides in the notes information enabling an assessment of the risk that it becomes repayable within 12 months (IAS 1, para. 76ZA). Loan A alone combines a non-current classification and a covenant to be complied with within 12 months after the closing date. Trap: Extending the information to any loan with covenants, whatever its classification or timetable. Rule to remember: Non-current and covenants within 12 months: note disclosure (IAS 1, para. 76ZA).","es":""},"common_error":{"fr":"","en":"Extending the information to any loan carrying covenants, whatever its classification and timetable.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Loan B, classified as current, whose covenant was not complied with at 31 December 2026.","es":""},"correct":false,"feedback":{"fr":"","en":"B is classified as current: the information targets the liability classified as non-current whose covenants are to be complied with within 12 months, not a liability that is already current (IAS 1). Rule to remember: The information concerns a non-current classification under near-term covenants (IAS 1).","es":""}},{"id":"B","text":{"fr":"","en":"Loan C, classified as non-current, whose first covenant falls due for compliance in 2029.","es":""},"correct":false,"feedback":{"fr":"","en":"C's covenant falls due for compliance in 2029, outside the 12 months after the closing date: the situation described by the standard, covenants to be complied with within 12 months, is not present (IAS 1). Rule to remember: The 12-month window conditions the information (IAS 1).","es":""}},{"id":"C","text":{"fr":"","en":"Loan D, classified as non-current, which carries a plain repayment schedule without covenants.","es":""},"correct":false,"feedback":{"fr":"","en":"D has no covenant: without a covenant to be complied with within 12 months, the information on repayment risk targeted by the standard is not at issue (IAS 1). Rule to remember: No covenant within 12 months, no specific information (IAS 1).","es":""}},{"id":"D","text":{"fr":"","en":"Loan A, classified as non-current, whose covenant must be complied with on 30 June 2027.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000039","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000039","tested_point":"QST.IAS1.000039","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-pl-items"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"Which of the following items is among the minimum line items of the statement of profit or loss under IAS 1?","es":""},"explanation":{"fr":"","en":"Profit or loss includes as a minimum line items for revenue, finance costs, the share of the profit or loss of associates and joint ventures accounted for using the equity method, tax expense and a single amount for discontinued operations (IAS 1, para. 82). The other three propositions belong to the statement of cash flows, to distributions to shareholders and to the statement of financial position. Trap: Mixing items of other statements into the line items of profit or loss. Rule to remember: Profit or loss presents revenue, finance costs, equity-accounted results, tax and discontinued operations (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Mixing into the line items of profit or loss items that belong to the statement of cash flows, to distributions or to financial position.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The detail of cash receipts and payments relating to operating activities.","es":""},"correct":false,"feedback":{"fr":"","en":"Cash receipts and payments belong to the statement of cash flows, not to the statement of profit or loss, which reports income and expenses (IAS 1, para. 82). Rule to remember: Profit or loss presents income and expenses, not cash flows (IAS 1, para. 82).","es":""}},{"id":"B","text":{"fr":"","en":"A single amount for discontinued operations.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The dividends paid to shareholders in respect of the past year.","es":""},"correct":false,"feedback":{"fr":"","en":"Dividends paid are a distribution of equity, not an expense: they are not among the line items of profit or loss (IAS 1, para. 82). Rule to remember: The minimum line items of profit or loss concern performance, not distributions (IAS 1, para. 82).","es":""}},{"id":"D","text":{"fr":"","en":"The total of current liabilities at the closing date of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"The total of current liabilities is an aggregate of the statement of financial position and not a line item of the statement of profit or loss (IAS 1, para. 82). Rule to remember: Each statement has its line items: profit or loss presents performance (IAS 1, para. 82).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000040","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000040","tested_point":"QST.IAS1.000040","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-pl-items"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"Which statements about the minimum line items of the statement of profit or loss are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"Profit or loss includes as a minimum line items for revenue, finance costs, the share of the profit or loss of associates and joint ventures accounted for using the equity method, tax expense and a single amount for discontinued operations (IAS 1, para. 82). Translation differences belong to other comprehensive income and purchases of property, plant and equipment to cash flows. Trap: Placing in profit or loss items belonging to the other statements. Rule to remember: Revenue, financing and tax appear in profit or loss (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Placing in the minimum list of profit or loss items that belong to other comprehensive income or to cash flows.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The purchases of property, plant and equipment of the year are a minimum line item of the statement of profit or loss.","es":""},"correct":false,"feedback":{"fr":"","en":"Purchases of property, plant and equipment are investing cash flows of the statement of cash flows, not a line item of profit or loss (IAS 1, para. 82). Rule to remember: Profit or loss does not present cash flows (IAS 1, para. 82).","es":""}},{"id":"B","text":{"fr":"","en":"Finance costs are among the line items presented in the statement of profit or loss.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Tax expense is among the line items presented in the statement of profit or loss.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Revenue is among the line items presented in the statement of profit or loss.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"Exchange differences on translating foreign operations are a minimum line item of the statement of profit or loss.","es":""},"correct":false,"feedback":{"fr":"","en":"Exchange differences on translating foreign operations belong to other comprehensive income, not to the minimum list of profit or loss (IAS 1, para. 82). Rule to remember: Other comprehensive income has its own grouping (IAS 1, para. 82).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000041","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.PL_MINIMUM_ITEMS"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000041","tested_point":"QST.IAS1.000041","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000009","section_id":"rule-pl-items"},"references":["IAS 1 §82"],"exercise":{"prompt":{"fr":"","en":"Gamma SA, which already presents the minimum line items of the statement of profit or loss, wants to add a \"Gross margin\" line (revenue less cost of sales) because this subtotal helps users understand its performance (documented judgement, case fact). Does IAS 1 allow it?","es":""},"explanation":{"fr":"","en":"Profit or loss includes as a minimum line items such as revenue and tax expense; additional line items and subtotals are presented when relevant to understanding performance (IAS 1, para. 82). Case facts: gross margin helps in understanding Gamma's performance, which rests on management's judgement. Trap: Reading the minimum list as a closed list or replacing a minimum line item with a subtotal. Rule to remember: Minimum line items kept, relevant subtotals added (IAS 1, para. 82).","es":""},"common_error":{"fr":"","en":"Reading the minimum list as a closed list, or replacing a minimum line item with a subtotal.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No: the statement of profit or loss comprises the line items of the standard's minimum list and nothing more, with no addition at all.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard's list is a minimum, not a limit: additional line items and subtotals are presented when relevant to understanding performance (IAS 1, para. 82). Rule to remember: Minimum line items, relevant additions allowed (IAS 1, para. 82).","es":""}},{"id":"B","text":{"fr":"","en":"No: a subtotal belongs to the notes and can never appear in the statement of profit or loss itself.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard provides for additional line items and subtotals in the statement of profit or loss when relevant, and not just in the notes (IAS 1, para. 82). Rule to remember: A relevant subtotal may appear in the statement itself (IAS 1, para. 82).","es":""}},{"id":"C","text":{"fr":"","en":"Yes, but gross margin must then replace the revenue line item in the statement rather than be added to it.","es":""},"correct":false,"feedback":{"fr":"","en":"A subtotal is added to the line items presented and does not replace the revenue line item, which remains a minimum line item of profit or loss (IAS 1, para. 82). Rule to remember: Subtotals complete the minimum line items without removing them (IAS 1, para. 82).","es":""}},{"id":"D","text":{"fr":"","en":"Yes: additional line items and subtotals are presented when relevant.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000042","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000042","tested_point":"QST.IAS1.000042","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Other comprehensive income is grouped into items that will not be reclassified to profit or loss and items that will be reclassified to profit or loss when specific conditions are met.","es":""},"explanation":{"fr":"","en":"Other comprehensive income is grouped into items that will not be reclassified to profit or loss and items that will be reclassified to profit or loss when specific conditions are met; the share of other comprehensive income of equity-accounted entities follows the same separation (IAS 1, para. 82A). Trap: Presenting other comprehensive income as a single block. Rule to remember: Two groups of other comprehensive income: not reclassified and reclassified (IAS 1, para. 82A).","es":""},"common_error":{"fr":"","en":"Presenting other comprehensive income as a single block, without distinguishing reclassifiable items.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000043","standard_id":"IAS1","concept_ids":["IAS1.PERFORMANCE.OCI_GROUPING"],"dimension":"CALCULATION","context":"V1_QST.IAS1.000043","tested_point":"QST.IAS1.000043","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-oci"},"references":["IAS 1 §82A"],"exercise":{"prompt":{"fr":"","en":"Pivoine SA made a profit of {profit_for_the_period}. Its other comprehensive income, net of tax (case convention), comprises a gain on translating foreign operations of {fx_translation_gain} and a cash flow hedge loss of {cash_flow_hedge_loss}, which will be reclassified to profit or loss when specific conditions are met, and a remeasurement loss on a defined benefit plan of {defined_benefit_loss}, which will not be reclassified (classification provided by the case). Calculate the subtotal of reclassifiable items, then total comprehensive income.","es":""},"explanation":{"fr":"","en":"Method: reclassifiable items = 180,000 − 60,000 = 120,000. Total comprehensive income = 1,250,000 + 120,000 − 90,000 = 1,280,000, the non-reclassifiable loss of 90,000 on the defined benefit plan reducing the total. Other comprehensive income is grouped into items that will not be reclassified and items that will be reclassified (IAS 1, para. 82A); the classification of each item is given by the case. Trap: Forgetting to deduct the non-reclassifiable loss or netting the two groups. Rule to remember: Total comprehensive income = profit + reclassifiable items + non-reclassifiable items, each with its sign (IAS 1, para. 82A).","es":""},"common_error":{"fr":"","en":"Forgetting to deduct the non-reclassifiable loss, or merging the two groups of other comprehensive income.","es":""},"format":"CALCULATION","placeholders":[{"id":"profit_for_the_period","value":"1250000","unit":"EUR"},{"id":"fx_translation_gain","value":"180000","unit":"EUR"},{"id":"cash_flow_hedge_loss","value":"60000","unit":"EUR"},{"id":"defined_benefit_loss","value":"90000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Profit for the year","es":""},"value":"1250000","unit":"EUR"},{"label":{"fr":"","en":"Translation gain (reclassifiable)","es":""},"value":"180000","unit":"EUR"},{"label":{"fr":"","en":"Cash flow hedge loss (reclassifiable)","es":""},"value":"60000","unit":"EUR"},{"label":{"fr":"","en":"Remeasurement loss on the defined benefit plan (not reclassifiable)","es":""},"value":"90000","unit":"EUR"}],"steps":[{"id":"RECLASSIFIABLE_SUBTOTAL","label":{"fr":"","en":"Subtotal of reclassifiable items","es":""},"answer":120000,"tolerance":0,"unit":"EUR"},{"id":"TOTAL_COMPREHENSIVE_INCOME","label":{"fr":"","en":"Total comprehensive income","es":""},"answer":1280000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"RECLASSIFIABLE_SUBTOTAL","meaning":{"fr":"","en":"Subtotal of reclassifiable items","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Translation gain (reclassifiable)","es":""},"value":180000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cash flow hedge loss (reclassifiable)","es":""},"value":60000,"unit":"EUR"}],"result":120000,"unit":"EUR"},{"step":"TOTAL_COMPREHENSIVE_INCOME","meaning":{"fr":"","en":"Total comprehensive income","es":""},"expression":"a + b - c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit for the year","es":""},"value":1250000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Subtotal of reclassifiable items","es":""},"value":120000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Remeasurement loss on the defined benefit plan (not reclassifiable)","es":""},"value":90000,"unit":"EUR"}],"result":1280000,"unit":"EUR"}],"rationale":{"fr":"","en":"Total comprehensive income = profit + reclassifiable items + non-reclassifiable items, each with its sign (IAS 1, para. 82A).","es":""},"references":["REF.IAS1.82A"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000045","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ACCOUNTING_POLICY_INFORMATION"],"dimension":"ANALYSIS","context":"V1_QST.IAS1.000045","tested_point":"QST.IAS1.000045","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-policy-info"},"references":["IAS 1 §117"],"exercise":{"prompt":{"fr":"","en":"A financial statements preparer at Rubis SA summarises the requirements of IAS 1 on accounting policy information. Which of the preparer's sentences is wrong?","es":""},"explanation":{"fr":"","en":"An entity discloses its material accounting policy information; information is material if, together with other information in the financial statements, it can reasonably be expected to influence the decisions of the primary users; it can be material because of its nature even if the amounts are not; immaterial information must not obscure material information (IAS 1, para. 117). Repeating the text of a standard does not make information material. Trap: Confusing standardised information with information material to users. Rule to remember: Material = can influence the decisions of the primary users, not repetition of the standard's text (IAS 1, para. 117).","es":""},"common_error":{"fr":"","en":"Confusing standardised information repeated from the standard with information material to users.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Accounting policy information is material as soon as it repeats the text of an IFRS standard, whatever its usefulness to users.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Accounting policy information is material if, together with other information in the financial statements, it can reasonably be expected to influence the decisions of the primary users.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: it states the criterion for material accounting policy information, the influence reasonably expected on the decisions of the primary users (IAS 1, para. 117). It is not the wrong sentence.","es":""}},{"id":"C","text":{"fr":"","en":"Accounting policy information can be material because of its nature, even if the amounts concerned are not material.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: information can be material because of its nature even if the amounts are not (IAS 1, para. 117). It is not the wrong sentence; the error ignores the criterion of usefulness to users.","es":""}},{"id":"D","text":{"fr":"","en":"Immaterial accounting policy information must not obscure material information.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: immaterial information must not obscure material information (IAS 1, para. 117). It is not the wrong sentence; the error is the one that makes any repetition of a standard material.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000046","standard_id":"IAS1","concept_ids":["IAS1.NOTES.ACCOUNTING_POLICY_INFORMATION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000046","tested_point":"QST.IAS1.000046","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-policy-info"},"references":["IAS 1 §117"],"exercise":{"prompt":{"fr":"","en":"Quartz SA prepares its notes. For which of the following accounting policy information can it reasonably be expected that it will influence the decisions of the primary users? More than one answer is possible. Case convention: the amounts and circumstances given are those of each line.","es":""},"explanation":{"fr":"","en":"Accounting policy information is material if, together with other information in the financial statements, it can reasonably be expected to influence the decisions of the primary users; it can be material because of its nature even if the amounts are not (IAS 1, para. 117). The bundled contracts (60% of revenue, judgement) and the new sector-specific activity meet that criterion; the other three lines do not on the case facts. Trap: Providing a large amount of standardised information at the expense of what matters. Rule to remember: Detail the policies that influence users' decisions, by amount or by nature (IAS 1, para. 117).","es":""},"common_error":{"fr":"","en":"Detailing every accounting policy repeated from the standard, at the expense of those that influence users' decisions.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A repeat of the standard's text on straight-line depreciation of office furniture, for a total amount of EUR 12,000.","es":""},"correct":false,"feedback":{"fr":"","en":"Repeating the text of a standard for an item of EUR 12,000 brings nothing to users: the information is not of a kind that can reasonably be expected to influence their decisions (IAS 1, para. 117). Rule to remember: Material = expected influence on decisions, not repetition of the standard (IAS 1, para. 117).","es":""}},{"id":"B","text":{"fr":"","en":"The policy for translating a few foreign currency receivables, with negligible amounts and common practice in the sector.","es":""},"correct":false,"feedback":{"fr":"","en":"Negligible amounts and common sector practices do not reasonably influence users' decisions: the policy need not be detailed (IAS 1, para. 117). Rule to remember: Neither amounts nor particular nature: no material information (IAS 1, para. 117).","es":""}},{"id":"C","text":{"fr":"","en":"The policy for a new activity specific to Quartz's sector, with amounts still small but closely followed by users.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The list of all of Quartz's accounting policies, repeated identically from a standard notes template.","es":""},"correct":false,"feedback":{"fr":"","en":"An exhaustive list repeated from a standard template drowns material information among information that is not, whereas immaterial information must not obscure it (IAS 1, para. 117). Rule to remember: Standardised information must not obscure material information (IAS 1, para. 117).","es":""}},{"id":"E","text":{"fr":"","en":"The accounting policy for complex bundled contracts, which account for 60% of revenue and rest on management judgement.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000048","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000048","tested_point":"QST.IAS1.000048","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-replacement"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"An entity may apply IFRS 18 before 1 January 2027, provided it discloses that fact in its notes.","es":""},"explanation":{"fr":"","en":"IFRS 18 replaces IAS 1 for annual periods beginning on or after 1 January 2027; early application is permitted, with disclosure of the fact in the notes, and IAS 1 remains applicable until that date, for example for the presentation of the line items of the statement of financial position. Trap: Believing that IFRS 18 can never be applied before its effective date. Rule to remember: IAS 1 until IFRS 18 applies; early application permitted with disclosure in the notes.","es":""},"common_error":{"fr":"","en":"Believing that IFRS 18 can never be applied before its effective date.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000049","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000049","tested_point":"QST.IAS1.000049","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-replacement"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Optima SA closes its books on 31 December and does not early adopt IFRS 18. For the year beginning on 1 January 2027, how does it present its 2026 comparative period?","es":""},"explanation":{"fr":"","en":"IFRS 18 is applied retrospectively: comparative information is restated under IFRS 18, so that for a year beginning on 1 January 2027 the 2026 comparative period is presented under IFRS 18. Trap: Leaving the comparative under IAS 1, the old standard. Rule to remember: Retrospective application: 2026 comparative restated under IFRS 18.","es":""},"common_error":{"fr":"","en":"Leaving the comparative period under IAS 1 although IFRS 18 applies retrospectively.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As published in 2026 under IAS 1, IFRS 18 applying to the 2027 amounts and not to the 2026 ones.","es":""},"correct":false,"feedback":{"fr":"","en":"The comparatives do not stay under IAS 1: the application of IFRS 18 is retrospective and comparative information is restated under IFRS 18. Rule to remember: The 2026 comparative is restated under IFRS 18.","es":""}},{"id":"B","text":{"fr":"","en":"Removed, IFRS 18 no longer requiring a comparative period in place of IAS 1.","es":""},"correct":false,"feedback":{"fr":"","en":"A comparative period is still presented: IAS 1 requires at least comparative information for the preceding period, and it is the basis of that comparative, restated under IFRS 18, that changes. Rule to remember: The comparative remains, on an IFRS 18 basis.","es":""}},{"id":"C","text":{"fr":"","en":"Restated under IFRS 18, since the application of IFRS 18 is retrospective.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Presented under IAS 1 for unchanged line items and under IFRS 18 for the others, at the entity's choice.","es":""},"correct":false,"feedback":{"fr":"","en":"The restatement of the comparative does not depend on a line-by-line choice: the retrospective application of IFRS 18 covers the whole comparative. Rule to remember: A single comparative, entirely under IFRS 18.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000050","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.REPLACED_BY_IFRS18"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000050","tested_point":"QST.IAS1.000050","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-replacement"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Which statements about the replacement of IAS 1 by IFRS 18 are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"IFRS 18 replaces IAS 1 for annual periods beginning on or after 1 January 2027; IAS 1 remains applicable until then, with its list of minimum line items of profit or loss. The application of IFRS 18 is retrospective and early application is permitted with disclosure of the fact in the notes. Trap: Believing in a prospective application or in a prohibition of early application. Rule to remember: IAS 1 until IFRS 18; retrospective application; early application permitted.","es":""},"common_error":{"fr":"","en":"Believing that IFRS 18 is applied prospectively or that its early application is prohibited.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The application of IFRS 18 is retrospective.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"IFRS 18 is applied prospectively, without restating comparative information.","es":""},"correct":false,"feedback":{"fr":"","en":"The application of IFRS 18 is retrospective, not prospective: comparative information is restated. Rule to remember: Retrospective application, comparatives restated.","es":""}},{"id":"C","text":{"fr":"","en":"IFRS 18, published in April 2024, replaces IAS 1 for annual periods beginning on or after 1 January 2027.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"IAS 1 remains applicable until IFRS 18 applies, including for the list of line items of the statement of profit or loss.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"IFRS 18 prohibits any application before 1 January 2027, even with a disclosure in the notes.","es":""},"correct":false,"feedback":{"fr":"","en":"Early application is permitted, with disclosure of the fact in the notes: IFRS 18 does not prohibit application before 1 January 2027. Rule to remember: Early application permitted with disclosure in the notes.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000051","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.MOVED_REQUIREMENTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000051","tested_point":"QST.IAS1.000051","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-moved"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Which list corresponds to the requirements of IAS 1 that IFRS 18 transfers to IAS 8, amended and renamed \"Basis of Preparation of Financial Statements\"?","es":""},"explanation":{"fr":"","en":"IFRS 18 transfers to IAS 8, renamed \"Basis of Preparation of Financial Statements\", the requirements of IAS 1 on fair presentation and compliance, going concern, the accrual basis and accounting policy information. Trap: Believing that all the general requirements of IAS 1 remain in IFRS 18. Rule to remember: The general requirements of IAS 1, including these four sets, move to amended IAS 8.","es":""},"common_error":{"fr":"","en":"Believing that the general requirements of IAS 1 remain in IFRS 18, or forgetting part of them in the transfer to IAS 8.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The minimum line items of the statement of profit or loss, restructured by categories, together with going concern.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum line items of the statement of profit or loss are restructured within IFRS 18 and do not move to IAS 8; only going concern belongs to the transferred requirements in this list. Rule to remember: Profit or loss is restructured in IFRS 18, not transferred.","es":""}},{"id":"B","text":{"fr":"","en":"Going concern and the accrual basis, the requirements on fair presentation and on accounting policies remaining in IFRS 18.","es":""},"correct":false,"feedback":{"fr":"","en":"The list is incomplete: fair presentation and accounting policy information also move to amended IAS 8 along with going concern and the accrual basis. Rule to remember: These four sets are among the requirements transferred.","es":""}},{"id":"C","text":{"fr":"","en":"Fair presentation and compliance, going concern, the accrual basis and accounting policy information.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Not these requirements: amended IAS 8 receives new requirements, those of IAS 1 all remaining in IFRS 18.","es":""},"correct":false,"feedback":{"fr":"","en":"The requirements of IAS 1 do not all remain in IFRS 18: IFRS 18 transfers the general requirements for the most part to amended IAS 8, including going concern. Rule to remember: The general requirements are transferred to IAS 8.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000052","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.MOVED_REQUIREMENTS"],"dimension":"ANALYSIS","context":"V1_QST.IAS1.000052","tested_point":"QST.IAS1.000052","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-moved"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"A colleague prepares a summary note on what happens to the general requirements of IAS 1 on the move to IFRS 18. Which of the colleague's sentences is wrong?","es":""},"explanation":{"fr":"","en":"IFRS 18 transfers to IAS 8, renamed \"Basis of Preparation of Financial Statements\", notably the requirements of IAS 1 on going concern and the accrual basis; they are not deleted. The wrong sentence states that the accrual basis disappears. Trap: Taking the replacement of IAS 1 for a deletion of its general requirements. Rule to remember: Transferring is not deleting: the accrual basis is found in amended IAS 8.","es":""},"common_error":{"fr":"","en":"Taking the replacement of IAS 1 for a deletion of its general requirements instead of a transfer to IAS 8.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"With the replacement of IAS 1, the accrual basis disappears: IFRS 18 does not carry it over into IAS 8 or elsewhere.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"IAS 8 is renamed \"Basis of Preparation of Financial Statements\" and receives requirements from IAS 1 when IFRS 18 applies.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: IAS 8 is renamed and receives the general requirements of IAS 1. It is not the wrong sentence; the error is the one that makes the requirement disappear.","es":""}},{"id":"C","text":{"fr":"","en":"The requirements of IAS 1 on the accrual basis move into amended IAS 8.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: the accrual basis requirement moves into amended IAS 8 and is therefore not deleted. It is not the wrong sentence; the error is the one that says it is deleted.","es":""}},{"id":"D","text":{"fr":"","en":"The requirements of IAS 1 on going concern move into amended IAS 8.","es":""},"correct":false,"feedback":{"fr":"","en":"This sentence is correct: going concern also moves into amended IAS 8, like the accrual basis. It is not the wrong sentence; the error is the one that deletes the requirement.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000053","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.UNCHANGED_STATEMENTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000053","tested_point":"QST.IAS1.000053","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-unchanged"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"Under IFRS 18, the structure of the statement of other comprehensive income, with its reclassifiable and non-reclassifiable items, is unchanged from IAS 1.","es":""},"explanation":{"fr":"","en":"Under IFRS 18, the statement of financial position is little modified, the structure of the statement of other comprehensive income and that of the statement of changes in equity are unchanged from IAS 1; the major change concerns the statement of profit or loss. The split between items that will and will not be reclassified remains. Trap: Believing that all primary statements are overhauled. Rule to remember: Only the statement of profit or loss changes strongly; that of other comprehensive income is maintained.","es":""},"common_error":{"fr":"","en":"Believing that all primary statements are overhauled by IFRS 18, including that of other comprehensive income.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000054","standard_id":"IAS1","concept_ids":["IAS1.TRANSITION.UNCHANGED_STATEMENTS"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000054","tested_point":"QST.IAS1.000054","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000013","section_id":"rule-unchanged"},"references":["IAS 1"],"exercise":{"prompt":{"fr":"","en":"An analyst compares the primary statements of an entity under IAS 1 and under IFRS 18 to prepare for the transition. Which of these statements changes the most?","es":""},"explanation":{"fr":"","en":"Under IFRS 18, the statement of financial position is little modified, the structure of the statement of other comprehensive income and that of the statement of changes in equity are unchanged from IAS 1; the major change concerns the statement of profit or loss, whose IAS 1 list of minimum line items is restructured. Trap: Believing that the overhaul affects the other primary statements as much as the statement of profit or loss. Rule to remember: Profit or loss is the statement that changes; the others are little or not modified.","es":""},"common_error":{"fr":"","en":"Believing that the IFRS 18 overhaul affects the other primary statements as much as the statement of profit or loss.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement of financial position, whose presentation is largely overhauled by IFRS 18.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of financial position is little modified by IFRS 18, which concentrates the change on the statement of profit or loss, whose minimum line items fall under IAS 1 until replacement. Rule to remember: Balance sheet little modified, profit or loss restructured.","es":""}},{"id":"B","text":{"fr":"","en":"The statement of other comprehensive income, whose groups of items are redefined by IFRS 18.","es":""},"correct":false,"feedback":{"fr":"","en":"The structure of the statement of other comprehensive income is unchanged from IAS 1: the change concerns the statement of profit or loss, whose minimum line items fall under IAS 1 until replacement. Rule to remember: The statement of other comprehensive income is maintained.","es":""}},{"id":"C","text":{"fr":"","en":"The statement of changes in equity, whose structure is reviewed column by column by IFRS 18.","es":""},"correct":false,"feedback":{"fr":"","en":"The structure of the statement of changes in equity is unchanged from IAS 1: the major change concerns the statement of profit or loss, whose list of minimum line items falls under IAS 1 until replacement. Rule to remember: Changes in equity maintained.","es":""}},{"id":"D","text":{"fr":"","en":"The statement of profit or loss, which IFRS 18 restructures.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000055","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLETE_SET"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000055","tested_point":"QST.IAS1.000055","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-complete-set"},"references":["IAS 1 §10"],"exercise":{"prompt":{"fr":"","en":"Which statements make up a complete set of financial statements under IAS 1?","es":""},"explanation":{"fr":"","en":"A complete set of financial statements comprises the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes, with comparative information (IAS 1, para. 10). The other three lists omit components or substitute a document outside the financial statements. Trap: Forgetting the notes, the statement of changes in equity or the comparatives. Rule to remember: four statements, notes and comparatives (IAS 1, para. 10).","es":""},"common_error":{"fr":"","en":"Forgetting the statement of changes in equity or the notes, or substituting the management report for them.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement of financial position, the statement of profit or loss and other comprehensive income and the statement of cash flows, with no statement of changes in equity, no notes and no comparative information for the preceding period.","es":""},"correct":false,"feedback":{"fr":"","en":"This list omits the statement of changes in equity and the notes, which are part of the complete set with the comparative information (IAS 1, para. 10). Rule to remember: The complete set comprises the four statements, the notes and comparatives (IAS 1, para. 10).","es":""}},{"id":"B","text":{"fr":"","en":"The statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes, with comparative information.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The statement of financial position and the statement of profit or loss, supplemented by the management report in place of the notes and comparative information.","es":""},"correct":false,"feedback":{"fr":"","en":"The management report is not a component of the complete set of financial statements and replaces neither the notes nor the comparative information (IAS 1, para. 10). Rule to remember: The notes and comparatives are part of the complete set (IAS 1, para. 10).","es":""}},{"id":"D","text":{"fr":"","en":"The statement of financial position, the statement of changes in equity and the notes, profit or loss being given in the management report.","es":""},"correct":false,"feedback":{"fr":"","en":"Profit or loss is a component of the complete set: it cannot be referred to a management report, and the statement of cash flows is missing from this list (IAS 1, para. 10). Rule to remember: All the primary statements are in the complete set (IAS 1, para. 10).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000056","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.FAIR_PRESENTATION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000056","tested_point":"QST.IAS1.000056","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-fair"},"references":["IAS 1 §15"],"exercise":{"prompt":{"fr":"","en":"Iris SA's financial statements apply all IFRS standards, but without further information do not convey a particular transaction that weighs on the entity's position (case facts). What does IAS 1 provide so that the financial statements fairly present the entity's position?","es":""},"explanation":{"fr":"","en":"Financial statements must present fairly the financial position, financial performance and cash flows of the entity; the application of IFRS standards, with additional disclosures if necessary, is presumed to result in a fair presentation (IAS 1, para. 15). Case facts: all standards are applied but one transaction is not made readable; the additional disclosure is the answer. Trap: Believing that applying the standards exempts from any additional disclosure. Rule to remember: Standards applied, additional disclosures if necessary (IAS 1, para. 15).","es":""},"common_error":{"fr":"","en":"Believing that applying the standards exempts from providing an additional disclosure necessary for a fair presentation.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Consider that applying the standards is enough, provided no standard asks for information on that transaction.","es":""},"correct":false,"feedback":{"fr":"","en":"Applying the standards is presumed to result in a fair presentation, but additional disclosures are added if necessary: the absence of a request by a standard does not exempt from providing them (IAS 1, para. 15). Rule to remember: IFRS standards, plus additional disclosures if necessary (IAS 1, para. 15).","es":""}},{"id":"B","text":{"fr":"","en":"Replace the amounts resulting from the IFRS standards with amounts chosen by management to describe the transaction better.","es":""},"correct":false,"feedback":{"fr":"","en":"Replacing the standards' amounts with management's amounts sets aside the application of the standards, which a fair presentation presumes; the gap is corrected by additional disclosures, not by other amounts (IAS 1, para. 15). Rule to remember: The standards apply, additional disclosures fill the gap (IAS 1, para. 15).","es":""}},{"id":"C","text":{"fr":"","en":"Remove the transaction from the financial statements, since no standard specifies its presentation.","es":""},"correct":false,"feedback":{"fr":"","en":"Removing a material transaction would deprive users of information necessary for a fair presentation of the financial position, financial performance and cash flows (IAS 1, para. 15). Rule to remember: Fair presentation is completed, not cut back (IAS 1, para. 15).","es":""}},{"id":"D","text":{"fr":"","en":"Apply the IFRS standards, adding further disclosures if necessary to achieve a fair presentation.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000057","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.COMPLIANCE_STATEMENT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000057","tested_point":"QST.IAS1.000057","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-compliance"},"references":["IAS 1 §16"],"exercise":{"prompt":{"fr":"","en":"Orion SA's notes state that its financial statements comply with IFRS Accounting Standards \"except for\" a disclosure requirement that management chose not to apply in order to shorten the notes (case facts). IAS 1 permits this statement of compliance.","es":""},"explanation":{"fr":"","en":"IAS 1 requires an explicit and unreserved statement of compliance with IFRS Accounting Standards in the notes, and allows financial statements to be described as complying only if they comply with all the applicable requirements (IAS 1, para. 16). The choice not to apply a requirement in order to shorten the notes is a case fact: it prevents the statement. Trap: believing that partial compliance can be stated with a reservation. Rule to remember: all the applicable requirements, or no statement of compliance.","es":""},"common_error":{"fr":"","en":"Stating compliance with IFRS Accounting Standards subject to exceptions.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000058","standard_id":"IAS1","concept_ids":["IAS1.PURPOSE.DEPARTURE"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000058","tested_point":"QST.IAS1.000058","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":110,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000001","section_id":"rule-departure"},"references":["IAS 1 §19"],"exercise":{"prompt":{"fr":"","en":"After a documented analysis, Vela SA's management concludes that compliance with a requirement of an IFRS Accounting Standard, for a particular transaction, would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework (judgement given by the case). The regulatory framework applicable to Vela does not prohibit a departure (case data). What does IAS 1 require?","es":""},"explanation":{"fr":"","en":"In the extremely rare circumstances in which management concludes that compliance with a requirement would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework, the entity departs from it if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure (IAS 1, para. 19); the disclosures about the departure are set by paras. 20 to 22. Management's conclusion is here a judgement given by the case, not an assessment to be redone. Trap: requiring the regulatory framework to impose the departure, whereas it is enough that it does not prohibit it. Rule to remember: an exceptional departure, permitted if the framework does not prohibit it, always accompanied by disclosures.","es":""},"common_error":{"fr":"","en":"Requiring regulation to impose the departure before accepting it.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In these extremely rare circumstances, depart from the requirement and provide the disclosures about the departure required by the Standard.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Apply the requirement in all cases, since a requirement of an IFRS Accounting Standard can never be set aside.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 1 provides, in extremely rare circumstances, for a departure from a requirement whose application would be misleading (IAS 1, para. 19).","es":""}},{"id":"C","text":{"fr":"","en":"Depart from the requirement without any disclosure, since the departure serves to present the situation better.","es":""},"correct":false,"feedback":{"fr":"","en":"A departure is never silent: the disclosures about it are set by paras. 20 to 22 (IAS 1, para. 19).","es":""}},{"id":"D","text":{"fr":"","en":"Depart from the requirement only if the regulatory framework expressly requires that departure; if it merely does not prohibit it, apply the requirement.","es":""},"correct":false,"feedback":{"fr":"","en":"It is enough that the relevant regulatory framework does not prohibit the departure; it need not require it (IAS 1, para. 19).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000059","standard_id":"IAS1","concept_ids":["IAS1.FEATURES.OFFSETTING"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000059","tested_point":"QST.IAS1.000059","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":70,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000003","section_id":"rule-offsetting"},"references":["IAS 1 §32"],"exercise":{"prompt":{"fr":"","en":"Lumen SA holds a receivable of 300,000 from a customer and owes 120,000 to the same customer (case facts). No IFRS Accounting Standard requires or permits offsetting here (case data). How does IAS 1 treat these two amounts in the statement of financial position?","es":""},"explanation":{"fr":"","en":"Assets and liabilities, and income and expenses, are not offset unless required or permitted by an IFRS Accounting Standard (IAS 1, para. 32). The absence of any requirement or permission to offset is here a case fact: the receivable of 300,000 and the payable of 120,000 are presented separately. Trap: offsetting because the counterparty is the same. Rule to remember: no offsetting without a Standard that requires or permits it.","es":""},"common_error":{"fr":"","en":"Offsetting a receivable and a payable merely because they relate to the same counterparty.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Present a net receivable of 180,000, since both amounts relate to the same counterparty.","es":""},"correct":false,"feedback":{"fr":"","en":"A common counterparty is not enough: without a Standard that requires or permits it, offsetting is ruled out (IAS 1, para. 32).","es":""}},{"id":"B","text":{"fr":"","en":"Present the receivable of 300,000 and the payable of 120,000 separately.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Offset the two amounts if management considers that the net amount is easier to read.","es":""},"correct":false,"feedback":{"fr":"","en":"Readability as judged by management does not permit offsetting: only an IFRS Accounting Standard can require or permit it (IAS 1, para. 32).","es":""}},{"id":"D","text":{"fr":"","en":"Present a net receivable of 180,000 and disclose the gross amounts in the notes.","es":""},"correct":false,"feedback":{"fr":"","en":"Disclosing the gross amounts in the notes does not make offsetting possible: without a Standard that requires or permits it, both amounts are presented separately (IAS 1, para. 32).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000060","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CHANGES_IN_EQUITY"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000060","tested_point":"QST.IAS1.000060","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000010","section_id":"rule-equity"},"references":["IAS 1 §106"],"exercise":{"prompt":{"fr":"","en":"Which items does the statement of changes in equity present under IAS 1? (Several answers.)","es":""},"explanation":{"fr":"","en":"The statement of changes in equity presents total comprehensive income for the period, the effects of retrospective application or retrospective restatement for each component of equity, and a reconciliation between the carrying amounts at the beginning and at the end of the period for each component (IAS 1, para. 106). Trap: reducing it to dividends or confusing it with the statement of cash flows. Rule to remember: total comprehensive income, retrospective effects, reconciliation by component.","es":""},"common_error":{"fr":"","en":"Reducing the statement of changes in equity to dividends only.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Total comprehensive income for the period.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Only the dividends paid, the other changes being described in the notes.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement is not limited to dividends: it also presents total comprehensive income, the retrospective effects and the reconciliation of each component (IAS 1, para. 106).","es":""}},{"id":"C","text":{"fr":"","en":"For each component of equity, the effects of retrospective application or retrospective restatement.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"For each component of equity, a reconciliation between the carrying amounts at the beginning and at the end of the period.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"The cash flows from equity transactions, in place of the statement of cash flows.","es":""},"correct":false,"feedback":{"fr":"","en":"The statement of changes in equity presents changes in equity, not cash flows, and does not replace the statement of cash flows (IAS 1, para. 106).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000061","standard_id":"IAS1","concept_ids":["IAS1.NOTES.NOTES_STRUCTURE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000061","tested_point":"QST.IAS1.000061","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":75,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-notes"},"references":["IAS 1 §112"],"exercise":{"prompt":{"fr":"","en":"A trainee is preparing the notes to Nova SA's financial statements. Which set of items describes the role of the notes under IAS 1?","es":""},"explanation":{"fr":"","en":"The notes present information about the basis of preparation of the financial statements and the specific accounting policies used, disclose the information required by IFRS Accounting Standards that is not presented elsewhere, and provide information that is relevant to an understanding and not presented elsewhere (IAS 1, para. 112); their systematic presentation and the cross-referencing from line items are dealt with in para. 113. Trap: seeing the notes as a mere repetition of, or a substitute for, the primary statements. Rule to remember: basis of preparation, policies, required information and relevant information not presented elsewhere.","es":""},"common_error":{"fr":"","en":"Reducing the notes to a repetition of the amounts in the primary statements.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Repeat the amounts of the primary statements unchanged, without any other information.","es":""},"correct":false,"feedback":{"fr":"","en":"The notes do not repeat the primary statements: they provide the basis of preparation, the policies and the information not presented elsewhere (IAS 1, para. 112).","es":""}},{"id":"B","text":{"fr":"","en":"Present only the information that management considers favourable to the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"The notes provide the required information and the information relevant to an understanding, whether or not it is favourable to the entity (IAS 1, para. 112).","es":""}},{"id":"C","text":{"fr":"","en":"Present the basis of preparation and the accounting policies, the information required by Standards not presented elsewhere and the information relevant to an understanding.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Replace the primary statements when they become too detailed, all line items then being presented only in the notes, with no totals in the statements themselves.","es":""},"correct":false,"feedback":{"fr":"","en":"The notes supplement the primary statements, they do not replace them: they provide the information not presented elsewhere (IAS 1, para. 112).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000062","standard_id":"IAS1","concept_ids":["IAS1.NOTES.JUDGEMENTS","IAS1.NOTES.ESTIMATION_UNCERTAINTY"],"dimension":"APPLICATION","context":"V1_QST.IAS1.000062","tested_point":"QST.IAS1.000062","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000012","section_id":"rule-judgements"},"references":["IAS 1 §122","IAS 1 §125"],"exercise":{"prompt":{"fr":"","en":"For its notes, Atlas SA identifies two matters (case facts). Matter 1: after analysing its contracts, management concludes that Atlas acts on its own account in a trading activity; this conclusion involves no estimation and has the most significant effect on the revenue recognised. Matter 2: the measurement of a litigation provision rests on assumptions about the outcome of a lawsuit and carries a significant risk of a material adjustment to its carrying amount within the next financial year. How does IAS 1 treat these two matters in the notes?","es":""},"explanation":{"fr":"","en":"The entity discloses, along with its accounting policy information, the judgements, apart from those involving estimations, made in applying the accounting policies that have the most significant effect on the amounts recognised (IAS 1, para. 122): this is matter 1. It also discloses information about the assumptions it makes about the future and other major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to carrying amounts within the next financial year (IAS 1, para. 125): this is matter 2. The absence of estimation in matter 1 and the level of risk in matter 2 are case data. Trap: confusing a judgement on a policy with an estimate. Rule to remember: two distinct disclosures, judgements on one side, estimation uncertainty on the other.","es":""},"common_error":{"fr":"","en":"Treating a judgement on how a policy is applied as an estimate.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Matter 1 is disclosed among the judgements made in applying the accounting policies; matter 2 among the major sources of estimation uncertainty.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Both matters are estimates: only the assumptions used for the provision are disclosed.","es":""},"correct":false,"feedback":{"fr":"","en":"Matter 1 involves no estimation: it is a judgement made in applying the accounting policies, which is also disclosed (IAS 1, para. 122).","es":""}},{"id":"C","text":{"fr":"","en":"Matter 2 is disclosed among the judgements made in applying the accounting policies; matter 1 need not be disclosed.","es":""},"correct":false,"feedback":{"fr":"","en":"Matter 2 rests on assumptions: it is estimation uncertainty (IAS 1, para. 125), and matter 1 must be disclosed as a judgement (IAS 1, para. 122).","es":""}},{"id":"D","text":{"fr":"","en":"Neither matter is disclosed, since the amounts concerned are already recognised in the financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"Recognising the amounts does not remove these disclosures, which are required precisely to understand those amounts (IAS 1, paras. 122 and 125).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000063","standard_id":"IAS1","concept_ids":["IAS1.NOTES.CAPITAL_DISCLOSURES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000063","tested_point":"QST.IAS1.000063","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":75,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000011","section_id":"rule-capital"},"references":["IAS 1 §134"],"exercise":{"prompt":{"fr":"","en":"Rhéa SA, a non-regulated industrial company (case fact), wonders whether IAS 1 requires it to disclose information about how it manages its capital. What does IAS 1 require?","es":""},"explanation":{"fr":"","en":"The entity discloses information that enables users of its financial statements to evaluate its objectives, policies and processes for managing capital (IAS 1, para. 134); their content, qualitative and quantitative data, externally imposed capital requirements and compliance with them, consequences of non-compliance, is set by para. 135. The requirement is not limited to regulated entities. Trap: reducing the disclosure to share capital or reserving it for banks. Rule to remember: objectives, policies and processes for managing capital, for every entity.","es":""},"common_error":{"fr":"","en":"Reserving capital management disclosures for financial institutions.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No disclosure is required, since capital management belongs only in the management report and not in the financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 1 requires this information in the financial statements (IAS 1, para. 134).","es":""}},{"id":"B","text":{"fr":"","en":"Information that enables users to evaluate its objectives, policies and processes for managing capital.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Only the amount of share capital at the reporting date and its change during the period.","es":""},"correct":false,"feedback":{"fr":"","en":"Share capital is not enough: the disclosure covers the objectives, policies and processes for managing capital (IAS 1, para. 134).","es":""}},{"id":"D","text":{"fr":"","en":"Only the information that its regulator would require from a bank, Rhéa being exempt because it has no regulator.","es":""},"correct":false,"feedback":{"fr":"","en":"The requirement applies to every entity; externally imposed capital requirements are only one of the items to disclose when they exist (IAS 1, para. 134).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000064","standard_id":"IAS1","concept_ids":["IAS1.POSITION.MINIMUM_ITEMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000064","tested_point":"QST.IAS1.000064","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-minimum"},"references":["IAS 1 §55","IAS 1 §57"],"exercise":{"prompt":{"fr":"","en":"Kappa SA is preparing its statement of financial position. Which statements are consistent with IAS 1? (Several answers.)","es":""},"explanation":{"fr":"","en":"The entity presents additional line items, including by disaggregating those of para. 54, headings and subtotals when relevant to an understanding of its financial position; such subtotals relate to amounts recognised and measured under IFRS Accounting Standards, are clearly labelled, consistent from period to period and given no more prominence than the required totals (IAS 1, para. 55, conditions of para. 55A). The Standard prescribes neither order nor format: line items are added depending on the size, nature or function of items, and descriptions and ordering may be amended according to the nature of the entity (IAS 1, para. 57). Trap: reading para. 54 as a closed list or an imposed format. Rule to remember: a minimum, supplemented by relevant line items, with no imposed format.","es":""},"common_error":{"fr":"","en":"Treating the IAS 1 list of line items as closed and the format as imposed.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IAS 1 prescribes a single order and format for presenting line items.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 1 prescribes neither the order nor the format of presentation of line items (IAS 1, para. 57).","es":""}},{"id":"B","text":{"fr":"","en":"The entity presents additional line items, headings and subtotals when such presentation is relevant to an understanding of its financial position.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"An added subtotal may relate to an amount neither recognised nor measured under IFRS Accounting Standards, provided it is clearly labelled.","es":""},"correct":false,"feedback":{"fr":"","en":"An added subtotal relates to amounts recognised and measured under IFRS Accounting Standards (IAS 1, para. 55, conditions of para. 55A).","es":""}},{"id":"D","text":{"fr":"","en":"Line items are added depending on the size, nature or function of items, and descriptions and ordering of items may be amended according to the nature of the entity and its transactions.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"The list of items in para. 54 is exhaustive: no other line item may be presented.","es":""},"correct":false,"feedback":{"fr":"","en":"Para. 54 lists items to be presented separately; additional line items are presented when relevant (IAS 1, paras. 55 and 57).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS1.000065","standard_id":"IAS1","concept_ids":["IAS1.POSITION.CURRENT_NONCURRENT_SPLIT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS1.000065","tested_point":"QST.IAS1.000065","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS1","lesson_id":"LS.IAS1.000005","section_id":"rule-split"},"references":["IAS 1 §56"],"exercise":{"prompt":{"fr":"","en":"Delta SA presents a statement of financial position with current and non-current classifications (case fact). Its deferred tax asset, which management expects to recover within the next six months, may be classified as a current asset.","es":""},"explanation":{"fr":"","en":"When the entity presents current and non-current classifications in its statement of financial position, it does not classify deferred tax assets and liabilities as current (IAS 1, para. 56). The recovery date expected by management is a case fact with no effect on this classification. Trap: applying to deferred tax the maturity criterion used for other assets. Rule to remember: deferred tax, never current in a current / non-current presentation.","es":""},"common_error":{"fr":"","en":"Classifying as current a deferred tax asset expected to be recovered soon.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"}],"reviewTitles":{"LX.IAS1.000001":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the components of the complete set","LX.IAS1.000002":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the components of the complete set","LX.IAS1.000003":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the components of the complete set","LX.IAS1.000004":"The complete set of financial statements, fair presentation, compliance and departure — The rule: fair presentation","LX.IAS1.000005":"The complete set of financial statements, fair presentation, compliance and departure — Example: Valmora applies the standards and supplements the information","LX.IAS1.000006":"The complete set of financial statements, fair presentation, compliance and departure — How to reason about fair presentation","LX.IAS1.000007":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the statement of compliance with IFRS","LX.IAS1.000008":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the statement of compliance with IFRS","LX.IAS1.000009":"The complete set of financial statements, fair presentation, compliance and departure — Professional judgement: assessing the conditions for a departure","LX.IAS1.000010":"The complete set of financial statements, fair presentation, compliance and departure — The rule: departure, an extremely rare exception","LX.IAS1.000011":"Going concern and the accrual basis — The rule: the going concern assessment","LX.IAS1.000012":"Going concern and the accrual basis — Example: three situations at Brelane","LX.IAS1.000013":"Going concern and the accrual basis — The rule: the going concern assessment","LX.IAS1.000014":"Going concern and the accrual basis — The rule: the going concern assessment","LX.IAS1.000015":"Going concern and the accrual basis — The rule: the assessment horizon","LX.IAS1.000016":"Going concern and the accrual basis — The rule: the assessment horizon","LX.IAS1.000017":"Going concern and the accrual basis — The rule: the accrual basis","LX.IAS1.000018":"Going concern and the accrual basis — Numeric example: revenue for the year and cash received","LX.IAS1.000019":"Going concern and the accrual basis — The rule: the accrual basis","LX.IAS1.000020":"Materiality, aggregation and offsetting — The rule: materiality and aggregation","LX.IAS1.000021":"Materiality, aggregation and offsetting — The rule: materiality and aggregation","LX.IAS1.000022":"Materiality, aggregation and offsetting — Numeric example: Norvane's overheads","LX.IAS1.000023":"Materiality, aggregation and offsetting — The rule: materiality and aggregation","LX.IAS1.000024":"Materiality, aggregation and offsetting — Numeric example: Norvane's overheads","LX.IAS1.000025":"Materiality, aggregation and offsetting — The rule: no offsetting unless a standard allows it","LX.IAS1.000026":"Materiality, aggregation and offsetting — Numeric example: the receivable and payable with the same supplier","LX.IAS1.000027":"Materiality, aggregation and offsetting — The rule: no offsetting unless a standard allows it","LX.IAS1.000028":"Materiality, aggregation and offsetting — The rule: no offsetting unless a standard allows it","LX.IAS1.000029":"Frequency, comparative information and consistency of presentation — The rule: reporting frequency","LX.IAS1.000030":"Frequency, comparative information and consistency of presentation — The rule: reporting frequency","LX.IAS1.000031":"Frequency, comparative information and consistency of presentation — The rule: comparative information","LX.IAS1.000032":"Frequency, comparative information and consistency of presentation — Example: Tamora's statements for year N","LX.IAS1.000033":"Frequency, comparative information and consistency of presentation — The rule: comparative information","LX.IAS1.000034":"Frequency, comparative information and consistency of presentation — The rule: consistency of presentation","LX.IAS1.000035":"Frequency, comparative information and consistency of presentation — Numeric example: a change in presentation and its comparatives","LX.IAS1.000036":"Frequency, comparative information and consistency of presentation — The rule: consistency of presentation","LX.IAS1.000037":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","LX.IAS1.000038":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","LX.IAS1.000039":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","LX.IAS1.000040":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","LX.IAS1.000041":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","LX.IAS1.000042":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","LX.IAS1.000043":"The statement of financial position: minimum line items and classification — Numeric example: Sovelec's statement at 31 December N","LX.IAS1.000044":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","LX.IAS1.000045":"Current assets and liabilities: the classification criteria — Example: classifying Hexane's assets","LX.IAS1.000046":"Current assets and liabilities: the classification criteria — The rule: a current asset","LX.IAS1.000047":"Current assets and liabilities: the classification criteria — The rule: a current asset","LX.IAS1.000048":"Current assets and liabilities: the classification criteria — The rule: a current asset","LX.IAS1.000049":"Current assets and liabilities: the classification criteria — The rule: a current liability","LX.IAS1.000050":"Current assets and liabilities: the classification criteria — The rule: a current liability","LX.IAS1.000051":"Current assets and liabilities: the classification criteria — Numeric example: Hexane's borrowing and current liabilities","LX.IAS1.000052":"Current assets and liabilities: the classification criteria — Numeric example: Hexane's borrowing and current liabilities","LX.IAS1.000053":"Current assets and liabilities: the classification criteria — The reclassification entry for an instalment","LX.IAS1.000054":"Current assets and liabilities: the classification criteria — The rule: a current liability","LX.IAS1.000055":"Right to defer and covenants: classifying a loan at the end of the period — The rule: rights at the end of the period, not expectations","LX.IAS1.000056":"Right to defer and covenants: classifying a loan at the end of the period — The rule: rights at the end of the period, not expectations","LX.IAS1.000057":"Right to defer and covenants: classifying a loan at the end of the period — Context: the dates of the 2020 and 2022 amendments","LX.IAS1.000058":"Right to defer and covenants: classifying a loan at the end of the period — The rule: a right to defer that really exists","LX.IAS1.000059":"Right to defer and covenants: classifying a loan at the end of the period — The rule: a right to defer that really exists","LX.IAS1.000060":"Right to defer and covenants: classifying a loan at the end of the period — The rule: a right to defer that really exists","LX.IAS1.000061":"Right to defer and covenants: classifying a loan at the end of the period — The rule: when must the covenant be met?","LX.IAS1.000062":"Right to defer and covenants: classifying a loan at the end of the period — The rule: when must the covenant be met?","LX.IAS1.000063":"Right to defer and covenants: classifying a loan at the end of the period — Numeric example: three situations for Vexil's loan","LX.IAS1.000064":"Right to defer and covenants: classifying a loan at the end of the period — The reclassification entry in situation B","LX.IAS1.000065":"Right to defer and covenants: classifying a loan at the end of the period — Numeric example: three situations for Vexil's loan","LX.IAS1.000066":"Disclosure on covenants and breach before the reporting date — Understand: when the classification does not tell everything","LX.IAS1.000067":"Disclosure on covenants and breach before the reporting date — The rule: disclosure on liabilities with covenants","LX.IAS1.000068":"Disclosure on covenants and breach before the reporting date — The rule: breach before the reporting date and waiver obtained afterwards","LX.IAS1.000069":"Disclosure on covenants and breach before the reporting date — Numeric example and entry: Selvan's breach","LX.IAS1.000070":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: the line items of the statement of profit or loss","LX.IAS1.000071":"The statement of profit or loss: line items, one or two statements and expense analysis — Numeric example: Calixa's statement of profit or loss","LX.IAS1.000072":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: the line items of the statement of profit or loss","LX.IAS1.000073":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: one statement or two statements","LX.IAS1.000074":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: one statement or two statements","LX.IAS1.000075":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: expenses by nature or by function","LX.IAS1.000076":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: expenses by nature or by function","LX.IAS1.000077":"The statement of profit or loss: line items, one or two statements and expense analysis — Numeric example: the same expenses, two analyses","LX.IAS1.000078":"Comprehensive income and the statement of changes in equity — The rule: two groups of other comprehensive income items","LX.IAS1.000079":"Comprehensive income and the statement of changes in equity — The rule: two groups of other comprehensive income items","LX.IAS1.000080":"Comprehensive income and the statement of changes in equity — Numeric example: Calixa's comprehensive income","LX.IAS1.000081":"Comprehensive income and the statement of changes in equity — The entry reclassifying to profit or loss","LX.IAS1.000082":"Comprehensive income and the statement of changes in equity — The rule: the statement of changes in equity","LX.IAS1.000083":"Comprehensive income and the statement of changes in equity — Numeric example: from opening to closing","LX.IAS1.000084":"Comprehensive income and the statement of changes in equity — The rule: the statement of changes in equity","LX.IAS1.000085":"The notes: structure, accounting policy information and capital — The rule: structure and role of the notes","LX.IAS1.000086":"The notes: structure, accounting policy information and capital — The rule: structure and role of the notes","LX.IAS1.000087":"The notes: structure, accounting policy information and capital — The rule: material accounting policy information","LX.IAS1.000088":"The notes: structure, accounting policy information and capital — Example: six Selvia policies","LX.IAS1.000089":"The notes: structure, accounting policy information and capital — The rule: material accounting policy information","LX.IAS1.000090":"The notes: structure, accounting policy information and capital — The rule: capital disclosures","LX.IAS1.000091":"The notes: structure, accounting policy information and capital — The rule: capital disclosures","LX.IAS1.000092":"Judgements and estimation uncertainty in the notes — The rule: judgements in applying policies","LX.IAS1.000093":"Judgements and estimation uncertainty in the notes — Example: six points in Marvane's file","LX.IAS1.000094":"Judgements and estimation uncertainty in the notes — The rule: judgements in applying policies","LX.IAS1.000095":"Judgements and estimation uncertainty in the notes — The rule: major sources of estimation uncertainty","LX.IAS1.000096":"Judgements and estimation uncertainty in the notes — The rule: major sources of estimation uncertainty","LX.IAS1.000097":"Judgements and estimation uncertainty in the notes — Example: six points in Marvane's file","LX.IAS1.000098":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: effective date and replacement","LX.IAS1.000099":"The transition to IFRS 18: what applies, what is transferred, what changes — Example: which standard for which year?","LX.IAS1.000100":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: effective date and replacement","LX.IAS1.000101":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: IAS 1 requirements transferred to IAS 8","LX.IAS1.000102":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: IAS 1 requirements transferred to IAS 8","LX.IAS1.000103":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: IAS 1 requirements transferred to IAS 8","LX.IAS1.000104":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: what stays close under IFRS 18","LX.IAS1.000105":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: what stays close under IFRS 18","LX.IAS1.000106":"The transition to IFRS 18: what applies, what is transferred, what changes — Context: the April 2026 agenda decision on fair presentation","LX.IAS1.000107":"The transition to IFRS 18: what applies, what is transferred, what changes — Professional judgement: reading the nature of a text and preparing the transition","LX.IAS1.000108":"IAS 1's links with IAS 8, IAS 7 and IAS 33 — The rule: three IAS 1 cross-references","LX.IAS1.000109":"IAS 1's links with IAS 8, IAS 7 and IAS 33 — The rule: three IAS 1 cross-references","LX.IAS1.000110":"IAS 1's links with IAS 8, IAS 7 and IAS 33 — Example: six Tamril questions, six answers","QST.IAS1.000001":"Going concern and the accrual basis — The rule: the going concern assessment","QST.IAS1.000002":"Going concern and the accrual basis — The rule: the going concern assessment","QST.IAS1.000003":"Going concern and the accrual basis — The rule: the going concern assessment","QST.IAS1.000004":"Going concern and the accrual basis — The rule: the accrual basis","QST.IAS1.000005":"Going concern and the accrual basis — The rule: the accrual basis","QST.IAS1.000006":"Going concern and the accrual basis — The rule: the accrual basis","QST.IAS1.000007":"Materiality, aggregation and offsetting — The rule: materiality and aggregation","QST.IAS1.000008":"Materiality, aggregation and offsetting — The rule: materiality and aggregation","QST.IAS1.000010":"Frequency, comparative information and consistency of presentation — The rule: reporting frequency","QST.IAS1.000011":"Frequency, comparative information and consistency of presentation — The rule: reporting frequency","QST.IAS1.000012":"Frequency, comparative information and consistency of presentation — The rule: comparative information","QST.IAS1.000013":"Frequency, comparative information and consistency of presentation — The rule: comparative information","QST.IAS1.000015":"Frequency, comparative information and consistency of presentation — The rule: consistency of presentation","QST.IAS1.000016":"Frequency, comparative information and consistency of presentation — The rule: consistency of presentation","QST.IAS1.000017":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","QST.IAS1.000018":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","QST.IAS1.000019":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","QST.IAS1.000020":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","QST.IAS1.000021":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","QST.IAS1.000022":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity","QST.IAS1.000023":"Current assets and liabilities: the classification criteria — The rule: a current asset","QST.IAS1.000024":"Current assets and liabilities: the classification criteria — The rule: a current asset","QST.IAS1.000025":"Current assets and liabilities: the classification criteria — The rule: a current asset","QST.IAS1.000026":"Current assets and liabilities: the classification criteria — The rule: a current liability","QST.IAS1.000027":"Current assets and liabilities: the classification criteria — The rule: a current liability","QST.IAS1.000028":"Current assets and liabilities: the classification criteria — The rule: a current liability","QST.IAS1.000029":"Current assets and liabilities: the classification criteria — The rule: a current liability","QST.IAS1.000030":"Current assets and liabilities: the classification criteria — The rule: a current liability","QST.IAS1.000031":"Right to defer and covenants: classifying a loan at the end of the period — The rule: rights at the end of the period, not expectations","QST.IAS1.000032":"Right to defer and covenants: classifying a loan at the end of the period — The rule: rights at the end of the period, not expectations","QST.IAS1.000034":"Right to defer and covenants: classifying a loan at the end of the period — The rule: when must the covenant be met?","QST.IAS1.000036":"Right to defer and covenants: classifying a loan at the end of the period — The rule: when must the covenant be met?","QST.IAS1.000037":"Disclosure on covenants and breach before the reporting date — The rule: disclosure on liabilities with covenants","QST.IAS1.000038":"Disclosure on covenants and breach before the reporting date — The rule: disclosure on liabilities with covenants","QST.IAS1.000039":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: the line items of the statement of profit or loss","QST.IAS1.000040":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: the line items of the statement of profit or loss","QST.IAS1.000041":"The statement of profit or loss: line items, one or two statements and expense analysis — The rule: the line items of the statement of profit or loss","QST.IAS1.000042":"Comprehensive income and the statement of changes in equity — The rule: two groups of other comprehensive income items","QST.IAS1.000043":"Comprehensive income and the statement of changes in equity — The rule: two groups of other comprehensive income items","QST.IAS1.000045":"The notes: structure, accounting policy information and capital — The rule: material accounting policy information","QST.IAS1.000046":"The notes: structure, accounting policy information and capital — The rule: material accounting policy information","QST.IAS1.000048":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: effective date and replacement","QST.IAS1.000049":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: effective date and replacement","QST.IAS1.000050":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: effective date and replacement","QST.IAS1.000051":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: IAS 1 requirements transferred to IAS 8","QST.IAS1.000052":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: IAS 1 requirements transferred to IAS 8","QST.IAS1.000053":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: what stays close under IFRS 18","QST.IAS1.000054":"The transition to IFRS 18: what applies, what is transferred, what changes — The rule: what stays close under IFRS 18","QST.IAS1.000055":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the components of the complete set","QST.IAS1.000056":"The complete set of financial statements, fair presentation, compliance and departure — The rule: fair presentation","QST.IAS1.000057":"The complete set of financial statements, fair presentation, compliance and departure — The rule: the statement of compliance with IFRS","QST.IAS1.000058":"The complete set of financial statements, fair presentation, compliance and departure — The rule: departure, an extremely rare exception","QST.IAS1.000059":"Materiality, aggregation and offsetting — The rule: no offsetting unless a standard allows it","QST.IAS1.000060":"Comprehensive income and the statement of changes in equity — The rule: the statement of changes in equity","QST.IAS1.000061":"The notes: structure, accounting policy information and capital — The rule: structure and role of the notes","QST.IAS1.000062":"Judgements and estimation uncertainty in the notes — The rule: judgements in applying policies","QST.IAS1.000063":"The notes: structure, accounting policy information and capital — The rule: capital disclosures","QST.IAS1.000064":"The statement of financial position: minimum line items and classification — The rule: the line items of the statement of financial position","QST.IAS1.000065":"The statement of financial position: minimum line items and classification — The rule: current and non-current, or order of liquidity"}}