{"entries":[{"key":"LX.IAS34.000001","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"ENERGY","tested_point":"IAS34_NO_PUBLICATION_MANDATE","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-scope"},"references":["IAS 34 §1"],"exercise":{"prompt":{"fr":"","en":"Boréal Énergie applies IFRS in its annual accounts. For that reason alone, IAS 34 requires it to publish an interim report.","es":""},"explanation":{"fr":"","en":"The standard does not create the obligation to publish; it defines the content and measurement of the reports that are published (IAS 34).","es":""},"common_error":{"fr":"","en":"Confusing the framework of the annual accounts with an obligation to publish interim reports.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000002","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"GENERIC","tested_point":"IAS34_WHO_ANSWERS","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-scope"},"references":["IAS 34 §1"],"exercise":{"prompt":{"fr":"","en":"Classify each question according to who answers it.","es":""},"explanation":{"fr":"","en":"Frequency, deadline and the obligation to publish belong to the authorities; minimum content and recognition and measurement principles belong to IAS 34 (IAS 34).","es":""},"common_error":{"fr":"","en":"Attributing the choice of frequency or deadline to the standard.","es":""},"format":"CLASSIFICATION","categories":[{"id":"AUTH","text":{"fr":"","en":"The authorities (applicable regulation)","es":""}},{"id":"STD","text":{"fr":"","en":"IAS 34","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Does the exchange require a report every quarter?","es":""},"category":"AUTH"},{"id":"i2","text":{"fr":"","en":"Which statements are needed at a minimum in a condensed report?","es":""},"category":"STD"},{"id":"i3","text":{"fr":"","en":"Must the report be published within 45 days (local rule)?","es":""},"category":"AUTH"},{"id":"i4","text":{"fr":"","en":"On what principles are the half-year amounts recognised?","es":""},"category":"STD"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000003","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"IAS34_ENCOURAGEMENT_NOT_OBLIGATION","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-scope"},"references":["IAS 34 §1"],"exercise":{"prompt":{"fr":"","en":"Maralda SA, whose securities are traded on a public market, publishes annual accounts only. The statement mentions no local regulation on interim reports. Which conclusion is correct?","es":""},"explanation":{"fr":"","en":"The standard encourages without requiring; only a local rule could require publication, and the statement cites none (IAS 34).","es":""},"common_error":{"fr":"","en":"Reading \"encouraged\" as \"required\".","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The standard forbids it to publish an interim report without the authorities' prior approval","es":""},"correct":false,"feedback":{"fr":"","en":"The standard makes publication subject to no approval; it defines its content (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The standard requires it to publish a report as soon as the first half-year of each year ends","es":""},"correct":false,"feedback":{"fr":"","en":"This is an encouragement, not an obligation (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The standard says nothing about publication by a listed company","es":""},"correct":false,"feedback":{"fr":"","en":"The standard precisely encourages entities with publicly traded securities to publish (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The standard encourages it to publish at least at the end of the first half-year, without requiring it","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000004","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.COMPLIANCE_STATEMENT"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"MEDIA","tested_point":"IAS34_COMPLIANCE_WORDING","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-compliance"},"references":["IAS 34 §19"],"exercise":{"prompt":{"fr":"","en":"Lumiflux SA's condensed half-yearly report meets the IAS 34 minimum content. Spot the erroneous statements about its compliance statement.","es":""},"explanation":{"fr":"","en":"The IAS 34 statement is required; the IFRS one presupposes compliance with all their requirements (IAS 34, para. 19).","es":""},"common_error":{"fr":"","en":"Believing that \"complies with IAS 34\" and \"complies with IFRS\" are interchangeable.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"Lumiflux states that its report complies with IAS 34.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"Lumiflux describes its report as complying with IFRS, because it meets the IAS 34 minimum content.","es":""},"erroneous":true,"correction":{"fr":"","en":"A report is described as complying with IFRS only if it meets all their requirements (IAS 34, para. 19).","es":""}},{"id":"s3","text":{"fr":"","en":"Lumiflux may omit any statement, as compliance with IAS 34 can be inferred from the content.","es":""},"erroneous":true,"correction":{"fr":"","en":"An entity whose report complies with the standard states that fact (IAS 34, para. 19).","es":""}},{"id":"s4","text":{"fr":"","en":"A complete set meeting all IFRS requirements could be described as complying with IFRS.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000005","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE","IAS34.SCOPE.COMPLIANCE_STATEMENT"],"dimension":"APPLICATION","format":"MINI_CASE","context":"SOFTWARE","tested_point":"IAS34_SCOPE_AND_STATEMENT_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"example"},"references":["IAS 34 §19"],"exercise":{"prompt":{"fr":"","en":"Kodexa SA: publication and compliance statement.","es":""},"explanation":{"fr":"","en":"Publication: decided by regulation; statement: IAS 34 if the report complies, IFRS only if all their requirements are met (IAS 34, para. 19).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Kodexa SA, a software publisher, is listed on an exchange whose rules require a half-yearly report (case data). At 30 June it publishes a condensed set that meets the IAS 34 minimum content and drafts its basis-of-preparation note.","es":""},"parts":[{"prompt":{"fr":"","en":"Where does the obligation to publish a half-yearly report come from?","es":""},"explanation":{"fr":"","en":"The obligation comes from the applicable regulation, here the exchange rules (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"From IAS 34, which requires a half-yearly report from listed companies","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not require publication; it only encourages it (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"From IFRS applied to the annual accounts, which entail a half-yearly report","es":""},"correct":false,"feedback":{"fr":"","en":"Applying IFRS to the annual accounts creates no interim obligation (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"From the exchange rules, a case fact","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"From the auditor, at the time of the annual audit","es":""},"correct":false,"feedback":{"fr":"","en":"The audit does not create the obligation to publish (IAS 34).","es":""}}],"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"Which wording of the basis-of-preparation note is possible for Kodexa?","es":""},"explanation":{"fr":"","en":"The condensed report complies with IAS 34: the entity says so; \"complies with IFRS\" would require compliance with all their requirements (IAS 34, para. 19).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"\"Prepared in accordance with IFRS\"","es":""},"correct":false,"feedback":{"fr":"","en":"The condensed set does not provide all the information IFRS require (IAS 34, para. 19).","es":""}},{"id":"B","text":{"fr":"","en":"\"Prepared in accordance with stock exchange rules\"","es":""},"correct":false,"feedback":{"fr":"","en":"The IAS 34 statement is required when the report complies (IAS 34, para. 19).","es":""}},{"id":"C","text":{"fr":"","en":"\"Prepared in accordance with IAS 34\"","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"No wording: the report is presumed compliant","es":""},"correct":false,"feedback":{"fr":"","en":"The fact of compliance is stated (IAS 34, para. 19).","es":""}}],"id":"p2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"If Kodexa were unlisted and had no local obligation to publish, IAS 34 would forbid it from publishing an interim report.","es":""},"explanation":{"fr":"","en":"The standard forbids nothing: an entity may publish an interim report and, if it follows IAS 34, it says so (IAS 34).","es":""},"common_error":{"fr":"","en":"Reading a prohibition into IAS 34: the standard does not forbid publication; it sets the content of a report claiming compliance with it.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p3","dimension":"RULE_KNOWLEDGE"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000006","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.COMPLIANCE_STATEMENT"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_IFRS_STATEMENT_COMPLETE_SET","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS34.000001","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-compliance"},"references":["IAS 34 §19"],"exercise":{"prompt":{"fr":"","en":"An interim report that meets all the requirements of IFRS may be described as complying with IFRS.","es":""},"explanation":{"fr":"","en":"The statement \"complies with IFRS\" is reserved for the report that meets all their requirements (IAS 34, para. 19).","es":""},"common_error":{"fr":"","en":"Refusing the statement even for a complete report: it is allowed once all IFRS requirements are met.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000007","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.COMPLETE_OR_CONDENSED"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"PHARMA","tested_point":"IAS34_COMPLETE_SET_ALLOWED","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-sets"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Selvan SA, a pharmaceutical company, may publish a complete set of financial statements in its interim report instead of a condensed set.","es":""},"explanation":{"fr":"","en":"The interim report may comprise a complete set or a condensed set (IAS 34).","es":""},"common_error":{"fr":"","en":"Believing that only a condensed set is permitted.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000008","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.COMPLETE_OR_CONDENSED"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"IAS34_SET_CONSEQUENCES","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-sets"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Orvanne SA chooses to publish a complete set of financial statements in its half-yearly report. What must the form of that set follow?","es":""},"explanation":{"fr":"","en":"A complete interim set follows the presentation standard and all IFRS (IAS 34).","es":""},"common_error":{"fr":"","en":"Applying the condensed minimum content to a complete set.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Only the minimum content specific to a condensed report","es":""},"correct":false,"feedback":{"fr":"","en":"That minimum content applies to the condensed set, not to the complete set (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The local exchange rules, to the exclusion of IFRS","es":""},"correct":false,"feedback":{"fr":"","en":"Local rules may add to them, but the form of the complete set follows IFRS (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The presentation habits of the previous half-yearly report","es":""},"correct":false,"feedback":{"fr":"","en":"Habits do not replace the presentation standard (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The financial statement presentation standard and all IFRS","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000009","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"AUTOMOTIVE","tested_point":"IAS34_MIN_COMPONENTS_SELECT","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"A car manufacturer publishes a condensed half-yearly report. Which components cannot be omitted? Several answers are correct.","es":""},"explanation":{"fr":"","en":"The minimum comprises four condensed statements (financial position, comprehensive income, changes in equity, cash flows) and selected notes (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Retaining only the balance sheet and the income statement.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The condensed statement of cash flows","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The sustainability report of the year","es":""},"correct":false,"feedback":{"fr":"","en":"A sustainability report is not a minimum component (IAS 34, para. 8).","es":""}},{"id":"C","text":{"fr":"","en":"The condensed statement of changes in equity","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Selected explanatory notes","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"A sales dashboard by vehicle model","es":""},"correct":false,"feedback":{"fr":"","en":"A sales dashboard is not a minimum component (IAS 34, para. 8).","es":""}},{"id":"F","text":{"fr":"","en":"The condensed statement of financial position","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000010","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"GENERIC","tested_point":"IAS34_MIN_COMPONENTS_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Classify each item: minimum component of a condensed interim report, or not.","es":""},"explanation":{"fr":"","en":"The four condensed statements and the selected notes form the minimum; a budget or forecast plan is not part of it (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Confusing financial statements with forecast documents.","es":""},"format":"CLASSIFICATION","categories":[{"id":"MIN","text":{"fr":"","en":"Minimum component","es":""}},{"id":"NOT","text":{"fr":"","en":"Not a minimum component","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Condensed statement of cash flows","es":""},"category":"MIN"},{"id":"i2","text":{"fr":"","en":"Condensed statement of changes in equity","es":""},"category":"MIN"},{"id":"i3","text":{"fr":"","en":"Next year's annual budget","es":""},"category":"NOT"},{"id":"i4","text":{"fr":"","en":"Selected explanatory notes","es":""},"category":"MIN"},{"id":"i5","text":{"fr":"","en":"Multi-year financing plan","es":""},"category":"NOT"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000011","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"TELECOM","tested_point":"IAS34_MISSING_COMPONENT_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Teldor SA: is the half-yearly report complete?","es":""},"explanation":{"fr":"","en":"Each minimum component counts (IAS 34, para. 8); the report updates the latest annual accounts.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Teldor SA publishes at 30 June a condensed half-yearly report made up of: a condensed statement of financial position, a condensed statement of comprehensive income, a condensed statement of cash flows and two pages of selected notes.","es":""},"parts":[{"prompt":{"fr":"","en":"Which minimum component is missing?","es":""},"explanation":{"fr":"","en":"The condensed statement of changes in equity is missing (IAS 34, para. 8).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The condensed statement of changes in equity","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The half-yearly management report","es":""},"correct":false,"feedback":{"fr":"","en":"The management report is not part of the minimum (IAS 34, para. 8).","es":""}},{"id":"C","text":{"fr":"","en":"The condensed statement of cash flows of the half-year","es":""},"correct":false,"feedback":{"fr":"","en":"It is present in Teldor's report.","es":""}},{"id":"D","text":{"fr":"","en":"The forecast year-end balance sheet","es":""},"correct":false,"feedback":{"fr":"","en":"A forecast balance sheet is not a component of the minimum (IAS 34, para. 8).","es":""}}],"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"Teldor's report may be published as it stands, because four documents are present.","es":""},"explanation":{"fr":"","en":"What matters is not the number of documents but the presence of each minimum component; one is missing (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Counting documents: what counts is the presence of each minimum component, and one is missing.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p2","dimension":"RULE_KNOWLEDGE"},{"prompt":{"fr":"","en":"What does this condensed report update?","es":""},"explanation":{"fr":"","en":"The interim report updates the latest complete set of annual statements (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The latest budget approved by the board","es":""},"correct":false,"feedback":{"fr":"","en":"A budget is not a financial statement being updated (IAS 34, para. 8).","es":""}},{"id":"B","text":{"fr":"","en":"The latest half-yearly report of the closest competitor","es":""},"correct":false,"feedback":{"fr":"","en":"The update concerns the entity's own statements (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The latest complete set of annual financial statements","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The three-year strategic plan","es":""},"correct":false,"feedback":{"fr":"","en":"A strategic plan is not a set of financial statements (IAS 34, para. 8).","es":""}}],"id":"p3","dimension":"APPLICATION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000012","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.CONDENSED_HEADINGS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"RETAIL","tested_point":"IAS34_CONDENSED_HEADINGS_ERRORS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-headings"},"references":["IAS 34 §10"],"exercise":{"prompt":{"fr":"","en":"Pelmor SA's annual statements present \"Gross profit\", \"Inventories\" and \"Trade receivables\". Spot the erroneous statements about its condensed statement.","es":""},"explanation":{"fr":"","en":"Annual headings and subtotals = minimum; lines are added if omitting them would be misleading (IAS 34, para. 10).","es":""},"common_error":{"fr":"","en":"Condensing by merging or deleting headings.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The condensed statement may merge \"Inventories\" and \"Trade receivables\" to save space.","es":""},"erroneous":true,"correction":{"fr":"","en":"Each heading of the latest annual statements appears at a minimum in the condensed statement (IAS 34, para. 10).","es":""}},{"id":"s2","text":{"fr":"","en":"The condensed statement presents the \"Gross profit\" subtotal like the annual statements.","es":""},"erroneous":false},{"id":"s3","text":{"fr":"","en":"As the \"Gross profit\" subtotal is small, Pelmor may delete it.","es":""},"erroneous":true,"correction":{"fr":"","en":"A small amount does not excuse omitting a subtotal of the latest annual statements (IAS 34, para. 10).","es":""}},{"id":"s4","text":{"fr":"","en":"Pelmor adds a line if omitting it would make the statement misleading.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000013","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.CONDENSED_HEADINGS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"ENERGY","tested_point":"IAS34_ADDITIONAL_LINE_JUDGMENT","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-headings"},"references":["IAS 34 §10"],"exercise":{"prompt":{"fr":"","en":"In the half-year, Aurelis Énergie classified a power plant of an amount significant for the report as assets held for sale; the annual statements had no such line. What does the condensed statement of financial position do?","es":""},"explanation":{"fr":"","en":"Additional lines are added if their omission would make the statements misleading (IAS 34, para. 10).","es":""},"common_error":{"fr":"","en":"Treating the annual headings as a ceiling.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It sticks to the headings of the annual statements only","es":""},"correct":false,"feedback":{"fr":"","en":"Annual headings are a minimum: lines are added if omitting them is misleading (IAS 34, para. 10).","es":""}},{"id":"B","text":{"fr":"","en":"It adds a line, because omitting it would make the statement misleading","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"It includes the plant in property, plant and equipment without mention","es":""},"correct":false,"feedback":{"fr":"","en":"A new significant item is not blended into an existing line without mention when this misleads (IAS 34, para. 10).","es":""}},{"id":"D","text":{"fr":"","en":"It defers the matter to next year's annual notes","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report must itself avoid being misleading (IAS 34, para. 10).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000014","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EARNINGS_PER_SHARE"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_EPS_PRESENTATION_CASE","difficulty":"INTERMEDIATE","estimated_time_s":30,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-eps"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"Nordane SA, listed and within IAS 33, publishes a condensed quarterly report with no earnings per share, because its shareholders mainly look at net profit. This choice is compatible with IAS 34.","es":""},"explanation":{"fr":"","en":"The assumed interest of shareholders is not a criterion: an entity within IAS 33 presents basic and diluted earnings per share for the interim period (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Omitting EPS based on shareholders' presumed interest: an entity within IAS 33 presents it.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000015","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EARNINGS_PER_SHARE"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"IAS34_EPS_SCOPE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-eps"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"Two entities publish a condensed half-yearly report: Valdis SA, listed and within IAS 33, and Carmen SARL, unlisted and outside IAS 33. Which one presents earnings per share in the interim statement presenting profit or loss?","es":""},"explanation":{"fr":"","en":"The requirement targets the entity within IAS 33 (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Linking earnings per share to the condensed or annual nature.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Carmen only","es":""},"correct":false,"feedback":{"fr":"","en":"Carmen is outside IAS 33: the requirement does not concern it (IAS 34, para. 11).","es":""}},{"id":"B","text":{"fr":"","en":"Both, since entities that publish a condensed report do so","es":""},"correct":false,"feedback":{"fr":"","en":"The requirement depends on the scope of IAS 33, not on the condensed nature (IAS 34, para. 11).","es":""}},{"id":"C","text":{"fr":"","en":"Neither: earnings per share is reserved for annual accounts","es":""},"correct":false,"feedback":{"fr":"","en":"Earnings per share for the interim period are presented when IAS 33 applies (IAS 34, para. 11).","es":""}},{"id":"D","text":{"fr":"","en":"Valdis only","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000016","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.COMPLETE_OR_CONDENSED","IAS34.CONTENT.CONDENSED_HEADINGS"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"SOFTWARE","tested_point":"IAS34_SET_AND_FLOOR_FILL","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS34.000002","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-sets"},"references":["IAS 34 §8","IAS 34 §10"],"exercise":{"prompt":{"fr":"","en":"Complete the sentence.","es":""},"explanation":{"fr":"","en":"The reference headings and subtotals are those of the latest annual statements; lines are added if omitting them would be misleading (IAS 34, para. 10).","es":""},"common_error":{"fr":"","en":"Using the previous interim report as reference or removing lines: the last annual statements are followed and lines are added if omitting them would mislead.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"For the headings and subtotals of a condensed statement, Solvia SA refers to the latest {{ref}} statements; it {{plus}} lines if omitting them would make the statement misleading.","es":""},"blanks":[{"id":"ref","mode":"CHOICE","choices":[{"id":"ANNUAL","text":{"fr":"","en":"annual","es":""}},{"id":"INTERIM","text":{"fr":"","en":"interim of last year","es":""}},{"id":"BUDGET","text":{"fr":"","en":"budget","es":""}}],"answer":"ANNUAL"},{"id":"plus","mode":"CHOICE","choices":[{"id":"ADDS","text":{"fr":"","en":"adds","es":""}},{"id":"REMOVES","text":{"fr":"","en":"removes","es":""}}],"answer":"ADDS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000017","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"ENERGY","tested_point":"IAS34_NOTES_NOT_COPIED","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"Aurelis Énergie's half-yearly report repeats all the notes to its annual accounts in order to comply.","es":""},"explanation":{"fr":"","en":"The annual notes are not all repeated; the report explains what is significant since the annual closing (IAS 34).","es":""},"common_error":{"fr":"","en":"Believing that compliance requires repeating everything.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000018","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"MANUFACTURING","tested_point":"IAS34_NOTES_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"For Vaterra SA's half-yearly report, classify each item: to explain in the notes or not to repeat.","es":""},"explanation":{"fr":"","en":"The notes explain the significant events since the annual closing; what has not changed need not be repeated (IAS 34).","es":""},"common_error":{"fr":"","en":"Repeating unchanged information at the expense of the new items.","es":""},"format":"CLASSIFICATION","categories":[{"id":"EXPLAIN","text":{"fr":"","en":"To explain in the notes","es":""}},{"id":"SKIP","text":{"fr":"","en":"Not to repeat","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Significant impairment loss recognised in the half-year","es":""},"category":"EXPLAIN"},{"id":"i2","text":{"fr":"","en":"Description of an unchanged accounting policy, already given in the annual report","es":""},"category":"SKIP"},{"id":"i3","text":{"fr":"","en":"Acquisition of a plant, significant for the group, in the half-year","es":""},"category":"EXPLAIN"},{"id":"i4","text":{"fr":"","en":"List of subsidiaries, unchanged since the annual closing","es":""},"category":"SKIP"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000019","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.SIGNIFICANT_EVENTS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"LOGISTICS","tested_point":"IAS34_EVENT_LIST_ERRORS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-events"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the list of events and transactions the standard proposes for the notes of an interim report.","es":""},"explanation":{"fr":"","en":"Non-exhaustive list, conditional on significance (IAS 34).","es":""},"common_error":{"fr":"","en":"Reading the list as a ceiling or as an automatic obligation.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The list is exhaustive: only the events in it can be explained.","es":""},"erroneous":true,"correction":{"fr":"","en":"The list is non-exhaustive: an event outside the list is explained if it is significant (IAS 34).","es":""}},{"id":"s2","text":{"fr":"","en":"A significant litigation settlement is among the examples to mention.","es":""},"erroneous":false},{"id":"s3","text":{"fr":"","en":"Every example on the list must be mentioned, whatever its amount.","es":""},"erroneous":true,"correction":{"fr":"","en":"An example is mentioned only if it is significant to understand the changes since the last annual report (IAS 34).","es":""}},{"id":"s4","text":{"fr":"","en":"Transfers between levels of the fair value hierarchy may have to be mentioned.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000020","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EXPLANATORY_NOTES","IAS34.CONTENT.SIGNIFICANT_EVENTS"],"dimension":"APPLICATION","format":"MINI_CASE","context":"FOOD","tested_point":"IAS34_EVENTS_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":210,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"example"},"references":["IAS 34 §15","IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"Dorvane SA: what to mention in the notes of the half-year?","es":""},"explanation":{"fr":"","en":"What matters: significance to understand the changes since the annual closing, not presence on the list (IAS 34).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Dorvane SA, a food group, prepares its notes at 30 June N. Half-year facts: (a) an impairment loss of €900,000 on a plant, which management judges significant to understand the change in profit; (b) a supplier litigation settled for €40,000, judged not significant against half-year profit of €3,000,000; (c) list of subsidiaries unchanged since the annual closing; (d) a related-party transaction involving the purchase of land, judged significant by management.","es":""},"parts":[{"prompt":{"fr":"","en":"Which facts are explained in the notes? Several answers are correct.","es":""},"explanation":{"fr":"","en":"The facts significant since the annual closing are explained: (a) and (d); (b) is not significant and (c) is unchanged (IAS 34).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The unchanged list of subsidiaries (c)","es":""},"correct":false,"feedback":{"fr":"","en":"Information unchanged since the annual report is not repeated (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The supplier litigation settlement (b), judged not significant","es":""},"correct":false,"feedback":{"fr":"","en":"A settlement that is not significant need not be explained (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The impairment loss on the plant (a)","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The related-party transaction (d)","es":""},"correct":true}],"id":"p1","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"The impairment loss (a) is mentioned because it is on the list: its significance need not be assessed.","es":""},"explanation":{"fr":"","en":"An example from the list is mentioned only if it is significant (IAS 34).","es":""},"common_error":{"fr":"","en":"Disclosing a listed example without assessing its significance: it is only disclosed if significant.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p2","dimension":"RULE_KNOWLEDGE"},{"prompt":{"fr":"","en":"Dorvane notes a significant event with no equivalent in the list of examples. What does it do?","es":""},"explanation":{"fr":"","en":"The list is non-exhaustive: a significant event outside the list is explained (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It explains it, because the list is not exhaustive","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It omits it, for lack of a matching line in the list","es":""},"correct":false,"feedback":{"fr":"","en":"The list is not a ceiling (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"It asks the IASB for approval to mention it","es":""},"correct":false,"feedback":{"fr":"","en":"No approval is needed to explain a significant event (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"It adds it only to the annual report","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report explains what is significant since the annual closing (IAS 34).","es":""}}],"id":"p3","dimension":"ANALYSIS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000021","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"PHARMA","tested_point":"IAS34_NOTES_PURPOSE","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"What is the function of the note describing a significant acquisition made in the half-year?","es":""},"explanation":{"fr":"","en":"The notes explain the changes in financial position and performance since the end of the last annual period (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Replace the annual notes of the previous year","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report updates; it does not replace (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Justify the publication of the report to the market authority","es":""},"correct":false,"feedback":{"fr":"","en":"The note explains the changes for the reader; it does not justify publication (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Explain a change in financial position since the last annual closing","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Announce the acquisitions planned for next year","es":""},"correct":false,"feedback":{"fr":"","en":"The notes concern past events, not plans (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000022","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.ADDITIONAL_DISCLOSURES"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"MINING","tested_point":"IAS34_FURTHER_DISCLOSURES_SELECT","difficulty":"ADVANCED","estimated_time_s":90,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-additional"},"references":["IAS 34 §16A"],"exercise":{"prompt":{"fr":"","en":"Which pieces of information are among the further minimum disclosures of an interim report? Several answers are correct.","es":""},"explanation":{"fr":"","en":"Seasonality, dividends and subsequent events are in the list; a five-year plan or individual pay are not (IAS 34).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A detailed investment plan for the next five years","es":""},"correct":false,"feedback":{"fr":"","en":"A forecast plan is not part of this list (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Events after the interim period","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Dividends paid during the period","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Comments on the seasonality of operations","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"The individual pay of each executive","es":""},"correct":false,"feedback":{"fr":"","en":"This information is not in the list of further minimum disclosures (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000023","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.ADDITIONAL_DISCLOSURES"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"IAS34_FURTHER_DISCLOSURES_PLACE","difficulty":"ADVANCED","estimated_time_s":90,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-additional"},"references":["IAS 34 §16A"],"exercise":{"prompt":{"fr":"","en":"A media group must give a further minimum disclosure (for example on seasonality). Where may it place it?","es":""},"explanation":{"fr":"","en":"The further disclosures appear in the notes or in another document available on the same terms (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In the notes, with no other place possible","es":""},"correct":false,"feedback":{"fr":"","en":"The standard also allows another document available on the same terms (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"In a document reserved for directors, published later","es":""},"correct":false,"feedback":{"fr":"","en":"A reserved document is not available on the same terms (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"In the notes or in another document available on the same terms","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Nowhere, if the information seems obvious to the reader","es":""},"correct":false,"feedback":{"fr":"","en":"The list is a minimum to be given, not an option depending on obviousness (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000024","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.SIGNIFICANT_EVENTS"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"MINING","tested_point":"IAS34_LITIGATION_EXAMPLE_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-events"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"The settlement of a significant litigation during the half-year is an example of an event to explain in the notes of the interim report.","es":""},"explanation":{"fr":"","en":"The settlement of litigation is among the examples on the list, to be mentioned if significant (IAS 34).","es":""},"common_error":{"fr":"","en":"Excluding the settlement of a dispute from the interim notes: it is a listed example, to be disclosed if significant.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000025","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.ADDITIONAL_DISCLOSURES"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"TOURISM","tested_point":"IAS34_SEASONALITY_COMMENT_TF","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS34.000003","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-additional"},"references":["IAS 34 §16A"],"exercise":{"prompt":{"fr":"","en":"Comments on the seasonality or cyclicality of operations are among the further minimum disclosures of an interim report.","es":""},"explanation":{"fr":"","en":"Seasonality appears in the list of further disclosures (IAS 34).","es":""},"common_error":{"fr":"","en":"Leaving seasonality to the management report: it is part of the minimum explanatory notes.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000026","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"RETAIL","tested_point":"IAS34_BALANCE_SHEET_COMPARATIVE_DATE","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-position"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"The balance sheet of an interim report at 30 June N is compared with that of 30 June N-1.","es":""},"explanation":{"fr":"","en":"The balance sheet comparative is the end of the preceding annual year (IAS 34).","es":""},"common_error":{"fr":"","en":"Comparing two half-year dates instead of the annual closing.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000027","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"ENERGY","tested_point":"IAS34_BALANCE_SHEET_Q3","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-position"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"A company with a calendar year publishes its third-quarter report at 30 September N. Which comparative column does its balance sheet contain?","es":""},"explanation":{"fr":"","en":"The comparative date of the balance sheet is always the end of the preceding annual year (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"30 September N-1, one year earlier","es":""},"correct":false,"feedback":{"fr":"","en":"The balance sheet is compared with the previous year's closing, not the same date last year (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"30 June N, the end of the previous quarter","es":""},"correct":false,"feedback":{"fr":"","en":"The previous quarter is not the comparative provided for (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"No comparative column: only the current amount is presented","es":""},"correct":false,"feedback":{"fr":"","en":"A comparative is presented (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"31 December N-1","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000028","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"TELECOM","tested_point":"IAS34_PL_PERIODS_FILL","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Complete the sentence.","es":""},"explanation":{"fr":"","en":"The year to date at the end of June covers six months and each horizon is compared with the corresponding period of the previous year (IAS 34).","es":""},"common_error":{"fr":"","en":"Comparing with the last full year: each horizon, quarter and six-month year to date, is compared with the corresponding period of N-1.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"Telvane's quarterly report at 30 June presents the statement of comprehensive income for the quarter and for the {{n}}-month year to date, each compared with the {{comp}} period of the previous year.","es":""},"blanks":[{"id":"n","mode":"NUMBER","answer":6,"tolerance":0},{"id":"comp","mode":"CHOICE","choices":[{"id":"CORR","text":{"fr":"","en":"corresponding","es":""}},{"id":"FULL","text":{"fr":"","en":"whole-year","es":""}},{"id":"NEXT","text":{"fr":"","en":"following","es":""}}],"answer":"CORR"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000029","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"CALCULATION","format":"CALCULATION","context":"LOGISTICS","tested_point":"IAS34_QUARTER_FROM_YTD","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"numeric-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Tesvia SA publishes its report at 30 September N. Cumulative revenue: €2,150,000 at end September, €1,400,000 at end June. Revenue of the earlier quarters: €600,000 (Q1) and €800,000 (Q2). Calculate third-quarter revenue, then recompute the cumulative figure at end September from the quarters.","es":""},"explanation":{"fr":"","en":"2,150,000 - 1,400,000 = €750,000; 600,000 + 800,000 + 750,000 = €2,150,000.","es":""},"common_error":{"fr":"","en":"Presenting the year to date instead of the quarter.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Year to date at end September","es":""},"value":"2150000","unit":"EUR"},{"label":{"fr":"","en":"Year to date at end June","es":""},"value":"1400000","unit":"EUR"},{"label":{"fr":"","en":"First quarter","es":""},"value":"600000","unit":"EUR"},{"label":{"fr":"","en":"Second quarter","es":""},"value":"800000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Third-quarter revenue","es":""},"answer":750000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Year to date at end September recomputed from the quarters","es":""},"answer":2150000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Third-quarter revenue","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year to date at end September","es":""},"value":2150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Year to date at end June","es":""},"value":1400000,"unit":"EUR"}],"result":750000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Year to date at end September recomputed from the quarters","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"First quarter","es":""},"value":600000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Second quarter","es":""},"value":800000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Third-quarter revenue","es":""},"value":750000,"unit":"EUR"}],"result":2150000,"unit":"EUR"}],"references":["REF.IAS34.20"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000030","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION","IAS34.PERIODS.PROFIT_OR_LOSS","IAS34.PERIODS.EQUITY_AND_CASH_FLOWS"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"GENERIC","tested_point":"IAS34_STATEMENT_HORIZONS","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"example"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Classify each interim statement according to the horizon it presents.","es":""},"explanation":{"fr":"","en":"The balance sheet is a moment compared with the annual closing; comprehensive income has two horizons; equity and cash flows are on the year to date (IAS 34).","es":""},"common_error":{"fr":"","en":"Applying the same horizon to every statement.","es":""},"format":"CLASSIFICATION","categories":[{"id":"END","text":{"fr":"","en":"End of period, compared with the end of the previous year","es":""}},{"id":"BOTH","text":{"fr":"","en":"Period and year to date, each with its comparative","es":""}},{"id":"YTD","text":{"fr":"","en":"Year to date only","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Statement of financial position","es":""},"category":"END"},{"id":"i2","text":{"fr":"","en":"Statement of comprehensive income","es":""},"category":"BOTH"},{"id":"i3","text":{"fr":"","en":"Statement of changes in equity","es":""},"category":"YTD"},{"id":"i4","text":{"fr":"","en":"Statement of cash flows","es":""},"category":"YTD"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000031","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.EQUITY_AND_CASH_FLOWS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"AUTOMOTIVE","tested_point":"IAS34_CASH_FLOWS_YTD_ERRORS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-equity-cash"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Motrex SA's report at 30 September N includes a statement of cash flows. Spot the erroneous statements.","es":""},"explanation":{"fr":"","en":"Equity and cash flows: year to date and corresponding year to date of the previous year (IAS 34).","es":""},"common_error":{"fr":"","en":"Presenting the cash flows of the quarter alone.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"It covers the year to date from 1 January to 30 September N.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"It presents only the flows from July to September N.","es":""},"erroneous":true,"correction":{"fr":"","en":"Cash flows are presented on the year to date (IAS 34).","es":""}},{"id":"s3","text":{"fr":"","en":"Its comparative is the whole of the N-1 year.","es":""},"erroneous":true,"correction":{"fr":"","en":"The comparative is the corresponding cumulative period of the previous year, i.e. January-September N-1 (IAS 34).","es":""}},{"id":"s4","text":{"fr":"","en":"The statement of changes in equity follows the same year-to-date horizon.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000032","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION","IAS34.PERIODS.PROFIT_OR_LOSS","IAS34.PERIODS.EQUITY_AND_CASH_FLOWS"],"dimension":"APPLICATION","format":"MINI_CASE","context":"RETAIL","tested_point":"IAS34_Q2_REPORT_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":240,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"example"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Calvia SA: the second-quarter report","es":""},"explanation":{"fr":"","en":"Each statement has its horizon: moment, period and year to date, or year to date (IAS 34).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Calvia SA closes its year on 31 December. It prepares its quarterly report at 30 June N. Revenue (in €): Q1 N 410,000, 6-month year to date N 940,000. Operating cash flow: €60,000 in Q1 N, €140,000 over six months.","es":""},"parts":[{"prompt":{"fr":"","en":"Which comparative goes with the balance sheet at 30 June N?","es":""},"explanation":{"fr":"","en":"The interim balance sheet is compared with the end of the previous year (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The balance sheet at 31 December N-1","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The balance sheet at 30 June N-1, the comparable date of the previous year","es":""},"correct":false,"feedback":{"fr":"","en":"The comparative is the closing of the previous year (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The balance sheet at 31 March N","es":""},"correct":false,"feedback":{"fr":"","en":"The previous quarter is not the comparative (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The condensed report does not present a comparative balance sheet","es":""},"correct":false,"feedback":{"fr":"","en":"A comparative is presented (IAS 34).","es":""}}],"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"Calculate second-quarter N revenue and the cash flow of the second quarter alone (optional additional information).","es":""},"explanation":{"fr":"","en":"940,000 - 410,000 = €530,000; 140,000 - 60,000 = €80,000.","es":""},"common_error":{"fr":"","en":"Presenting the six-month figure as the quarter's: Q1 is deducted from the cumulative amount.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"6-month year to date","es":""},"value":"940000","unit":"EUR"},{"label":{"fr":"","en":"First quarter","es":""},"value":"410000","unit":"EUR"},{"label":{"fr":"","en":"Operating cash flow over six months","es":""},"value":"140000","unit":"EUR"},{"label":{"fr":"","en":"First-quarter operating cash flow","es":""},"value":"60000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Q2 revenue","es":""},"answer":530000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Q2 operating cash flow alone","es":""},"answer":80000,"tolerance":0,"unit":"EUR"}],"id":"p2","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Q2 revenue","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"6-month year to date","es":""},"value":940000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"First quarter","es":""},"value":410000,"unit":"EUR"}],"result":530000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Q2 operating cash flow alone","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Operating cash flow over six months","es":""},"value":140000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"First-quarter operating cash flow","es":""},"value":60000,"unit":"EUR"}],"result":80000,"unit":"EUR"}],"references":["REF.IAS34.20"]}},{"prompt":{"fr":"","en":"Which cash flow column does the standard require in this report?","es":""},"explanation":{"fr":"","en":"Cash flows are presented on the year to date with the corresponding year to date of the previous year (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The second quarter N alone and the second quarter N-1 alone","es":""},"correct":false,"feedback":{"fr":"","en":"The quarter alone is not the horizon required for cash flows (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The six-month year to date N and the whole of N-1","es":""},"correct":false,"feedback":{"fr":"","en":"The comparative is the corresponding cumulative period of N-1, i.e. six months (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The six-month year to date N and the six-month year to date N-1","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The six-month year to date N without a comparative","es":""},"correct":false,"feedback":{"fr":"","en":"A comparative for the corresponding cumulative period is presented (IAS 34).","es":""}}],"id":"p3","dimension":"RULE_KNOWLEDGE"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000033","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"MEDIA","tested_point":"IAS34_PL_TWO_HORIZONS_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000004","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"The quarterly report at 30 September presents the statement of comprehensive income for the third quarter and for the nine-month year to date, each with its comparative.","es":""},"explanation":{"fr":"","en":"The interim statement of comprehensive income presents the period and the year to date, each with its comparative (IAS 34).","es":""},"common_error":{"fr":"","en":"Presenting only the quarter or only the year to date: the interim statement of comprehensive income presents both, each with its comparative.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000034","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.MATERIALITY"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_MATERIALITY_BASE_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000005","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"rule-materiality"},"references":["IAS 34 §23"],"exercise":{"prompt":{"fr":"","en":"To decide whether an error is significant in a half-yearly report, it is compared with the forecast annual profit.","es":""},"explanation":{"fr":"","en":"Significance is assessed against the data of the interim period, not annual forecasts (IAS 34).","es":""},"common_error":{"fr":"","en":"Taking the annual base out of habit.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000035","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.MATERIALITY"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"TOURISM","tested_point":"IAS34_MATERIALITY_BASE_CASE","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000005","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"example"},"references":["IAS 34 §23"],"exercise":{"prompt":{"fr":"","en":"Voyalis SA has a half-year profit of €800,000 and a forecast annual profit of €3,200,000. It discovers an error of €64,000. Which comparison matches the standard?","es":""},"explanation":{"fr":"","en":"The base is the half-year profit: 64,000 / 800,000 = 8%; concluding \"significant\" remains a judgement (IAS 34).","es":""},"common_error":{"fr":"","en":"Choosing the annual base because it gives a lower percentage.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"€64,000 against €3,200,000, i.e. 2%, because performance is judged annually","es":""},"correct":false,"feedback":{"fr":"","en":"The base is the interim period, not the annual forecast (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"€64,000 against €800,000, i.e. 8%","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"€64,000 against last year's balance sheet total","es":""},"correct":false,"feedback":{"fr":"","en":"Last year's balance sheet total is not the base provided for (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"No comparison: an error is significant as soon as it is found","es":""},"correct":false,"feedback":{"fr":"","en":"Errors are also assessed according to their significance against the period (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000036","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINAL_INTERIM_ESTIMATE_CHANGE"],"dimension":"CALCULATION","format":"CALCULATION","context":"AUTOMOTIVE","tested_point":"IAS34_FINAL_INTERIM_EFFECT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000005","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"numeric-final"},"references":["IAS 34 §26"],"exercise":{"prompt":{"fr":"","en":"A warranty provision, estimated at €480,000 for the year, was recognised for €150,000 (Q1), €90,000 (Q2) and €110,000 (Q3). In the fourth quarter, the annual amount is revised to €500,000. Calculate the total already recognised, the fourth-quarter charge, then the effect of the change in estimate.","es":""},"explanation":{"fr":"","en":"150,000 + 90,000 + 110,000 = €350,000; fourth-quarter charge = 500,000 - 350,000 = €150,000; effect of the change in estimate = 500,000 - 480,000 = €20,000, included in that charge (€130,000 ordinary share + €20,000).","es":""},"common_error":{"fr":"","en":"Taking the fourth-quarter charge as the effect of the change in estimate.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"First quarter","es":""},"value":"150000","unit":"EUR"},{"label":{"fr":"","en":"Second quarter","es":""},"value":"90000","unit":"EUR"},{"label":{"fr":"","en":"Third quarter","es":""},"value":"110000","unit":"EUR"},{"label":{"fr":"","en":"Initial annual estimate","es":""},"value":"480000","unit":"EUR"},{"label":{"fr":"","en":"Revised annual amount","es":""},"value":"500000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Total recognised in the first three quarters","es":""},"answer":350000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Fourth-quarter charge","es":""},"answer":150000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Effect of the change in estimate","es":""},"answer":20000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Total recognised in the first three quarters","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"First quarter","es":""},"value":150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Second quarter","es":""},"value":90000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Third quarter","es":""},"value":110000,"unit":"EUR"}],"result":350000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Fourth-quarter charge","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Revised annual amount","es":""},"value":500000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Total recognised in the first three quarters","es":""},"value":350000,"unit":"EUR"}],"result":150000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Effect of the change in estimate","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Revised annual amount","es":""},"value":500000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Initial annual estimate","es":""},"value":480000,"unit":"EUR"}],"result":20000,"unit":"EUR"}],"references":["REF.IAS34.26"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000037","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINAL_INTERIM_ESTIMATE_CHANGE"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"IAS34_FINAL_INTERIM_WHERE","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000005","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"rule-final"},"references":["IAS 34 §26"],"exercise":{"prompt":{"fr":"","en":"A media group significantly revises in the last quarter an estimate made in the previous quarters. No separate report is published for the last quarter. Where are the nature and amount of the change disclosed?","es":""},"explanation":{"fr":"","en":"With no separate report for the last interim period, disclosure is made in a note to the annual statements (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In a separate last-quarter report, made mandatory by IAS 34","es":""},"correct":false,"feedback":{"fr":"","en":"The condition precisely concerns the absence of a separate report (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"In a note to the year's annual statements","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"In the first-quarter interim report of the following year","es":""},"correct":false,"feedback":{"fr":"","en":"The change is disclosed in the annual statements of the year concerned (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Nowhere: a revised estimate need not be commented on","es":""},"correct":false,"feedback":{"fr":"","en":"A significant change must be disclosed (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000038","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.MATERIALITY","IAS34.PERIODS.FINAL_INTERIM_ESTIMATE_CHANGE"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"AGRICULTURE","tested_point":"IAS34_MATERIALITY_AND_FINAL_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":240,"lesson_id":"LS.IAS34.000005","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"example"},"references":["IAS 34 §23","IAS 34 §26"],"exercise":{"prompt":{"fr":"","en":"Tavrel SA: materiality and a revised estimate","es":""},"explanation":{"fr":"","en":"Two rules, two bases: the period for the threshold, the previous estimate of the same item for the effect of the change (IAS 34).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Tavrel SA, an agricultural cooperative, has a half-year profit of €800,000 and forecasts an annual profit of €2,400,000. In the half-year it finds an error of €60,000. Separately, a provision for year-end discounts, estimated at €320,000 for the year and recognised at €240,000 over three quarters, is revised in the fourth quarter to €330,000; no separate report is published for that quarter.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate the weight of the error as a percentage of half-year profit (the IAS 34 base), then the effect of the change in estimate of the provision, recognised in the fourth quarter.","es":""},"explanation":{"fr":"","en":"60,000 / 800,000 = 7.5%; effect of the change in estimate = 330,000 - 320,000 = €10,000 (the fourth-quarter charge, 330,000 - 240,000 = €90,000, also includes €80,000 of ordinary share).","es":""},"common_error":{"fr":"","en":"Measuring the error against expected annual profit or taking the quarter's charge as the effect of the change in estimate.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Error","es":""},"value":"60000","unit":"EUR"},{"label":{"fr":"","en":"Half-year profit","es":""},"value":"800000","unit":"EUR"},{"label":{"fr":"","en":"Provision recognised over three quarters","es":""},"value":"240000","unit":"EUR"},{"label":{"fr":"","en":"Initial annual estimate","es":""},"value":"320000","unit":"EUR"},{"label":{"fr":"","en":"Revised annual amount","es":""},"value":"330000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Weight of the error (% of half-year profit)","es":""},"answer":7.5,"tolerance":0,"unit":"PERCENT"},{"id":"s2","label":{"fr":"","en":"Effect of the change in estimate","es":""},"answer":10000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Weight of the error (% of half-year profit)","es":""},"expression":"a / b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Error","es":""},"value":60000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Half-year profit","es":""},"value":800000,"unit":"EUR"}],"result":7.5,"unit":"PERCENT"},{"step":"s2","meaning":{"fr":"","en":"Effect of the change in estimate","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Revised annual amount","es":""},"value":330000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Initial annual estimate","es":""},"value":320000,"unit":"EUR"}],"result":10000,"unit":"EUR"}],"references":["REF.IAS34.23","REF.IAS34.26"]}},{"prompt":{"fr":"","en":"The same error amount would weigh 2.5% of forecast annual profit: this is enough to conclude that it is not significant in the half-yearly report.","es":""},"explanation":{"fr":"","en":"The base is the interim period: the weight on forecast annual profit does not settle it (IAS 34).","es":""},"common_error":{"fr":"","en":"Judging materiality against annual profit: the basis is the interim period.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"How does Tavrel treat the provision revision, if it is significant?","es":""},"explanation":{"fr":"","en":"With no separate report, the significant change is explained in a note to the annual statements (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It publishes a separate fourth-quarter report to explain it","es":""},"correct":false,"feedback":{"fr":"","en":"The case assumes no separate report (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"It restates the reports of the first three quarters","es":""},"correct":false,"feedback":{"fr":"","en":"The effect is recognised in the last quarter, without restating published reports (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"It does not disclose it, the revision being an internal management matter","es":""},"correct":false,"feedback":{"fr":"","en":"A significant change in estimate is disclosed (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"It discloses its nature and amount in a note to the annual statements","es":""},"correct":true}],"id":"p3","dimension":"APPLICATION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000039","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_POLICIES"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"RETAIL","tested_point":"IAS34_SAME_POLICIES_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-policies"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"An entity's interim report applies the same accounting policies as its latest annual statements, except for changes made since.","es":""},"explanation":{"fr":"","en":"Same policies as the annual ones; the exception concerns changes made after the latest annual statements (IAS 34, para. 28).","es":""},"common_error":{"fr":"","en":"Applying new policies in the interim report with no change having occurred: the policies of the last annual statements are used.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000040","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_POLICIES"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"IAS34_SIMPLIFIED_POLICY","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-policies"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"In its quarterly report, Vexor SA measures its inventories at weighted average cost, whereas its latest annual statements use the first-in, first-out method and no change in policy has been decided. What is the correct position?","es":""},"explanation":{"fr":"","en":"Interim statements apply the same policies as the latest annual statements (IAS 34, para. 28).","es":""},"common_error":{"fr":"","en":"Associating \"condensed\" with \"simplified policies\".","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It may use weighted average cost, since an interim report is condensed","es":""},"correct":false,"feedback":{"fr":"","en":"\"Condensed\" concerns presentation, not policies (IAS 34, para. 28).","es":""}},{"id":"B","text":{"fr":"","en":"It may use weighted average cost if the difference is small, without saying so","es":""},"correct":false,"feedback":{"fr":"","en":"Apart from a policy change to be reflected in the next annual statements, no exception is provided (IAS 34, para. 28).","es":""}},{"id":"C","text":{"fr":"","en":"It applies weighted average cost in the first quarter and returns to first-in, first-out afterwards","es":""},"correct":false,"feedback":{"fr":"","en":"One policy applies throughout the year (IAS 34, para. 28).","es":""}},{"id":"D","text":{"fr":"","en":"It keeps the annual statements' method, unless a change of policy has been decided since","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000041","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"ENERGY","tested_point":"IAS34_YTD_PURPOSE","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-ytd"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"What is the purpose of year-to-date measurement in a quarterly report?","es":""},"explanation":{"fr":"","en":"The reporting frequency must not change the measurement of the annual result (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Obtaining the same result in every quarter","es":""},"correct":false,"feedback":{"fr":"","en":"The aim is not to smooth the quarters (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Ensuring that the rhythm of reports does not change the annual result","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Allowing the previous quarter's estimates to be ignored when the year-to-date figure is computed","es":""},"correct":false,"feedback":{"fr":"","en":"The cumulative figure takes into account everything that precedes in the year (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Making the comparison with the previous year unnecessary for each period","es":""},"correct":false,"feedback":{"fr":"","en":"The comparison with the corresponding cumulative figure remains presented (IAS 34).","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS34.000042","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"CALCULATION","format":"CALCULATION","context":"MANUFACTURING","tested_point":"IAS34_QUARTER_FROM_REVISED_YTD","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"numeric-ytd"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Hexor SA published a provision-for-discounts expense of €48,000 at 31 March. Measured on a year-to-date basis, the cumulative expense is €130,000 at 30 June and €182,000 at 30 September. Calculate the second- and third-quarter expense, then check the sum.","es":""},"explanation":{"fr":"","en":"130,000 - 48,000 = €82,000; 182,000 - 130,000 = €52,000; 48,000 + 82,000 + 52,000 = €182,000.","es":""},"common_error":{"fr":"","en":"Subtracting last year's cumulative figure instead of the year's previous cumulative figure.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Cumulative figure published at 31 March","es":""},"value":"48000","unit":"EUR"},{"label":{"fr":"","en":"Cumulative figure measured at 30 June","es":""},"value":"130000","unit":"EUR"},{"label":{"fr":"","en":"Cumulative figure measured at 30 September","es":""},"value":"182000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Second-quarter expense","es":""},"answer":82000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Third-quarter expense","es":""},"answer":52000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Sum of 31 March + Q2 + Q3","es":""},"answer":182000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Second-quarter expense","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative figure measured at 30 June","es":""},"value":130000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cumulative figure published at 31 March","es":""},"value":48000,"unit":"EUR"}],"result":82000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Third-quarter expense","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative figure measured at 30 September","es":""},"value":182000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cumulative figure measured at 30 June","es":""},"value":130000,"unit":"EUR"}],"result":52000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Sum of 31 March + Q2 + Q3","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative figure published at 31 March","es":""},"value":48000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Second-quarter expense","es":""},"value":82000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Third-quarter expense","es":""},"value":52000,"unit":"EUR"}],"result":182000,"unit":"EUR"}],"references":["REF.IAS34.28"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000043","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"APPLICATION","format":"ORDERING","context":"AUTOMOTIVE","tested_point":"IAS34_QUARTER_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-ytd"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Put in order the approach that gives a quarter's amount on a year-to-date basis.","es":""},"explanation":{"fr":"","en":"One measures the cumulative amount, removes what is already recognised, then checks the sum (IAS 34).","es":""},"common_error":{"fr":"","en":"Measuring the quarter alone without going through the cumulative amount.","es":""},"format":"ORDERING","steps":[{"id":"S1","text":{"fr":"","en":"Measure the cumulative amount from the beginning of the year with the information available at the date","es":""}},{"id":"S2","text":{"fr":"","en":"Take the cumulative amount already recognised at the previous date","es":""}},{"id":"S3","text":{"fr":"","en":"Subtract the second from the first to obtain the period amount","es":""}},{"id":"S4","text":{"fr":"","en":"Check that the sum of the periods gives back the cumulative amount","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000044","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.USE_OF_ESTIMATES"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"SOFTWARE","tested_point":"IAS34_ESTIMATES_RELIABLE","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-estimates"},"references":["IAS 34 §41"],"exercise":{"prompt":{"fr":"","en":"Which requirement applies to the measurement procedures of an interim report relying on many estimates?","es":""},"explanation":{"fr":"","en":"The procedures are designed so that the information is reliable and significant information is communicated (IAS 34, para. 41).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No requirement: estimates are accepted with no reliability condition","es":""},"correct":false,"feedback":{"fr":"","en":"The reliability requirement also applies to estimates (IAS 34, para. 41).","es":""}},{"id":"B","text":{"fr":"","en":"They must exclude estimates, to avoid uncertainty","es":""},"correct":false,"feedback":{"fr":"","en":"Estimates are accepted; the requirement concerns the reliability of the information (IAS 34, para. 41).","es":""}},{"id":"C","text":{"fr":"","en":"They are designed to produce reliable information and to communicate significant information","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"They are lightened, since the report is not audited","es":""},"correct":false,"feedback":{"fr":"","en":"Audit is not the criterion; reliability is (IAS 34, para. 41).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000045","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.USE_OF_ESTIMATES"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"TELECOM","tested_point":"IAS34_ESTIMATE_UNCERTAINTY_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-estimates"},"references":["IAS 34 §41"],"exercise":{"prompt":{"fr":"","en":"In an interim report, the uncertainty attached to a significant estimate may be left unmentioned, since the estimate is provisional.","es":""},"explanation":{"fr":"","en":"No: many estimates do not make the information optional; uncertainty is managed through the quality of the measurement procedures and the information given (IAS 34, para. 41).","es":""},"common_error":{"fr":"","en":"Staying silent on uncertainty because the estimate is provisional: disclosure is still required and uncertainty is handled through good measurement procedures.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000046","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_POLICIES","IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"RETAIL","tested_point":"IAS34_POLICIES_YTD_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":240,"lesson_id":"LS.IAS34.000006","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"example"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Lorvane SA: policies and cumulative measurement","es":""},"explanation":{"fr":"","en":"Same policies, measurement of the cumulative figure, correction through the current period (IAS 34, para. 28).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Lorvane SA publishes a quarterly report. In the first quarter it recognised a discount expense of €70,000 from a provisional estimate. At 30 June it measures, on a year-to-date basis, a cumulative expense of €190,000. Its accountant proposes, to speed up the closing, applying to the quarter a simpler measurement method than that of the annual statements.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate the second-quarter expense.","es":""},"explanation":{"fr":"","en":"190,000 - 70,000 = €120,000.","es":""},"common_error":{"fr":"","en":"Presenting the cumulative charge as the quarter's: Q2's charge is the cumulative amount at 30 June less Q1.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"First-quarter expense","es":""},"value":"70000","unit":"EUR"},{"label":{"fr":"","en":"Cumulative expense at 30 June","es":""},"value":"190000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Second-quarter expense","es":""},"answer":120000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Second-quarter expense","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative expense at 30 June","es":""},"value":190000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"First-quarter expense","es":""},"value":70000,"unit":"EUR"}],"result":120000,"unit":"EUR"}],"references":["REF.IAS34.28"]}},{"prompt":{"fr":"","en":"What is the answer to the accountant's proposal?","es":""},"explanation":{"fr":"","en":"The same policies as the annual ones apply (IAS 34, para. 28).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Refused: the annual statements' method also applies to the quarter","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Accepted, since a quarterly report is condensed and may therefore simplify its methods","es":""},"correct":false,"feedback":{"fr":"","en":"\"Condensed\" does not concern policies (IAS 34, para. 28).","es":""}},{"id":"C","text":{"fr":"","en":"Accepted, provided it is stated in a note","es":""},"correct":false,"feedback":{"fr":"","en":"A mention does not make a different policy permitted (IAS 34, para. 28).","es":""}},{"id":"D","text":{"fr":"","en":"Accepted for this quarter only","es":""},"correct":false,"feedback":{"fr":"","en":"One policy applies throughout the year (IAS 34, para. 28).","es":""}}],"id":"p2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"The second-quarter expense includes the correction of the first-quarter provisional estimate: the first-quarter report is rewritten.","es":""},"explanation":{"fr":"","en":"The correction goes through the current period; the previous report is not rewritten for a refinement of estimate (IAS 34).","es":""},"common_error":{"fr":"","en":"Rewriting the Q1 report for a refined estimate: the correction goes through the current period.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p3","dimension":"ANALYSIS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000047","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"MANUFACTURING","tested_point":"IAS34_NO_DEFERRAL_FOR_SMOOTHING","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"A cost that does not meet the definition of an asset at the interim date may be deferred to a later quarter to smooth the result.","es":""},"explanation":{"fr":"","en":"Such a cost is not deferred (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Deferring an expense to obtain a more regular quarter.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000048","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"SOFTWARE","tested_point":"IAS34_COST_ASSET_TEST_AT_DATE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"At 31 March, Kodis SA incurred €150,000 of customer canvassing costs which, at that date, do not meet the definition of an asset (case data). The finance director would like to spread them over the rest of the year. What is the right answer?","es":""},"explanation":{"fr":"","en":"The annual criteria apply at the interim date: without an asset, it is an expense of the period (IAS 34, para. 30).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"They are spread, because spreading gives a quarterly result truer to the annual rhythm","es":""},"correct":false,"feedback":{"fr":"","en":"Spreading to smooth is not a recognition criterion (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"They are carried as an asset until the contract with the customer is signed","es":""},"correct":false,"feedback":{"fr":"","en":"Without the asset definition met at the date, the cost is not deferred (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"They are an expense of the first quarter","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"They are ignored in the report and picked up in the annual accounts","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report applies the same criteria at its date (IAS 34, para. 30).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000049","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SEASONAL_REVENUE"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"TOURISM","tested_point":"IAS34_SEASONAL_REVENUE_ANTICIPATION","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-seasonal"},"references":["IAS 34 §37"],"exercise":{"prompt":{"fr":"","en":"A mountain resort earns 70% of its annual revenue in the first and fourth quarters. For its second-quarter report, it would like to recognise part of the expected winter revenue to avoid a hollow quarter. What does the rule provide?","es":""},"explanation":{"fr":"","en":"Seasonal revenue is not anticipated if that would not be appropriate at the annual closing (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Anticipation is allowed for half the expected revenue, prudence permitting it","es":""},"correct":false,"feedback":{"fr":"","en":"No part of unearned revenue is anticipated to smooth (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"No anticipation, unless it would also be appropriate at the annual closing","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Anticipation is mandatory, seasonality requiring smoothing","es":""},"correct":false,"feedback":{"fr":"","en":"Seasonality requires no smoothing (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Anticipation is allowed if the board approves it","es":""},"correct":false,"feedback":{"fr":"","en":"Board approval creates no recognition criterion (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000050","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SEASONAL_REVENUE"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"RETAIL","tested_point":"IAS34_SEASONALITY_NOT_ACCOUNTING","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-seasonal"},"references":["IAS 34 §37"],"exercise":{"prompt":{"fr":"","en":"The seasonality of an activity does not, by itself, justify anticipating or deferring revenue at the interim date.","es":""},"explanation":{"fr":"","en":"Seasonal revenue is treated under the same test as at the annual closing (IAS 34).","es":""},"common_error":{"fr":"","en":"Anticipating or deferring revenue because of seasonality: it follows the same test as at year-end.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000051","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SEASONAL_REVENUE","IAS34.RECOGNITION.UNEVEN_COSTS","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"AGRICULTURE","tested_point":"IAS34_SMOOTHING_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"example"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Classify each treatment considered in a quarterly report: ruled out, or allowed.","es":""},"explanation":{"fr":"","en":"What is allowed is also allowed at the annual closing; smoothing or deferring without an asset is ruled out (IAS 34).","es":""},"common_error":{"fr":"","en":"Allowing smoothing because the activity is seasonal.","es":""},"format":"CLASSIFICATION","categories":[{"id":"NO","text":{"fr":"","en":"Ruled out","es":""}},{"id":"YES","text":{"fr":"","en":"Allowed","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Recognise the harvest sales in the quarter in which they are earned","es":""},"category":"YES"},{"id":"i2","text":{"fr":"","en":"Spread the second-quarter harvest sales in four equal parts","es":""},"category":"NO"},{"id":"i3","text":{"fr":"","en":"Defer to the autumn sowing costs with no demonstrated future benefit","es":""},"category":"NO"},{"id":"i4","text":{"fr":"","en":"Record as prepaid expense the unexpired part of an annual insurance paid in January","es":""},"category":"YES"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000052","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.UNEVEN_COSTS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"ENERGY","tested_point":"IAS34_UNEVEN_COST_MAINTENANCE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-uneven"},"references":["IAS 34 §39"],"exercise":{"prompt":{"fr":"","en":"A power plant undergoes an annual maintenance shutdown in August, costing €600,000. In June, management would like to provide for half of that cost, to spread the expense between the half-years. What does the rule provide?","es":""},"explanation":{"fr":"","en":"No anticipation or deferral without a positive test at the annual closing (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The cost is anticipated only if an anticipation would also be appropriate at the annual closing","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The cost is spread over the two half-years, because it recurs every year","es":""},"correct":false,"feedback":{"fr":"","en":"Recurrence is not the criterion; the annual closing test is (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The cost is anticipated if the budget provides for it, whatever the annual treatment","es":""},"correct":false,"feedback":{"fr":"","en":"A budget creates no recognition criterion (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The cost is deferred to the following half-year as soon as it is incurred in August","es":""},"correct":false,"feedback":{"fr":"","en":"A cost incurred is not deferred without the same criterion as annually (IAS 34).","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"LX.IAS34.000053","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.UNEVEN_COSTS","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"MEDIA","tested_point":"IAS34_UNEVEN_COST_ERRORS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-uneven"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about uneven costs in an interim report.","es":""},"explanation":{"fr":"","en":"An uneven cost follows the same consistency test with the annual closing, in both directions (IAS 34).","es":""},"common_error":{"fr":"","en":"Thinking that an uneven cost spreads itself over the year.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"An annual insurance premium paid in January may be partly recorded as a prepaid expense at 30 June.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"A cost may be anticipated in an earlier quarter as soon as it is uneven.","es":""},"erroneous":true,"correction":{"fr":"","en":"Unevenness is not enough: the anticipation must be appropriate at the annual closing (IAS 34).","es":""}},{"id":"s3","text":{"fr":"","en":"An advertising expense delivered in the second quarter may be deferred to the third to smooth the result.","es":""},"erroneous":true,"correction":{"fr":"","en":"Without an asset or the same treatment as annually, deferral to smooth is ruled out (IAS 34, para. 30).","es":""}},{"id":"s4","text":{"fr":"","en":"The annual closing test applies in both directions, deferral as well as anticipation.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000054","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SEASONAL_REVENUE","IAS34.RECOGNITION.UNEVEN_COSTS","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"FOOD","tested_point":"IAS34_SMOOTHING_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":240,"lesson_id":"LS.IAS34.000007","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"example"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Chocalis SA: three smoothing requests","es":""},"explanation":{"fr":"","en":"Three requests, one test: would it be appropriate at the annual closing? (IAS 34)","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Chocalis SA sells chocolates: 60% of its annual revenue is earned in the fourth quarter. At 30 June N, its finance director asks: (a) to recognise from the second quarter part of the expected year-end sales, to avoid a weak half-year; (b) to defer to the second half €80,000 of market research costs incurred in May, which do not meet the definition of an asset at the date (case data); (c) to record as a prepaid expense the unexpired part of an annual insurance premium of €120,000 paid on 1 January.","es":""},"parts":[{"prompt":{"fr":"","en":"What is the answer to request (a)?","es":""},"explanation":{"fr":"","en":"Seasonal revenue is not anticipated if the annual closing would not do so (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Accepted, since the activity is seasonal and anticipation corrects the distortion","es":""},"correct":false,"feedback":{"fr":"","en":"Seasonality does not justify anticipation (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Accepted, provided seasonality is mentioned in a note","es":""},"correct":false,"feedback":{"fr":"","en":"A mention does not make anticipation of unearned revenue permitted (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Accepted for 30% of expected sales only","es":""},"correct":false,"feedback":{"fr":"","en":"No fraction is anticipated without a positive annual test (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Refused: unearned revenue is not anticipated","es":""},"correct":true}],"id":"p1","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"What is the answer to request (b)?","es":""},"explanation":{"fr":"","en":"A cost that is not an asset at the interim date is not deferred (IAS 34, para. 30).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Accepted, to match the costs with the year-end sales","es":""},"correct":false,"feedback":{"fr":"","en":"Matching to smooth is not a criterion; without an asset, no deferral (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"Accepted, since the study will benefit the whole year","es":""},"correct":false,"feedback":{"fr":"","en":"The case states that the asset definition is not met (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"Refused: the costs are an expense of the second quarter","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Accepted for half the amount only","es":""},"correct":false,"feedback":{"fr":"","en":"Without an asset at the date, no fraction is deferred (IAS 34, para. 30).","es":""}}],"id":"p2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"What is the answer to request (c)?","es":""},"explanation":{"fr":"","en":"Deferral of the unexpired part is appropriate annually, hence at the interim date (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Refused: any annual premium is an expense of the quarter in which it is paid","es":""},"correct":false,"feedback":{"fr":"","en":"The annual test leads to a deferral of the unexpired part (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Allowed: at the annual closing too, the unexpired part would be prepaid","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Refused: a deferral is never allowed in an interim report","es":""},"correct":false,"feedback":{"fr":"","en":"A deferral is allowed when it would also be appropriate annually (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Allowed, but for the whole premium, until 31 December","es":""},"correct":false,"feedback":{"fr":"","en":"Only the unexpired part is prepaid; the elapsed part is an expense (IAS 34).","es":""}}],"id":"p3","dimension":"APPLICATION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000055","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_TAX_RATE_BASIS_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"rule-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"The tax expense of each interim period rests on the best estimate of the weighted average annual effective income tax rate expected for the year.","es":""},"explanation":{"fr":"","en":"This is the IAS 34 method for interim tax (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Applying the statutory rate or computing the quarter's tax as a stand-alone year: the charge uses the estimated average annual effective rate.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000056","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"IAS34_TAX_APPROACH_CHOICE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"rule-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Kelvane SA earns €200,000 profit before tax in the first quarter. It estimates its weighted average annual effective tax rate at 22% (case data); the statutory rate is 28%. What tax expense does it recognise in the first quarter?","es":""},"explanation":{"fr":"","en":"200,000 × 22% = €44,000: the estimated annual effective rate applies to the period's profit (IAS 34, para. 30).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"€56,000, i.e. 200,000 × 28%, because the statutory rate is the only verifiable one at this date","es":""},"correct":false,"feedback":{"fr":"","en":"The rate applied is the best estimate of the annual effective rate, not the statutory rate (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"€0, tax being recognised only at the annual closing, when the amount is known","es":""},"correct":false,"feedback":{"fr":"","en":"Each interim period recognises its tax expense (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"25% of 200,000, i.e. the arithmetic average of the two rates","es":""},"correct":false,"feedback":{"fr":"","en":"No average of the two rates is provided for; the estimated effective rate is used (IAS 34, para. 30).","es":""}},{"id":"D","text":{"fr":"","en":"€44,000, i.e. 200,000 × 22%","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000057","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"CALCULATION","format":"CALCULATION","context":"AUTOMOTIVE","tested_point":"IAS34_TAX_YTD_AND_PERIOD","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"numeric-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Calvex SA estimates its weighted average annual effective tax rate at 24% (case data). Profit before tax: €150,000 in the first quarter, €270,000 in the second. Calculate the first-quarter tax expense, the cumulative expense at 30 June and the second-quarter expense.","es":""},"explanation":{"fr":"","en":"150,000 × 24% = €36,000; (150,000 + 270,000) × 24% = €100,800; 100,800 - 36,000 = €64,800, also 270,000 × 24%.","es":""},"common_error":{"fr":"","en":"Applying the rate to Q2 profit only without checking the cumulative figure.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Q1 profit","es":""},"value":"150000","unit":"EUR"},{"label":{"fr":"","en":"Q2 profit","es":""},"value":"270000","unit":"EUR"},{"label":{"fr":"","en":"Estimated annual effective rate","es":""},"value":"24","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Q1 tax expense","es":""},"answer":36000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Cumulative tax expense at 30 June","es":""},"answer":100800,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Q2 tax expense","es":""},"answer":64800,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Q1 tax expense","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 profit","es":""},"value":150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":24,"unit":"PERCENT"}],"result":36000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Cumulative tax expense at 30 June","es":""},"expression":"(a + b) * c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 profit","es":""},"value":150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Q2 profit","es":""},"value":270000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":24,"unit":"PERCENT"}],"result":100800,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Q2 tax expense","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative tax expense at 30 June","es":""},"value":100800,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Q1 tax expense","es":""},"value":36000,"unit":"EUR"}],"result":64800,"unit":"EUR"}],"references":["REF.IAS34.30","REF.IAS34.B12"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000058","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"IAS34_TAX_ANNUAL_AND_Q3","difficulty":"ADVANCED","estimated_time_s":180,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"numeric-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Hexane SA estimates annual profit before tax of €2,000,000 and a weighted average annual effective tax rate of 28% (case data, unchanged). Cumulative profit before tax: €900,000 at 30 June, €1,350,000 at 30 September. Calculate the expected annual tax, the cumulative expense at 30 September and the third-quarter expense.","es":""},"explanation":{"fr":"","en":"2,000,000 × 28% = €560,000; 1,350,000 × 28% = €378,000; expense already recognised 900,000 × 28% = €252,000; 378,000 - 252,000 = €126,000.","es":""},"common_error":{"fr":"","en":"Allocating a quarter of the annual tax to the third quarter.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Estimated annual profit before tax","es":""},"value":"2000000","unit":"EUR"},{"label":{"fr":"","en":"Estimated annual effective rate","es":""},"value":"28","unit":"PERCENT"},{"label":{"fr":"","en":"Cumulative profit at 30 June","es":""},"value":"900000","unit":"EUR"},{"label":{"fr":"","en":"Cumulative profit at 30 September","es":""},"value":"1350000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Expected annual tax","es":""},"answer":560000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Cumulative expense at 30 September","es":""},"answer":378000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Third-quarter expense","es":""},"answer":126000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Expected annual tax","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Estimated annual profit before tax","es":""},"value":2000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":28,"unit":"PERCENT"}],"result":560000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Cumulative expense at 30 September","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative profit at 30 September","es":""},"value":1350000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":28,"unit":"PERCENT"}],"result":378000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Third-quarter expense","es":""},"expression":"a - (b * c)","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative expense at 30 September","es":""},"value":378000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Cumulative profit at 30 June","es":""},"value":900000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":28,"unit":"PERCENT"}],"result":126000,"unit":"EUR"}],"references":["REF.IAS34.30","REF.IAS34.B12"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000059","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"LOGISTICS","tested_point":"IAS34_TAX_ENTRY","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"entry-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Transvia SA records a tax expense of €48,000 for the quarter, at the estimated annual effective rate. Record the simplified entry (deferred tax excluded).","es":""},"explanation":{"fr":"","en":"Debit income tax expense, credit income tax payable for €48,000 (IAS 34; deferred tax belongs to IAS 12).","es":""},"common_error":{"fr":"","en":"Crediting cash although the tax has not yet been paid.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"INCOME_TAX_EXPENSE","text":{"fr":"","en":"Income tax expense","es":""}},{"id":"INCOME_TAX_PAYABLE","text":{"fr":"","en":"Income tax payable","es":""}},{"id":"DEFERRED_TAX_LIABILITY","text":{"fr":"","en":"Deferred tax liability","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}}],"lines":[{"id":"L1","account":"INCOME_TAX_EXPENSE","side":"DEBIT","amount":48000},{"id":"L2","account":"INCOME_TAX_PAYABLE","side":"CREDIT","amount":48000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000060","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"APPLICATION","format":"ORDERING","context":"FOOD","tested_point":"IAS34_TAX_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"how-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Put in order the steps that give a quarter's tax expense.","es":""},"explanation":{"fr":"","en":"The rate is estimated, applied to the cumulative figure, the tax already recognised is removed, then the entry is recorded (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Recording before deducting the tax already recognised.","es":""},"format":"ORDERING","steps":[{"id":"S1","text":{"fr":"","en":"Estimate the weighted average annual effective rate expected for the year","es":""}},{"id":"S2","text":{"fr":"","en":"Apply this rate to cumulative pre-tax profit from the beginning of the year","es":""}},{"id":"S3","text":{"fr":"","en":"Remove the tax expense already recognised in earlier periods","es":""}},{"id":"S4","text":{"fr":"","en":"Record the period's expense: income tax expense debited, income tax payable credited","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000061","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"MEDIA","tested_point":"IAS34_TAX_ERRORS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"pitfalls"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the calculation of tax in a quarterly report.","es":""},"explanation":{"fr":"","en":"Estimated annual effective rate × the period's profit; period = cumulative - already recognised (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Allocating the annual tax instead of applying a rate.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The estimated annual effective rate for the year is applied to the period's profit.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"A quarter of the expected annual tax is allocated to each quarter.","es":""},"erroneous":true,"correction":{"fr":"","en":"The expense follows the period's profit multiplied by the estimated annual effective rate (IAS 34, para. 30).","es":""}},{"id":"s3","text":{"fr":"","en":"The nominal statutory rate is applied, because it is the only published rate.","es":""},"erroneous":true,"correction":{"fr":"","en":"The estimated weighted average annual effective rate is applied (IAS 34, para. 30).","es":""}},{"id":"s4","text":{"fr":"","en":"The period's expense is the cumulative expense less the expense already recognised.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000062","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"APPLICATION","format":"MINI_CASE","context":"PHARMA","tested_point":"IAS34_TAX_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":300,"lesson_id":"LS.IAS34.000008","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"example"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Pelvane SA: first-half tax","es":""},"explanation":{"fr":"","en":"Estimated annual effective rate, year-to-date basis, simplified entry (IAS 34, para. 30).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Pelvane SA estimates its weighted average annual effective tax rate at 30% and its annual profit before tax at €1,200,000 (case data). Profit before tax: €200,000 in the first quarter, €100,000 in the second. The first-quarter tax expense was recognised at the estimated rate.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate the first-quarter tax expense, the cumulative expense at 30 June and the second-quarter expense.","es":""},"explanation":{"fr":"","en":"200,000 × 30% = €60,000; 300,000 × 30% = €90,000; 90,000 - 60,000 = €30,000.","es":""},"common_error":{"fr":"","en":"Applying the rate only to Q2's profit without going through the cumulative amount: compute the cumulative charge, then deduct Q1's.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Q1 profit","es":""},"value":"200000","unit":"EUR"},{"label":{"fr":"","en":"Q2 profit","es":""},"value":"100000","unit":"EUR"},{"label":{"fr":"","en":"Estimated annual effective rate","es":""},"value":"30","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Q1 expense","es":""},"answer":60000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Cumulative expense at 30 June","es":""},"answer":90000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Q2 expense","es":""},"answer":30000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Q1 expense","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 profit","es":""},"value":200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated annual effective rate","es":""},"value":30,"unit":"PERCENT"}],"result":60000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Q2 expense","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Cumulative expense at 30 June","es":""},"value":90000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Q1 expense","es":""},"value":60000,"unit":"EUR"}],"result":30000,"unit":"EUR"}],"references":["REF.IAS34.30","REF.IAS34.B12"]}},{"prompt":{"fr":"","en":"A colleague proposes allocating a quarter of the expected annual tax to each quarter, i.e. €90,000 per quarter. What is the correct answer?","es":""},"explanation":{"fr":"","en":"Quarter expense = the quarter's profit × estimated annual effective rate (IAS 34, para. 30).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Accepted, since the sum of the four quarters gives the annual tax","es":""},"correct":false,"feedback":{"fr":"","en":"The sum is right, but the allocation by period is not (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"Accepted, since it avoids depending on quarterly profits","es":""},"correct":false,"feedback":{"fr":"","en":"The standard links the expense to the period's profit (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"Refused: the expense follows each period's profit at the estimated rate","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Accepted in the first quarter, refused afterwards","es":""},"correct":false,"feedback":{"fr":"","en":"The same principle applies to all periods (IAS 34, para. 30).","es":""}}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Record the second-quarter tax expense (simplified entry).","es":""},"explanation":{"fr":"","en":"Debit income tax expense, credit income tax payable for €30,000.","es":""},"common_error":{"fr":"","en":"Swapping debit and credit: tax expense is debited and tax payable credited.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"INCOME_TAX_EXPENSE","text":{"fr":"","en":"Income tax expense","es":""}},{"id":"INCOME_TAX_PAYABLE","text":{"fr":"","en":"Income tax payable","es":""}},{"id":"DEFERRED_TAX_LIABILITY","text":{"fr":"","en":"Deferred tax liability","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}}],"lines":[{"id":"L1","account":"INCOME_TAX_EXPENSE","side":"DEBIT","amount":30000},{"id":"L2","account":"INCOME_TAX_PAYABLE","side":"CREDIT","amount":30000,"given":["account","side"]}],"id":"p3","dimension":"JOURNAL_ENTRY"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000063","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATE_REVISION"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_REVISION_NO_RESTATEMENT_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"rule-revision"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"When the estimated annual effective rate is revised, the interim reports already published are restated at the new rate.","es":""},"explanation":{"fr":"","en":"The adjustment is recognised in the period in which the estimate changes; published periods are not restated (IAS 34).","es":""},"common_error":{"fr":"","en":"Restating the past for a change in estimate.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000064","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATE_REVISION"],"dimension":"CALCULATION","format":"CALCULATION","context":"SOFTWARE","tested_point":"IAS34_REVISION_CATCHUP_CALC","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"numeric-revision"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Dorvex SA recognised €40,000 of tax in the first quarter (profit before tax of €200,000 at a rate of 20%). At 30 June, cumulative profit before tax is €500,000 (€300,000 in the second quarter) and the estimated annual rate is revised to 26%. Calculate the cumulative expense at the revised rate, the second-quarter expense, then the part of that expense that catches up on the first quarter.","es":""},"explanation":{"fr":"","en":"500,000 × 26% = €130,000; 130,000 - 40,000 = €90,000; catch-up 200,000 × (26% - 20%) = €12,000 (the rest: 300,000 × 26% = €78,000).","es":""},"common_error":{"fr":"","en":"Applying the new rate to second-quarter profit only.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Q1 profit","es":""},"value":"200000","unit":"EUR"},{"label":{"fr":"","en":"Q2 profit","es":""},"value":"300000","unit":"EUR"},{"label":{"fr":"","en":"Rate applied in Q1","es":""},"value":"20","unit":"PERCENT"},{"label":{"fr":"","en":"Revised rate","es":""},"value":"26","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Cumulative expense at the revised rate","es":""},"answer":130000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Second-quarter expense","es":""},"answer":90000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Part that catches up on Q1","es":""},"answer":12000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s3","meaning":{"fr":"","en":"Part that catches up on Q1","es":""},"expression":"a * (b - c)","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 profit","es":""},"value":200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Revised rate","es":""},"value":26,"unit":"PERCENT"},{"symbol":"c","meaning":{"fr":"","en":"Rate applied in Q1","es":""},"value":20,"unit":"PERCENT"}],"result":12000,"unit":"EUR"}],"references":["REF.IAS34.30"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000065","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATE_REVISION"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"RETAIL","tested_point":"IAS34_REVISION_DOWNWARD_ENTRY","difficulty":"ADVANCED","estimated_time_s":150,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"rule-decrease"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Vexa SA recognised €100,000 of tax in the first quarter (profit of €400,000 at 25%). In the second quarter, it incurs a loss of €100,000 and revises its estimated annual rate to 20%. The cumulative expense at the revised rate is €60,000. Record the second-quarter adjustment (simplified entry).","es":""},"explanation":{"fr":"","en":"60,000 - 100,000 = -€40,000: income tax payable is debited, income tax expense is credited.","es":""},"common_error":{"fr":"","en":"Debiting the tax expense although the adjustment is a reduction.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"INCOME_TAX_EXPENSE","text":{"fr":"","en":"Income tax expense","es":""}},{"id":"INCOME_TAX_PAYABLE","text":{"fr":"","en":"Income tax payable","es":""}},{"id":"DEFERRED_TAX_LIABILITY","text":{"fr":"","en":"Deferred tax liability","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}}],"lines":[{"id":"L1","account":"INCOME_TAX_PAYABLE","side":"DEBIT","amount":40000},{"id":"L2","account":"INCOME_TAX_EXPENSE","side":"CREDIT","amount":40000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000066","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATE_REVISION"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"TELECOM","tested_point":"IAS34_REVISION_ENTRY_UP","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"entry-revision"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Telvane SA revises its estimated annual rate upwards. The second-quarter expense, catch-up included, is €90,000. Record it (simplified entry, deferred tax excluded).","es":""},"explanation":{"fr":"","en":"The catch-up is included in the revision period's expense: debit income tax expense, credit income tax payable.","es":""},"common_error":{"fr":"","en":"Correcting the previous quarter for the rate change: the catch-up is included in the revision period's charge.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"INCOME_TAX_EXPENSE","text":{"fr":"","en":"Income tax expense","es":""}},{"id":"INCOME_TAX_PAYABLE","text":{"fr":"","en":"Income tax payable","es":""}},{"id":"DEFERRED_TAX_LIABILITY","text":{"fr":"","en":"Deferred tax liability","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}}],"lines":[{"id":"L1","account":"INCOME_TAX_EXPENSE","side":"DEBIT","amount":90000,"given":["account","side"]},{"id":"L2","account":"INCOME_TAX_PAYABLE","side":"CREDIT","amount":90000}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000067","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.RATE_COMPONENTS"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"IAS34_RATE_AVERAGE_NOT_MARGINAL","difficulty":"ADVANCED","estimated_time_s":120,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"rule-components"},"references":["IAS 34 §B13"],"exercise":{"prompt":{"fr":"","en":"Selvane SA applies a progressive scale: 20% on the first €600,000 of annual profit, 30% above. Its estimated annual profit is €1,000,000; the resulting estimated weighted average annual effective rate is 24% (case data). Half-year profit is €400,000. What cumulative tax expense does it recognise for the half-year?","es":""},"explanation":{"fr":"","en":"400,000 × 24% = €96,000: the estimated rate reflects the blend of bands expected over the year (IAS 34).","es":""},"common_error":{"fr":"","en":"Applying the rate of the band in which the half-year profit falls.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"€80,000, i.e. 400,000 × 20%, because the half-year profit is in the first band","es":""},"correct":false,"feedback":{"fr":"","en":"The expected average annual rate is applied, not the rate of the band of the moment (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"€120,000, i.e. 400,000 × 30%, the rate of the highest bracket","es":""},"correct":false,"feedback":{"fr":"","en":"The rate of the highest band is not the estimated average annual rate (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"€96,000, i.e. 400,000 × 24%","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"€100,000, i.e. 400,000 × 25%, simple average of the two band rates","es":""},"correct":false,"feedback":{"fr":"","en":"The simple average of the bands ignores the profit expected in each (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000068","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.RATE_COMPONENTS"],"dimension":"RULE_KNOWLEDGE","format":"MULTIPLE_CHOICE","context":"LOGISTICS","tested_point":"IAS34_RATE_COMPONENTS_SELECT","difficulty":"ADVANCED","estimated_time_s":90,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"rule-components"},"references":["IAS 34 §B13"],"exercise":{"prompt":{"fr":"","en":"Which elements does the estimated annual effective rate of an interim report reflect? Several answers are correct.","es":""},"explanation":{"fr":"","en":"Blend of bands, enacted or substantively enacted changes, jurisdictions where practicable: yes; marginal rate of the quarter or an unenacted proposal: no (IAS 34).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The marginal rate of the band into which the quarter's profit falls","es":""},"correct":false,"feedback":{"fr":"","en":"The estimated rate is an average expected over the year (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The blend of progressive bands expected over the year","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A rate cut merely mentioned by the government, not enacted","es":""},"correct":false,"feedback":{"fr":"","en":"Only enacted or substantively enacted changes count (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Rate changes enacted or substantively enacted by the end of the interim period","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"Separate rates by jurisdiction where practicable","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000069","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.RATE_COMPONENTS"],"dimension":"PROFESSIONAL_JUDGMENT","format":"MINI_CASE","context":"AUTOMOTIVE","tested_point":"IAS34_TWO_JURISDICTIONS_MINI_CASE","difficulty":"EXPERT","estimated_time_s":300,"lesson_id":"LS.IAS34.000009","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"numeric-components"},"references":["IAS 34 §B13"],"exercise":{"prompt":{"fr":"","en":"Orvex SA: two jurisdictions, two rates","es":""},"explanation":{"fr":"","en":"Rate by jurisdiction where practicable; unenacted proposal excluded (IAS 34).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Orvex SA operates in two tax jurisdictions. Case data, for the half-year: jurisdiction A, profit before tax €280,000, estimated weighted average annual effective rate 20%; jurisdiction B, profit before tax €120,000, estimated rate 35%. The entity has the data by jurisdiction. A proposal to cut B's rate to 30% is mentioned by the government, but not enacted at the report date.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate the half-year tax expense by jurisdiction, then in total.","es":""},"explanation":{"fr":"","en":"280,000 × 20% = €56,000; 120,000 × 35% = €42,000; 56,000 + 42,000 = €98,000.","es":""},"common_error":{"fr":"","en":"Applying one rate to total profit: where practicable, each jurisdiction has its own estimated rate.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Profit of A","es":""},"value":"280000","unit":"EUR"},{"label":{"fr":"","en":"Estimated rate of A","es":""},"value":"20","unit":"PERCENT"},{"label":{"fr":"","en":"Profit of B","es":""},"value":"120000","unit":"EUR"},{"label":{"fr":"","en":"Estimated rate of B","es":""},"value":"35","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Expense of A","es":""},"answer":56000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Expense of B","es":""},"answer":42000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Total half-year expense","es":""},"answer":98000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Expense of A","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit of A","es":""},"value":280000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated rate of A","es":""},"value":20,"unit":"PERCENT"}],"result":56000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Expense of B","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit of B","es":""},"value":120000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated rate of B","es":""},"value":35,"unit":"PERCENT"}],"result":42000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Total half-year expense","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Expense of A","es":""},"value":56000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Expense of B","es":""},"value":42000,"unit":"EUR"}],"result":98000,"unit":"EUR"}],"references":["REF.IAS34.B13"]}},{"prompt":{"fr":"","en":"Is the proposal to cut B's rate to 30% taken into account in the estimate?","es":""},"explanation":{"fr":"","en":"Rate changes enacted or substantively enacted by the end of the interim period are reflected; a proposal merely mentioned is not (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Yes, as soon as management judges the cut in the rate likely","es":""},"correct":false,"feedback":{"fr":"","en":"A likelihood is not an enactment (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Yes, for half the effect, on a transitional basis","es":""},"correct":false,"feedback":{"fr":"","en":"No partial recognition of an unenacted proposal (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Yes, if management firmly believes in it","es":""},"correct":false,"feedback":{"fr":"","en":"Management's conviction does not replace enactment (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"No: only changes enacted or substantively enacted by the end of the period count","es":""},"correct":true}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"A single rate of 20%, that of jurisdiction A, applied to the total profit of €400,000, would be as defensible as the calculation by jurisdiction.","es":""},"explanation":{"fr":"","en":"Where practicable, a separate rate per jurisdiction is estimated and applied to that jurisdiction's profit (IAS 34).","es":""},"common_error":{"fr":"","en":"Settling for a single rate: where practicable, a rate is estimated and applied for each jurisdiction.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p3","dimension":"PROFESSIONAL_JUDGMENT"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000070","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_RESTATE_WHEN_DETERMINABLE_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000010","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"rule-restatement"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"When the cumulative effect of a change in accounting policy at the beginning of the year can be determined, the entity restates the previous interim periods of the year.","es":""},"explanation":{"fr":"","en":"Restatement ensures a single policy throughout the year (IAS 34).","es":""},"common_error":{"fr":"","en":"Applying the new policy only from the quarter of the change: the earlier interim periods of the year are restated.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000071","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"TELECOM","tested_point":"IAS34_PROSPECTIVE_WHEN_INDETERMINABLE","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000010","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"rule-restatement"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"Telvane SA changes the method of accounting for a class of contracts in the second quarter. The data at the beginning of the year do not allow the cumulative effect at 1 January to be determined (case data). What does it do?","es":""},"explanation":{"fr":"","en":"Indeterminable cumulative effect: prospective application from the earliest date practicable (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It applies the new method prospectively from the earliest date practicable","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It estimates the effect by assumption and restates the first quarter, whatever the reliability","es":""},"correct":false,"feedback":{"fr":"","en":"When the cumulative effect cannot be determined, application is prospective (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"It abandons the change until the annual closing","es":""},"correct":false,"feedback":{"fr":"","en":"The standard provides for prospective application, not abandoning the change (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"It restates the first quarter at the published amount, with no effect","es":""},"correct":false,"feedback":{"fr":"","en":"A restatement with no determined effect is not a restatement (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000072","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"CALCULATION","format":"CALCULATION","context":"RETAIL","tested_point":"IAS34_RESTATED_AMOUNT_CALC","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000010","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"numeric-restatement"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"Gorvane SA changes its inventory cost formula in the third quarter. The cumulative effect at 1 January is determinable: the change decreases by €18,000 the first-quarter profit before tax, published at €350,000, and increases by €7,000 that of the second quarter, published at €400,000. The third quarter, prepared under the new formula, is €380,000. Calculate the restated profits of the first two quarters and the cumulative figure at 30 September.","es":""},"explanation":{"fr":"","en":"350,000 - 18,000 = €332,000; 400,000 + 7,000 = €407,000; 332,000 + 407,000 + 380,000 = €1,119,000.","es":""},"common_error":{"fr":"","en":"Adding the published quarters to Q3 without restating the first two.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Q1 published","es":""},"value":"350000","unit":"EUR"},{"label":{"fr":"","en":"Effect of the change on Q1 (decrease)","es":""},"value":"18000","unit":"EUR"},{"label":{"fr":"","en":"Q2 published","es":""},"value":"400000","unit":"EUR"},{"label":{"fr":"","en":"Effect of the change on Q2 (increase)","es":""},"value":"7000","unit":"EUR"},{"label":{"fr":"","en":"Q3 (new formula)","es":""},"value":"380000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Q1 restated","es":""},"answer":332000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Q2 restated","es":""},"answer":407000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Cumulative figure at 30 September","es":""},"answer":1119000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Q1 restated","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 published","es":""},"value":350000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Effect of the change on Q1 (decrease)","es":""},"value":18000,"unit":"EUR"}],"result":332000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Q2 restated","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q2 published","es":""},"value":400000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Effect of the change on Q2 (increase)","es":""},"value":7000,"unit":"EUR"}],"result":407000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Cumulative figure at 30 September","es":""},"expression":"a + b + c","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 restated","es":""},"value":332000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Q2 restated","es":""},"value":407000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Q3 (new formula)","es":""},"value":380000,"unit":"EUR"}],"result":1119000,"unit":"EUR"}],"references":["REF.IAS34.43"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000073","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"MANUFACTURING","tested_point":"IAS34_POLICY_VS_ESTIMATE_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000010","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"example"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"Classify each situation according to the treatment it calls for in the half-yearly report.","es":""},"explanation":{"fr":"","en":"A change in policy is restated (or applied prospectively if the effect is indeterminable); a revision of estimate goes through the current period (IAS 34).","es":""},"common_error":{"fr":"","en":"Treating a revision of estimate as a change in policy.","es":""},"format":"CLASSIFICATION","categories":[{"id":"REST","text":{"fr":"","en":"Restate the previous interim periods","es":""}},{"id":"PROSP","text":{"fr":"","en":"Apply prospectively from the earliest date practicable","es":""}},{"id":"EST","text":{"fr":"","en":"Not a change in policy: current period","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Voluntary change of inventory cost formula, cumulative effect at 1 January determinable","es":""},"category":"REST"},{"id":"i2","text":{"fr":"","en":"New method of accounting for contracts, data at the beginning of the year cannot be found","es":""},"category":"PROSP"},{"id":"i3","text":{"fr":"","en":"Revision of a machine's estimated useful life","es":""},"category":"EST"},{"id":"i4","text":{"fr":"","en":"Revision of the estimated discount rate on cumulative sales","es":""},"category":"EST"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000074","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"PHARMA","tested_point":"IAS34_RESTATEMENT_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":240,"lesson_id":"LS.IAS34.000010","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"example"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"Pharvane SA: a change in policy in the second quarter","es":""},"explanation":{"fr":"","en":"Restate or, failing that, apply prospectively, for a single policy over the year (IAS 34).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Pharvane SA changes its inventory cost formula in the second quarter. The cumulative effect at 1 January is determinable: the change reduces by €30,000 the first-quarter profit before tax, published at €270,000. The second quarter, prepared under the new formula, is €310,000.","es":""},"parts":[{"prompt":{"fr":"","en":"How does Pharvane treat the first quarter?","es":""},"explanation":{"fr":"","en":"Determinable cumulative effect: restatement of the previous interim periods (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It leaves it as published and applies the formula from the second quarter","es":""},"correct":false,"feedback":{"fr":"","en":"The effect is determinable: restatement is required (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"It restates it only in the annual accounts","es":""},"correct":false,"feedback":{"fr":"","en":"The previous interim periods are restated in the year's reports (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"It restates it with the new formula","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It applies the formula prospectively","es":""},"correct":false,"feedback":{"fr":"","en":"Prospective application presupposes an indeterminable effect (IAS 34).","es":""}}],"id":"p1","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"Calculate the restated first-quarter profit and the cumulative figure at 30 June.","es":""},"explanation":{"fr":"","en":"270,000 - 30,000 = €240,000; 240,000 + 310,000 = €550,000.","es":""},"common_error":{"fr":"","en":"Adding the reported Q1 and Q2: the cumulative amount uses Q1 restated under the new formula.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Q1 published","es":""},"value":"270000","unit":"EUR"},{"label":{"fr":"","en":"Effect (decrease)","es":""},"value":"30000","unit":"EUR"},{"label":{"fr":"","en":"Q2 (new formula)","es":""},"value":"310000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Q1 restated","es":""},"answer":240000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Cumulative figure at 30 June","es":""},"answer":550000,"tolerance":0,"unit":"EUR"}],"id":"p2","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Q1 restated","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 published","es":""},"value":270000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Effect (decrease)","es":""},"value":30000,"unit":"EUR"}],"result":240000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Cumulative figure at 30 June","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Q1 restated","es":""},"value":240000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Q2 (new formula)","es":""},"value":310000,"unit":"EUR"}],"result":550000,"unit":"EUR"}],"references":["REF.IAS34.43"]}},{"prompt":{"fr":"","en":"The aim of restatement is that one policy applies to this class of transactions throughout the year.","es":""},"explanation":{"fr":"","en":"This is the purpose of these provisions (IAS 34).","es":""},"common_error":{"fr":"","en":"Seeing the restatement as a mere error correction: it aims to apply one policy throughout the year.","es":""},"format":"TRUE_FALSE","answer":true,"id":"p3","dimension":"RULE_KNOWLEDGE"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000075","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_GOODWILL_NO_REVERSAL_TF","difficulty":"BEGINNER","estimated_time_s":30,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifric10"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"A goodwill impairment loss recognised in the first half may be reversed in the third quarter if conditions improve.","es":""},"explanation":{"fr":"","en":"Such a loss is not reversed in a later interim or annual period (IFRIC 10).","es":""},"common_error":{"fr":"","en":"Reversing the loss because the recoverable amount rises.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000076","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"IAS34_GOODWILL_WHY_NO_REVERSAL","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifric10"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"Why does IAS 34's year-to-date measurement not allow a goodwill impairment loss recognised in an interim period to be reversed?","es":""},"explanation":{"fr":"","en":"The ban on reversing a goodwill impairment loss prevails over the cumulative measurement (IFRIC 10).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Because IAS 34 forbids any change to the amounts published","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 admits adjustments of estimates; it is the ban on reversal that applies here (IFRIC 10).","es":""}},{"id":"B","text":{"fr":"","en":"Because goodwill is tested only once a year, at the closing","es":""},"correct":false,"feedback":{"fr":"","en":"The loss was indeed recognised in the interim period; the rule concerns its reversal (IFRIC 10).","es":""}},{"id":"C","text":{"fr":"","en":"Because reversal is permitted but only at the annual closing","es":""},"correct":false,"feedback":{"fr":"","en":"No reversal is permitted, neither interim nor annual (IFRIC 10).","es":""}},{"id":"D","text":{"fr":"","en":"Because IAS 36's ban on reversal prevails over the cumulative measurement","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000077","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"IAS34_GOODWILL_CARRYING_AMOUNT","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"numeric-goodwill"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"Viravel SA's goodwill is €1,200,000 at 1 January. An impairment loss of €350,000 is recognised at 30 June. At 30 September, conditions improve and the recoverable amount of the unit exceeds its carrying amount. Calculate the carrying amount of goodwill at 30 June and at 30 September.","es":""},"explanation":{"fr":"","en":"1,200,000 - 350,000 = €850,000 at 30 June; no reversal: €850,000 at 30 September.","es":""},"common_error":{"fr":"","en":"Raising goodwill at 30 September because the recoverable amount increases.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Goodwill at 1 January","es":""},"value":"1200000","unit":"EUR"},{"label":{"fr":"","en":"Impairment loss at 30 June","es":""},"value":"350000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Goodwill at 30 June","es":""},"answer":850000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Goodwill at 30 September","es":""},"answer":850000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Goodwill at 30 June","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Goodwill at 1 January","es":""},"value":1200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Impairment loss at 30 June","es":""},"value":350000,"unit":"EUR"}],"result":850000,"unit":"EUR"}],"references":["REF.IFRIC10.8"]}},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000078","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"AUTOMOTIVE","tested_point":"IAS34_GOODWILL_IMPAIRMENT_ENTRY","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"entry-goodwill"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"Record at 30 June Viravel SA's goodwill impairment loss (€350,000).","es":""},"explanation":{"fr":"","en":"Debit goodwill impairment loss, credit goodwill for €350,000; no reversal entry afterwards.","es":""},"common_error":{"fr":"","en":"Debiting cash or retained earnings.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"GOODWILL_IMPAIRMENT_LOSS","text":{"fr":"","en":"Goodwill impairment loss","es":""}},{"id":"GOODWILL","text":{"fr":"","en":"Goodwill","es":""}},{"id":"INCOME_TAX_EXPENSE","text":{"fr":"","en":"Income tax expense","es":""}},{"id":"CASH","text":{"fr":"","en":"Cash","es":""}},{"id":"RETAINED_EARNINGS","text":{"fr":"","en":"Retained earnings","es":""}}],"lines":[{"id":"L1","account":"GOODWILL_IMPAIRMENT_LOSS","side":"DEBIT","amount":350000},{"id":"L2","account":"GOODWILL","side":"CREDIT","amount":350000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000079","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS33"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"IAS34_EPS_WHERE_VS_HOW_ROUTING","difficulty":"INTERMEDIATE","estimated_time_s":60,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias33"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"The preparer of the quarterly report of a listed company is looking for (1) the statement in which earnings per share of the period appear and (2) the formula for diluted earnings. Which standard should be consulted for each question?","es":""},"explanation":{"fr":"","en":"IAS 34 says where to present earnings per share; the formula for diluted earnings belongs to IAS 33 (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Looking for the earnings per share formula in IAS 34.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"(1) IAS 34; (2) IAS 33","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"(1) IAS 33; (2) IAS 34","es":""},"correct":false,"feedback":{"fr":"","en":"The roles are reversed: IAS 34 says where to present, IAS 33 says how to calculate (IAS 34, para. 11).","es":""}},{"id":"C","text":{"fr":"","en":"(1) and (2): IAS 34, which absorbs IAS 33 in interim reports","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not replace IAS 33 (IAS 34, para. 11).","es":""}},{"id":"D","text":{"fr":"","en":"(1) and (2): IAS 33, since earnings per share is foreign to IAS 34","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 provides for the presentation of earnings per share by an entity within IAS 33 (IAS 34, para. 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000080","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS12"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"LOGISTICS","tested_point":"IAS34_VS_IAS12_CLASSIFY","difficulty":"ADVANCED","estimated_time_s":120,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias12"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Classify each question on tax in a quarterly report according to the standard that answers it.","es":""},"explanation":{"fr":"","en":"IAS 34 governs the timing of the expense through the estimated annual rate; IAS 12 governs the nature and recognition of current and deferred tax (IAS 34, paras. 30 and B12).","es":""},"common_error":{"fr":"","en":"Believing that the estimated annual rate replaces IAS 12.","es":""},"format":"CLASSIFICATION","categories":[{"id":"IAS34","text":{"fr":"","en":"IAS 34 (estimated annual effective rate)","es":""}},{"id":"IAS12","text":{"fr":"","en":"IAS 12 (current and deferred tax)","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Which rate is applied to the quarter's profit before tax?","es":""},"category":"IAS34"},{"id":"i2","text":{"fr":"","en":"Must a deferred tax liability be recognised on a taxable temporary difference?","es":""},"category":"IAS12"},{"id":"i3","text":{"fr":"","en":"How is the tax expense allocated between the periods of the year?","es":""},"category":"IAS34"},{"id":"i4","text":{"fr":"","en":"What conditions allow a deferred tax asset to be recognised?","es":""},"category":"IAS12"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000081","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS7_IFRS13"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"BANKING","tested_point":"IAS34_FAIR_VALUE_SELECT","difficulty":"ADVANCED","estimated_time_s":90,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-fairvalue"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"In a bank's half-yearly report, which statements about fair value information are correct? Several answers are correct.","es":""},"explanation":{"fr":"","en":"IAS 34 retains significant transfers and fair value information; the detail refers to IFRS 7 and IFRS 13 (IAS 34).","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The detail of valuation techniques is defined by IAS 34 itself","es":""},"correct":false,"feedback":{"fr":"","en":"That detail belongs to IFRS 7 and IFRS 13 (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"A significant transfer between levels of the fair value hierarchy is among the events to mention","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Fair value information is reserved for annual accounts","es":""},"correct":false,"feedback":{"fr":"","en":"They also appear, if significant, in the interim report (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Fair value information on financial instruments is among the further minimum disclosures","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000082","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS7_IFRS13"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"BANKING","tested_point":"IAS34_FAIR_VALUE_TRANSFER_JUDGMENT","difficulty":"EXPERT","estimated_time_s":120,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-fairvalue"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"A bank transfers a securities portfolio from level 2 to level 3 of the fair value hierarchy in the half-year. Management judges the transfer significant to understand the change in position since the last annual report (case data). What does the report do?","es":""},"explanation":{"fr":"","en":"A significant transfer between levels is an example of an event to explain in the notes (IAS 34).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It passes over it in silence, level transfers belonging to annual information","es":""},"correct":false,"feedback":{"fr":"","en":"Significant transfers are among the events to mention (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"It mentions the transfer in the notes, the detail belonging to IFRS 7 and IFRS 13","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"It mentions it if the amount exceeds a quantified threshold set by IAS 34","es":""},"correct":false,"feedback":{"fr":"","en":"No threshold is set; significance is a judgement (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"It publishes a separate report on the fair value hierarchy","es":""},"correct":false,"feedback":{"fr":"","en":"The mention is made in the notes of the interim report (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000083","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS18"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_IFRS18_CONTEXT","difficulty":"INTERMEDIATE","estimated_time_s":75,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifrs18"},"references":["IAS 34 §16A(m), 61"],"exercise":{"prompt":{"fr":"","en":"An interim report for a year beginning before 2027 already applies, even without early application, IFRS 18's consequential amendments on the notes to condensed statements.","es":""},"explanation":{"fr":"","en":"They are context to follow separately, for annual periods beginning from 2027 (IAS 34).","es":""},"common_error":{"fr":"","en":"Presenting IFRS 18 as a rule of today.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000084","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL","IAS34.INTERACTIONS.IAS33","IAS34.INTERACTIONS.IAS12"],"dimension":"ANALYSIS","format":"MINI_CASE","context":"MANUFACTURING","tested_point":"IAS34_INTERACTIONS_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":240,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"pitfalls"},"references":["IAS 34 §11","IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Brelane SA: three cross questions","es":""},"explanation":{"fr":"","en":"No goodwill reversal; IAS 34 presents, IAS 33 calculates; IAS 12 keeps deferred tax (IFRIC 10).","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Brelane SA, listed and within IAS 33, publishes a half-yearly report. At 30 June it recognised an impairment loss of €180,000 on goodwill of €700,000. Its finance director asks three questions: (a) can the loss be reversed if the third quarter is good? (b) where should earnings per share be presented and how calculated? (c) does IAS 34's estimated annual rate allow it not to apply IAS 12 to deferred tax?","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate Brelane's goodwill after the impairment loss, then after a favourable third quarter.","es":""},"explanation":{"fr":"","en":"700,000 - 180,000 = €520,000; no reversal: €520,000.","es":""},"common_error":{"fr":"","en":"Reversing the goodwill impairment after a favourable quarter: no reversal is permitted.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Goodwill before loss","es":""},"value":"700000","unit":"EUR"},{"label":{"fr":"","en":"Impairment loss at 30 June","es":""},"value":"180000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Goodwill at 30 June","es":""},"answer":520000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Goodwill after a favourable third quarter","es":""},"answer":520000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Goodwill at 30 June","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Goodwill before loss","es":""},"value":700000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Impairment loss at 30 June","es":""},"value":180000,"unit":"EUR"}],"result":520000,"unit":"EUR"}],"references":["REF.IAS34.11","REF.IAS34.30","REF.IAS34.B12"]}},{"prompt":{"fr":"","en":"What is the answer to question (b)?","es":""},"explanation":{"fr":"","en":"IAS 34 says where to present, IAS 33 says how to calculate (IAS 34, para. 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IAS 34 for presentation and calculation, specific to the interim period","es":""},"correct":false,"feedback":{"fr":"","en":"The calculation follows IAS 33 (IAS 34, para. 11).","es":""}},{"id":"B","text":{"fr":"","en":"IAS 33 for both: IAS 34 says nothing on earnings per share","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 requires presentation in the interim statement presenting profit or loss (IAS 34, para. 11).","es":""}},{"id":"C","text":{"fr":"","en":"In the notes only, at the entity's choice","es":""},"correct":false,"feedback":{"fr":"","en":"It appears in the interim statement presenting profit or loss (IAS 34, para. 11).","es":""}},{"id":"D","text":{"fr":"","en":"IAS 34: in the interim statement presenting profit or loss; IAS 33: the calculation","es":""},"correct":true}],"id":"p2","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"IAS 34's estimated annual rate relieves Brelane from applying IAS 12 to deferred tax.","es":""},"explanation":{"fr":"","en":"IAS 34's rate governs the timing of the expense; the recognition of deferred tax belongs to IAS 12 (IAS 34, paras. 30 and B12).","es":""},"common_error":{"fr":"","en":"Thinking the estimated annual rate replaces IAS 12: it sets how the charge is spread across periods; deferred tax remains under IAS 12.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p3","dimension":"ANALYSIS"}]},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000085","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS33"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_EPS_FOLLOWS_IAS33_TF","difficulty":"INTERMEDIATE","estimated_time_s":30,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias33"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"For its quarterly report, a listed company may use a number of shares specific to IAS 34, different from that of IAS 33, as the denominator of basic earnings per share.","es":""},"explanation":{"fr":"","en":"IAS 34 does not redefine the calculation: the denominator follows the principles of IAS 33 (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Looking in IAS 34 for an interim-specific method to calculate earnings per share.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000086","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS12"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"RETAIL","tested_point":"IAS34_RATE_DOES_NOT_REPLACE_IAS12_TF","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias12"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Nova SA applies the estimated annual effective rate of 27% to its half-year profit before tax and concludes that it no longer has to follow the IAS 12 rules on the recognition of deferred tax in its interim report.","es":""},"explanation":{"fr":"","en":"IAS 34's rate governs the timing of the expense, not the recognition of deferred tax, which remains governed by IAS 12 (IAS 34, paras. 30 and B12).","es":""},"common_error":{"fr":"","en":"Believing that the estimated annual rate stands in for deferred tax recognition.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000087","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS7_IFRS13"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"BANKING","tested_point":"IAS34_LEVEL_TRANSFER_TF","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-fairvalue"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"A significant transfer between levels of the fair value hierarchy may have to be mentioned in the notes of an interim report.","es":""},"explanation":{"fr":"","en":"Significant transfers between levels are among the events to mention (IAS 34).","es":""},"common_error":{"fr":"","en":"Leaving fair value level transfers to the annual statements: a significant transfer may need to be disclosed at interim.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IAS34.000088","source":"V2","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS18"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"GENERIC","tested_point":"IAS34_IFRS18_SUBJECT_TF","difficulty":"INTERMEDIATE","estimated_time_s":45,"lesson_id":"LS.IAS34.000011","review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifrs18"},"references":["IAS 34 §16A(m), 61"],"exercise":{"prompt":{"fr":"","en":"IFRS 18's consequential amendments to IAS 34 concern information on management-defined performance measures in the notes to the condensed statements.","es":""},"explanation":{"fr":"","en":"This is the subject of those amendments, to be followed separately (IAS 34).","es":""},"common_error":{"fr":"","en":"Assuming the IFRS 18 amendments to IAS 34 concern tax or seasonality: they address management-defined performance measures.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000001","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000001","tested_point":"QST.IAS34.000001","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-scope"},"references":["IAS 34 §1","IAS 34 §2"],"exercise":{"prompt":{"fr":"","en":"A listed company applies IFRS in its annual financial statements; as a result, IAS 34 requires it to publish an interim financial report.","es":""},"explanation":{"fr":"","en":"IAS 34 does not name the entities that must publish an interim report: it is governments, securities regulators, stock exchanges or accounting bodies that require publication and set its frequency and timing (IAS 34, para. 1). The Standard sets the minimum content and the recognition and measurement principles of the reports that are published. Applying IFRS in the annual statements therefore does not by itself create an obligation to publish. Trap: Inferring from the application of IFRS an obligation to publish interim statements. Rule to remember: IAS 34 governs the content of interim reports that are published, not the obligation to publish them (IAS 34, para. 1).","es":""},"common_error":{"fr":"","en":"Believing that IAS 34 requires every entity that applies IFRS to publish interim statements.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000002","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.NO_MANDATE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000002","tested_point":"QST.IAS34.000002","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-scope"},"references":["IAS 34 §1","IAS 34 §2"],"exercise":{"prompt":{"fr":"","en":"Which statements about the publication of interim reports and the role of IAS 34 are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"IAS 34 does not make publication mandatory: the requirement, the frequency and the timing come from governments, securities regulators, stock exchanges or accounting bodies (IAS 34, para. 1). Listed entities are merely encouraged to publish, at least at the end of the first half-year (IAS 34, para. 1); the Standard governs the minimum content and the measurement principles of the reports that are published. Trap: Seeing in IAS 34 a source of an obligation to publish or of a quarterly frequency. Rule to remember: Publication is required by the authorities; IAS 34 governs its content (IAS 34).","es":""},"common_error":{"fr":"","en":"Believing that IAS 34 requires publication or a quarterly frequency.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The Standard sets the minimum content of an interim report and the recognition and measurement principles that apply to the reports that are published.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Entities whose securities are publicly traded are encouraged, without obligation, to publish reports that comply with the Standard, at least at the end of the first half of the financial year.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The Standard fixes a quarterly publication for every listed entity, with the content of a complete set of annual financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not set a quarterly frequency for listed entities: frequency is decided by governments, regulators, stock exchanges or accounting bodies, and an interim report may be condensed (IAS 34). Rule to remember: The frequency of publication does not come from the Standard (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"An entity that does not publish an interim report breaches IAS 34, whatever the requirements of its regulator or its stock exchange.","es":""},"correct":false,"feedback":{"fr":"","en":"Not publishing an interim report is not in itself a breach of IAS 34, which does not make publication mandatory; it applies to the reports that are published (IAS 34). Rule to remember: IAS 34 applies to publication decided elsewhere, not to the principle of publishing (IAS 34).","es":""}},{"id":"E","text":{"fr":"","en":"The decision to require interim reports and to set their frequency rests with governments, securities regulators, stock exchanges or accounting bodies.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000003","standard_id":"IAS34","concept_ids":["IAS34.SCOPE.COMPLIANCE_STATEMENT"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000003","tested_point":"QST.IAS34.000003","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000001","section_id":"rule-compliance"},"references":["IAS 34 §19"],"exercise":{"prompt":{"fr":"","en":"Corvane SA's half-year report contains a set of condensed statements prepared under IAS 34. Note 1 states \"These financial statements comply with IFRS\"; according to the case, management has not applied all the requirements of IFRS. What is the error?","es":""},"explanation":{"fr":"","en":"If the interim report complies with IAS 34, that fact is stated; however, it can be described as complying with IFRS only if it meets all the requirements of those standards (IAS 34, para. 19). In the case, management has not applied all the requirements of IFRS: the correct statement refers to IAS 34. Trap: Describing as \"complying with IFRS\" a condensed report that meets only the minimum content of IAS 34. Rule to remember: Compliance with IAS 34 is stated; compliance with IFRS is reserved for reports that meet all their requirements (IAS 34, para. 19).","es":""},"common_error":{"fr":"","en":"Describing as complying with IFRS a condensed report that meets only the minimum content of IAS 34.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The statement is accurate: a condensed report that meets the minimum content of IAS 34 may be described as complying with IFRS, even without meeting all their requirements.","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum content of IAS 34 is not enough to say \"complies with IFRS\": that wording requires all the requirements of IFRS to be met (IAS 34, para. 19). A condensed report that complies with IAS 34 says so by referring to IAS 34. Rule to remember: The minimum content of IAS 34 is not compliance with IFRS (IAS 34, para. 19).","es":""}},{"id":"B","text":{"fr":"","en":"The IFRS compliance statement is inaccurate: an interim report is described as complying with IFRS only if it meets all their requirements, and compliance with IAS 34 is stated as such.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The error is to have mentioned compliance at all: IAS 34 prohibits an interim report from stating compliance with any standard, whether IFRS or IAS 34.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not prohibit a compliance statement: it requires one when the report complies with the Standard, and reserves \"complies with IFRS\" for reports that meet all the requirements of IFRS (IAS 34, para. 19). Rule to remember: Compliance with IAS 34, where it exists, is stated (IAS 34, para. 19).","es":""}},{"id":"D","text":{"fr":"","en":"The error concerns the location of the statement: compliance with IFRS must appear in the management report, not in a note to the condensed statements themselves.","es":""},"correct":false,"feedback":{"fr":"","en":"The location of the statement is not the problem identified: it is its content that is inaccurate, since not all the requirements of IFRS are met (IAS 34, para. 19). The case is not about the management report. Rule to remember: The point at issue is the compliance wording, not where it appears (IAS 34, para. 19).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000004","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.COMPLETE_OR_CONDENSED"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000004","tested_point":"QST.IAS34.000004","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-sets"},"references":["IAS 34 §8","IAS 34 §9"],"exercise":{"prompt":{"fr":"","en":"What option does an entity have for the content of the financial statements in its interim report?","es":""},"explanation":{"fr":"","en":"An interim report contains either a condensed set of statements meeting at least the components of IAS 34 (IAS 34, para. 8), or a complete set of financial statements whose form and content comply with the presentation standard (IAS 34, para. 9). The entity chooses between the two options, subject to the requirements of its regulator. Trap: Believing that only a condensed set is allowed in an interim report. Rule to remember: Complete set or condensed set (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Believing that only a condensed set is allowed in an interim report.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It must present a set of condensed statements; a complete set of financial statements is excluded from the interim report by IAS 34, whatever the entity's wish to give its shareholders more information.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not reserve the interim report for condensed statements: when an entity publishes a complete set, its form and content comply with the presentation standard and all IFRS (IAS 34). Rule to remember: The complete set remains a possibility for the interim report (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"It must present a complete set of financial statements; a condensed set requires the prior authorisation of the accounting body.","es":""},"correct":false,"feedback":{"fr":"","en":"The condensed set is provided for directly by IAS 34, with its minimum components; the Standard does not make its use subject to the prior authorisation of an accounting body (IAS 34, para. 8). Rule to remember: The condensed set is one of the two options of the Standard (IAS 34, para. 8).","es":""}},{"id":"C","text":{"fr":"","en":"It may present a complete set relieved of the requirements of the presentation standard, which removes the need to meet the minimum content of IAS 34.","es":""},"correct":false,"feedback":{"fr":"","en":"A complete set published in an interim report must comply with the form and content set by the presentation standard and all IFRS; there is no lighter version that would relieve those requirements (IAS 34). Rule to remember: Complete means compliant with the presentation standard and IFRS (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"It may include a complete set of financial statements, whose form and content then follow the presentation standard and IFRS, or a set of condensed statements meeting the minimum content of IAS 34.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000005","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000005","tested_point":"QST.IAS34.000005","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"The minimum content of a condensed interim report comprises a condensed statement of financial position, a condensed statement of comprehensive income, a condensed statement of changes in equity and a condensed statement of cash flows, together with selected explanatory notes.","es":""},"explanation":{"fr":"","en":"The interim report comprises at least five components: a condensed statement of financial position, a condensed statement of comprehensive income (or a statement of profit or loss and a statement of comprehensive income), a condensed statement of changes in equity, a condensed statement of cash flows and selected explanatory notes (IAS 34, para. 8); it updates the latest complete set of annual statements. Trap: Forgetting the statement of cash flows or the statement of changes in equity. Rule to remember: Five minimum components, all condensed (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Omitting the statement of cash flows or the statement of changes in equity from a condensed report.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000006","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000006","tested_point":"QST.IAS34.000006","difficulty":"BEGINNER","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Which of the following form part of the minimum content of a condensed interim report under IAS 34? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The minimum content comprises the condensed statements (financial position, comprehensive income, changes in equity, cash flows) and selected explanatory notes (IAS 34, para. 8). An auditor's report, the reproduction of all the annual notes or cash forecasts are not part of it. Trap: Extending the minimum content to documents the Standard does not mention. Rule to remember: Condensed statements plus selected notes (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Adding to the minimum content documents that the Standard does not provide for, or forgetting one of the statements.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A condensed statement of cash flows covering the interim period","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The notes to the annual financial statements, updated to the interim date","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report contains selected notes, not the complete reproduction of the annual notes (IAS 34, para. 8); it updates the latest set of annual statements without repeating it. Rule to remember: Selected notes, never the entire annual notes (IAS 34, para. 8).","es":""}},{"id":"C","text":{"fr":"","en":"Selected explanatory notes on the events of the period","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"A condensed statement of financial position at the end date of the interim period","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"A forecast statement of cash flows covering the rest of the financial year","es":""},"correct":false,"feedback":{"fr":"","en":"The minimum content describes statements of the period and notes; it does not include cash forecasts for the rest of the financial year (IAS 34, para. 8). Rule to remember: The minimum components report on the period that has elapsed (IAS 34, para. 8).","es":""}},{"id":"F","text":{"fr":"","en":"The auditor's report on the statements of the interim period","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not list the auditor's report among the minimum components of the interim report; the minimum content is made up of condensed statements and selected notes (IAS 34, para. 8). Rule to remember: The minimum content consists of condensed statements and notes (IAS 34, para. 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000007","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.MINIMUM_COMPONENTS"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000007","tested_point":"QST.IAS34.000007","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-components"},"references":["IAS 34 §8"],"exercise":{"prompt":{"fr":"","en":"Ostelle SA's half-year report contains a condensed statement of financial position, a condensed statement of comprehensive income and selected notes. Management considers the statement of changes in equity and the statement of cash flows unnecessary, because equity and cash have not changed significantly (case data). What is the error?","es":""},"explanation":{"fr":"","en":"The minimum content of a condensed report comprises a statement of financial position, a statement of comprehensive income, a statement of changes in equity and a statement of cash flows, all condensed, and selected notes (IAS 34, para. 8). The Standard does not excuse an entity from presenting a statement because its amounts have changed little. Trap: Omitting the statement of cash flows or the statement of changes in equity. Rule to remember: Four condensed statements and selected notes, with no stability exception (IAS 34, para. 8).","es":""},"common_error":{"fr":"","en":"Omitting a minimum statement because its amounts have changed little.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Both statements are minimum components of the condensed report: omitting them is an error, even without a significant change since the end of the year.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The selected notes should be replaced by the complete reproduction of the annual notes, to make up for the absence of these two statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report contains selected notes, not the complete reproduction of the annual notes, and notes do not replace a missing statement (IAS 34, para. 8). Rule to remember: Notes complete the condensed statements, they do not replace them (IAS 34, para. 8).","es":""}},{"id":"C","text":{"fr":"","en":"The statement of comprehensive income cannot be condensed: it must be presented in full form in every interim report, the other statements being optional.","es":""},"correct":false,"feedback":{"fr":"","en":"The interim report may present a condensed statement of comprehensive income: IAS 34 provides for condensed statements for the five minimum components and does not make the other statements optional (IAS 34, para. 8). Rule to remember: All the minimum statements are condensed and all are required (IAS 34, para. 8).","es":""}},{"id":"D","text":{"fr":"","en":"There is no error: an entity may omit a condensed statement when its amounts have not changed significantly since the end of the year and management judges it so.","es":""},"correct":false,"feedback":{"fr":"","en":"There is indeed an error: the Standard does not make the presentation of a minimum statement depend on the size of its changes; the statement of cash flows and the statement of changes in equity are required (IAS 34, para. 8). Rule to remember: A minimum statement is required even without a significant change (IAS 34, para. 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000008","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.CONDENSED_HEADINGS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000008","tested_point":"QST.IAS34.000008","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-headings"},"references":["IAS 34 §10"],"exercise":{"prompt":{"fr":"","en":"What must the condensed statements of an interim report include at a minimum, in addition to the selected notes?","es":""},"explanation":{"fr":"","en":"The condensed statements include at least each of the headings and subtotals presented in the latest annual statements, together with the selected notes; additional line items are added if their omission would make the statements misleading (IAS 34, para. 10). Trap: Deleting a subtotal or a heading because its amount is small or because the statement is condensed. Rule to remember: Include each heading and subtotal of the latest annual statement (IAS 34, para. 10).","es":""},"common_error":{"fr":"","en":"Deleting a subtotal or a heading of the annual statement because its amount is small.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The grand totals of the latest annual statements, such as total assets and total equity and liabilities, without their components.","es":""},"correct":false,"feedback":{"fr":"","en":"Limiting the statements to grand totals would delete headings and subtotals that the annual statements present; the Standard requires each of them to be included (IAS 34, para. 10). Rule to remember: Each annual heading and subtotal is included (IAS 34, para. 10).","es":""}},{"id":"B","text":{"fr":"","en":"The headings of the annual statement grouped freely by the entity as long as the amount of each deleted line remains small, the subtotals then being recalculated according to the grouping chosen by management.","es":""},"correct":false,"feedback":{"fr":"","en":"The small amount of a line does not allow it to be deleted or grouped: the Standard asks for each of the headings and subtotals of the latest annual statements to be included (IAS 34, para. 10). Rule to remember: A small amount does not justify deleting a heading (IAS 34, para. 10).","es":""}},{"id":"C","text":{"fr":"","en":"Each of the headings and subtotals presented in the entity's latest annual financial statements, with additional line items if their omission would make the information misleading.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The headings and subtotals of the interim statement of the previous period, rather than those of the latest annual statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The starting point is the latest annual financial statements, not the interim statement of the previous period (IAS 34, para. 10). The headings of the annual statement are the reference. Rule to remember: The reference for condensed statements is the latest annual statement (IAS 34, para. 10).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000009","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.CONDENSED_HEADINGS"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000009","tested_point":"QST.IAS34.000009","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-headings"},"references":["IAS 34 §10"],"exercise":{"prompt":{"fr":"","en":"Tavira SA's annual statements present an \"operating profit\" subtotal between gross margin and finance result. For the half-year report, the preparer deletes this subtotal \"to lighten the condensed statement\" and goes directly from gross margin to profit before tax. What must Tavira SA do?","es":""},"explanation":{"fr":"","en":"The condensed statements include at least each of the headings and subtotals presented in the latest annual statements; additional line items are added if their omission would make the statement misleading (IAS 34, para. 10). The \"operating profit\" subtotal appears in the annual statements: it must appear in the half-year statements. The 5% threshold is case data, not a rule. Trap: Deleting a subtotal because the statement is condensed or because its amount is small. Rule to remember: Each annual subtotal is included in the condensed statement (IAS 34, para. 10).","es":""},"common_error":{"fr":"","en":"Deleting a subtotal presented in the annual statements to lighten a condensed statement.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Keep the deletion, because a condensed statement is by nature exempt from presenting the subtotals of the annual statements, which belong to the detail.","es":""},"correct":false,"feedback":{"fr":"","en":"Being condensed does not excuse an entity from including the annual subtotals: the Standard asks for each of the headings and subtotals to be included, not only the largest items (IAS 34, para. 10). Rule to remember: Condensed does not mean without the annual subtotals (IAS 34, para. 10).","es":""}},{"id":"B","text":{"fr":"","en":"Keep the deletion if the amount of the subtotal is below 5% of profit before tax, a threshold that management considers acceptable for a condensed statement.","es":""},"correct":false,"feedback":{"fr":"","en":"The 5% threshold is case data, not a criterion of the Standard: it does not allow a subtotal presented in the annual statements to be deleted because of its small amount (IAS 34, para. 10). Rule to remember: No amount threshold excuses an entity from including an annual subtotal (IAS 34, para. 10).","es":""}},{"id":"C","text":{"fr":"","en":"Reinstate the \"operating profit\" subtotal: the condensed statement includes at least each heading and subtotal of the latest annual statements.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Reinstate the subtotal if management sees value in it for readers, the Standard leaving that choice to the entity according to the importance of the subtotal.","es":""},"correct":false,"feedback":{"fr":"","en":"Including the annual subtotal is not left to the entity's discretion: the Standard asks for each of the headings and subtotals presented in the latest annual statements to be included (IAS 34, para. 10). Rule to remember: Including the annual subtotals is required, not optional (IAS 34, para. 10).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000010","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EARNINGS_PER_SHARE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000010","tested_point":"QST.IAS34.000010","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-eps"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"An entity within the scope of IAS 33 may omit earnings per share from the statement presenting profit or loss of its interim period, provided that it publishes it in its annual financial statements.","es":""},"explanation":{"fr":"","en":"When the entity is within the scope of IAS 33, basic earnings per share and diluted earnings per share for the interim period are presented in the interim statement presenting profit or loss (IAS 34, para. 11). Publication later in the annual statements does not remove the need to present them. Trap: Omitting diluted earnings per share from the statement presenting profit or loss of an interim report. Rule to remember: Basic and diluted earnings per share appear in the interim statement presenting profit or loss (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Omitting diluted earnings per share from the interim statement presenting profit or loss.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000011","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EARNINGS_PER_SHARE"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000011","tested_point":"QST.IAS34.000011","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000002","section_id":"rule-eps"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"Alba SA's half-year report, which is within the scope of IAS 33, presents basic earnings per share in the condensed statement presenting profit or loss. According to the case, share options are outstanding, but diluted earnings per share are omitted. What is the error?","es":""},"explanation":{"fr":"","en":"An entity within the scope of IAS 33 presents, in the statement presenting profit or loss of the interim period, basic earnings per share and diluted earnings per share (IAS 34, para. 11). In the case, basic earnings per share are presented but diluted earnings per share are omitted: the omission is the error, whatever the calculation method, which is a matter for IAS 33. Trap: Omitting diluted earnings per share from the interim statement presenting profit or loss. Rule to remember: Basic and diluted earnings per share in the statement presenting profit or loss (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Omitting diluted earnings per share from the interim statement presenting profit or loss.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Diluted earnings per share must also be presented, with basic earnings per share, in the statement presenting profit or loss of the interim period.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Interim earnings per share are presented in the selected notes; they need not appear in the condensed statement presenting profit or loss of the interim period.","es":""},"correct":false,"feedback":{"fr":"","en":"The presentation of earnings per share is provided for in the interim statement presenting profit or loss, not in the notes alone; a cross-reference to the notes does not replace that presentation (IAS 34, para. 11). Rule to remember: The place of presentation is the statement presenting profit or loss (IAS 34, para. 11).","es":""}},{"id":"C","text":{"fr":"","en":"Basic earnings per share are themselves optional in interim reporting, IAS 34 referring the information on earnings per share to the entity's annual financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"Basic earnings per share are not optional: IAS 34 provides that an entity within the scope of IAS 33 presents, for the interim period, both basic and diluted earnings per share (IAS 34, para. 11). Rule to remember: Both earnings-per-share figures are presented at the interim date (IAS 34, para. 11).","es":""}},{"id":"D","text":{"fr":"","en":"Diluted earnings per share must appear in the management report, outside the condensed statements, once the year has ended.","es":""},"correct":false,"feedback":{"fr":"","en":"Diluted earnings per share of the interim period do not wait for the end of the year: they are presented in the statement presenting profit or loss of the period, together with basic earnings per share (IAS 34, para. 11). Rule to remember: No deferral of diluted earnings per share to a later date (IAS 34, para. 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000012","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000012","tested_point":"QST.IAS34.000012","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"What must the selected explanatory notes of an interim report explain?","es":""},"explanation":{"fr":"","en":"The notes to an interim report explain the events and transactions that are significant to an understanding of the changes in financial position and performance since the end of the last annual period; the annual notes are not all repeated, to avoid duplication (IAS 34, paras. 15 and 15A). Trap: Reproducing in the interim report all the notes to the annual financial statements. Rule to remember: The selected notes deal with what is significant since the last year-end (IAS 34, para. 15).","es":""},"common_error":{"fr":"","en":"Reproducing in the interim report all the notes to the annual financial statements.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"All the notes to the annual financial statements, updated to the interim date, so that the reader has a complete set of notes comparable with that of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"Reproducing the whole annual notes defeats the purpose of the interim report: the annual notes are not all repeated, so as to avoid duplication (IAS 34). Rule to remember: The notes are selected, not exhaustive (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The forecasts of profit and cash flows prepared by management for the rest of the year, so as to inform the reader about the continuation of the business, together with the assumptions used and their sensitivity.","es":""},"correct":false,"feedback":{"fr":"","en":"The notes explain events and transactions that have taken place, to understand the changes in financial position and performance; forecasts for the rest of the year are not their purpose (IAS 34). Rule to remember: The notes deal with what has happened since the last year-end (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The events that have occurred since the end of the corresponding interim period of the previous year, so as to allow comparison with last year.","es":""},"correct":false,"feedback":{"fr":"","en":"The benchmark of the notes is the end of the last annual period, not the corresponding interim period of last year: the aim is to understand the changes since the latest annual statements (IAS 34). Rule to remember: The starting point is the last annual period (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The events and transactions that are significant to an understanding of the changes in financial position and performance since the end of the last annual period, without repeating the annual notes.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000014","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.SIGNIFICANT_EVENTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000014","tested_point":"QST.IAS34.000014","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-events"},"references":["IAS 34 §15B"],"exercise":{"prompt":{"fr":"","en":"During the half-year, Merkan SA experienced the following events; whether each is significant to an understanding of the changes since the last annual report is indicated (case judgement). Which must the notes to the interim report explain? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The notes explain the events and transactions that are significant to an understanding of the changes since the last annual report; the Standard's list of examples is non-exhaustive and applies to items that are significant (IAS 34, paras. 15 and 15B). Here, the inventory write-down, the settled dispute and the loan default are judged significant (case judgement); the last two events are not. Trap: Treating the list of examples as requiring disclosure in every case. Rule to remember: Explain the significant event, assessed on the facts (IAS 34, para. 15B).","es":""},"common_error":{"fr":"","en":"Treating the list of examples as exhaustive or as requiring disclosure in every case.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The settlement of a dispute with a former supplier for EUR 1,450,000 (judged significant in the case).","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The replacement of two office computers for EUR 3,200, with no effect on the financial position (judged not significant in the case).","es":""},"correct":false,"feedback":{"fr":"","en":"The acquisition of non-current assets appears in the list of examples only when it is significant; here the case judges it not significant, so the note is not required (IAS 34). Rule to remember: Appearing in the list is not enough, the event must be significant (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The update of the logo printed on invoices, with no financial effect (judged not significant in the case).","es":""},"correct":false,"feedback":{"fr":"","en":"A change of logo with no financial effect does not help to understand the changes in financial position and performance; it calls for no note (IAS 34). Rule to remember: The list of examples is neither exhaustive nor automatic (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"A write-down of inventories of EUR 2,100,000 after the loss of a major customer (judged significant in the case).","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"A default on the repayment of a loan, not remedied at the interim date (judged significant in the case).","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000016","standard_id":"IAS34","concept_ids":["IAS34.CONTENT.ADDITIONAL_DISCLOSURES","IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000016","tested_point":"QST.IAS34.000016","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §16A","IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"Which of the following are among the minimum additional disclosures to be given in the notes to the interim report, or in another document available on the same terms as the report? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"In addition to the selected notes, which explain the significant events since the last year-end without repeating the annual notes (IAS 34, para. 15), the interim report gives a list of minimum additional disclosures: in particular seasonality, dividends, segment information and the nature and amount of changes in estimates (IAS 34, para. 16A). The detail of individual remuneration or profit forecasts are not part of it. Trap: Omitting the explanations of seasonality or cyclicality of operations. Rule to remember: Selected notes plus minimum additional disclosures (IAS 34).","es":""},"common_error":{"fr":"","en":"Omitting the explanations of seasonality or cyclicality of operations.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Explanations of the seasonality or cyclicality of the interim operations.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Segment information.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Dividends paid during the period.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Forecasts of annual profit prepared by management at the interim date.","es":""},"correct":false,"feedback":{"fr":"","en":"Forecasts of annual profit are not in the list of minimum additional disclosures: the notes report on the events and transactions of the period, not forecasts (IAS 34). Rule to remember: The notes report on the period that has elapsed (IAS 34).","es":""}},{"id":"E","text":{"fr":"","en":"The detail of the individual remuneration of each executive, as in the annual notes.","es":""},"correct":false,"feedback":{"fr":"","en":"The detail of individual remuneration is information from the annual notes; the interim notes do not repeat all of them, to avoid duplication (IAS 34). Rule to remember: The notes do not repeat the annual notes (IAS 34).","es":""}},{"id":"F","text":{"fr":"","en":"The nature and amount of changes in estimates.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000017","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000017","tested_point":"QST.IAS34.000017","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-position"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"In the interim report at 30 June 20X5 of an entity whose financial year is the calendar year, the statement of financial position is compared with that at the end of the preceding financial year, that is 31 December 20X4.","es":""},"explanation":{"fr":"","en":"The interim report presents the statement of financial position at the end of the current interim period, compared with that at the end of the preceding annual year (IAS 34, para. 20). For a report at 30 June 20X5 and a calendar-year entity, the comparative is therefore 31 December 20X4 and not 30 June 20X4. Trap: Comparing the interim financial position with the end of the corresponding interim period of the previous year. Rule to remember: Financial position: comparative = end of the preceding annual year (IAS 34, para. 20).","es":""},"common_error":{"fr":"","en":"Comparing the interim financial position with the end of the corresponding interim period of the previous year.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000018","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINANCIAL_POSITION"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000018","tested_point":"QST.IAS34.000018","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-position"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"In its quarterly report at 30 September 20X5, Sorvil SA (financial year = calendar year) compares its statement of financial position with that at 30 September 20X4. What is the error?","es":""},"explanation":{"fr":"","en":"The statement of financial position at the end of the current interim period is compared with that at the end of the preceding annual year (IAS 34, para. 20). For a report at 30 September 20X5, the comparative is 31 December 20X4, not 30 September 20X4. Trap: Comparing the interim financial position with the end of the corresponding interim period of the previous year. Rule to remember: Interim financial position compared with the end of the preceding annual year (IAS 34, para. 20).","es":""},"common_error":{"fr":"","en":"Comparing the interim financial position with the end of the corresponding interim period of the previous year.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The correct comparative is the end of the previous interim period of the same year, that is 30 June 20X5, so as to show the movement of the quarter.","es":""},"correct":false,"feedback":{"fr":"","en":"The comparative is not the end of the previous interim period of the year: the Standard uses the end of the preceding annual year for the financial position (IAS 34). Rule to remember: The comparative is annual, not interim (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The comparative for the statement of financial position is the end of the preceding annual year, that is 31 December 20X4.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"No comparative is required for the interim statement of financial position, which presents just the interim closing date of the report.","es":""},"correct":false,"feedback":{"fr":"","en":"A comparative is indeed required: the interim statement of financial position is compared with that at the end of the preceding annual year (IAS 34). Removing it would be another error. Rule to remember: An annual comparative appears in the statement of financial position (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The comparative must include both 31 December 20X4 and 30 September 20X4, two comparative columns being required for the financial position.","es":""},"correct":false,"feedback":{"fr":"","en":"The Standard uses a single comparative for the financial position, the end of the preceding annual year; an additional column at 30 September 20X4 is not required (IAS 34). Rule to remember: A single comparative for the financial position (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000019","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000019","tested_point":"QST.IAS34.000019","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Which periods must the statement of comprehensive income in Brasel SA's interim report at 30 September 20X5 (third quarter; financial year = calendar year) present, with their comparatives?","es":""},"explanation":{"fr":"","en":"The interim statement of comprehensive income presents the current interim period and the year-to-date, each compared with the corresponding periods of the preceding year (IAS 34, para. 20). For a report at 30 September 20X5: the third quarter and nine months of 20X5, with the third quarter and nine months of 20X4. Trap: Confusing the year-to-date figure with the amount of the interim period. Rule to remember: Current period and year-to-date, with the corresponding comparatives (IAS 34, para. 20).","es":""},"common_error":{"fr":"","en":"Presenting the cumulative figure in place of the quarter's amount, or the reverse.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The nine-month cumulative figure for 20X5 with no amount for the third quarter itself, with the nine-month cumulative figure for 20X4 as the comparative.","es":""},"correct":false,"feedback":{"fr":"","en":"The third-quarter amount must appear: the statement presents the current interim period and the year-to-date, not the cumulative figure alone (IAS 34). Rule to remember: The current period appears next to the year-to-date (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The third quarter of 20X5, compared with the second quarter of 20X5, and the total for the complete year 20X4 as the comparative for the cumulative figure.","es":""},"correct":false,"feedback":{"fr":"","en":"The comparatives are the corresponding periods of the preceding year, not the previous quarter of the year nor the complete year (IAS 34). Rule to remember: Compare with the corresponding period of the preceding year (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The twelve months ended September 20X5, compared with the twelve months ended September 20X4, without the cumulative figure from the beginning of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"Rolling twelve months are not the periods the Standard asks for: the statement presents the current interim period and the year-to-date, with their comparatives (IAS 34). Rule to remember: Year-to-date from the beginning of the year, not rolling (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"The third quarter of 20X5 and the cumulative period from 1 January 20X5, each compared with the corresponding period of 20X4.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000020","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000020","tested_point":"QST.IAS34.000020","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Vallon SA (financial year = calendar year) published, in its half-year report at 30 June, a year-to-date profit of {year_to_date_previous}. In its report at 30 September, the year-to-date profit is {year_to_date_current}. Calculate the profit of the third quarter to be shown in the column of the current interim period.","es":""},"explanation":{"fr":"","en":"Method: 2,180,000 − 1,350,000 = 830,000. The amount of an interim period is the year-to-date figure at the date less the year-to-date figure of the previous date; the report at 30 September shows this amount in the quarter column and the year-to-date figure of 2,180,000 in the cumulative column (IAS 34, para. 20). Trap: Showing the year-to-date figure in place of the quarter's amount. Rule to remember: Quarter = year-to-date at the date less previous year-to-date (IAS 34).","es":""},"common_error":{"fr":"","en":"Reporting the year-to-date figure as if it were the quarter's amount.","es":""},"format":"CALCULATION","placeholders":[{"id":"year_to_date_current","value":"2180000","unit":"EUR"},{"id":"year_to_date_previous","value":"1350000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Year-to-date profit at 30 September","es":""},"value":"2180000","unit":"EUR"},{"label":{"fr":"","en":"Year-to-date profit at 30 June (published)","es":""},"value":"1350000","unit":"EUR"}],"steps":[{"id":"PERIOD_AMOUNT","label":{"fr":"","en":"Profit of the third quarter","es":""},"answer":830000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"PERIOD_AMOUNT","meaning":{"fr":"","en":"Profit of the third quarter","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date profit at 30 September","es":""},"value":2180000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Year-to-date profit at 30 June (published)","es":""},"value":1350000,"unit":"EUR"}],"result":830000,"unit":"EUR"}],"rationale":{"fr":"","en":"Quarter = year-to-date at the date less previous year-to-date (IAS 34).","es":""},"references":["REF.IAS34.20"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000021","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000021","tested_point":"QST.IAS34.000021","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"In Corvane SA's report at 30 September 20X5, the \"third quarter 20X5\" column of the statement of comprehensive income shows EUR 2,075,000, which is the nine-month year-to-date profit. The year-to-date profit published at 30 June 20X5 was EUR 1,390,000. What is the error?","es":""},"explanation":{"fr":"","en":"The third quarter is calculated as the year-to-date figure at 30 September less that at 30 June: 2,075,000 − 1,390,000 = EUR 685,000 (IAS 34, para. 20). The year-to-date figure of EUR 2,075,000 remains in the cumulative column, with its comparative. Trap: Confusing the year-to-date figure with the amount of the interim period. Rule to remember: The period column carries the quarter, the cumulative column carries the year-to-date (IAS 34, para. 20).","es":""},"common_error":{"fr":"","en":"Showing the year-to-date figure in place of the quarter's amount.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The quarter column must show EUR 1,037,500, half of the nine-month year-to-date figure, so as to spread the profit evenly between the periods.","es":""},"correct":false,"feedback":{"fr":"","en":"No rule spreads the year-to-date figure equally between periods: the quarter is the difference between two year-to-date figures, here EUR 685,000, not half of the year-to-date figure (IAS 34). Rule to remember: The quarter results from two successive year-to-date figures (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The quarter column must show EUR 685,000 (2,075,000 − 1,390,000); the year-to-date figure of EUR 2,075,000 belongs in the cumulative column.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The quarter column must show EUR 1,390,000, the half-year year-to-date profit, which serves as the measurement base of the third quarter.","es":""},"correct":false,"feedback":{"fr":"","en":"The half-year year-to-date figure is an earlier cumulative figure, to be deducted from the 30 September figure; it is not the amount of the third quarter (IAS 34). Rule to remember: The earlier year-to-date figure is deducted, not shown as the quarter (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"There is no error: the profit of a quarter is shown as a year-to-date figure from the beginning of the year to the end of that quarter.","es":""},"correct":false,"feedback":{"fr":"","en":"There is indeed an error: the statement of comprehensive income presents the current interim period and, separately, the year-to-date; the quarter column does not carry the year-to-date figure (IAS 34). Rule to remember: Current period and year-to-date are two separate columns (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000022","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.EQUITY_AND_CASH_FLOWS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000022","tested_point":"QST.IAS34.000022","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-equity-cash"},"references":["IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"In an interim report, the statement of changes in equity and the statement of cash flows are presented on a year-to-date basis, compared with the corresponding year-to-date figures of the preceding year.","es":""},"explanation":{"fr":"","en":"The statement of changes in equity and the statement of cash flows of the interim report cover the year-to-date period, compared with the corresponding year-to-date period of the preceding year (IAS 34, para. 20). For a report at 30 September, they cover the nine months, not the quarter alone. Trap: Presenting the cash flows of the quarter alone, without the year-to-date figure. Rule to remember: Equity and cash flows: year-to-date from the beginning of the year (IAS 34, para. 20).","es":""},"common_error":{"fr":"","en":"Presenting the cash flows of the quarter alone, without the year-to-date figure.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000023","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.MATERIALITY"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000023","tested_point":"QST.IAS34.000023","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"rule-materiality"},"references":["IAS 34 §23","IAS 34 §25"],"exercise":{"prompt":{"fr":"","en":"In an interim report, in relation to what is the significance of an item assessed when deciding how to recognise, measure, classify or present it?","es":""},"explanation":{"fr":"","en":"The significance of an item is judged in relation to the financial data of the interim period, not in relation to forecast annual data (IAS 34, para. 23); the same amount therefore weighs more over the interim period. Trap: Assessing the materiality threshold on forecast annual profit instead of the data of the interim period. Rule to remember: Significant in relation to the interim period, not the forecast year (IAS 34, para. 23).","es":""},"common_error":{"fr":"","en":"Assessing the materiality threshold on forecast annual profit instead of the data of the interim period.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In relation to the forecast annual profit of the whole year, so that the threshold stays the same from one interim report to the next and in the annual statements.","es":""},"correct":false,"feedback":{"fr":"","en":"Assessing significance against forecast annual profit would lead to higher thresholds and to omitting items that matter for the period; the Standard uses the data of the interim period (IAS 34). Rule to remember: The reference is the interim period, not the forecast year (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"In relation to the annual financial statements of the previous year, which serve as a fixed reference for all the interim reports of the following year.","es":""},"correct":false,"feedback":{"fr":"","en":"The annual statements of the previous year are not the reference for the threshold: significance is assessed on the financial data of the interim period itself (IAS 34). Rule to remember: No fixed reference to last year's statements (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"In relation to the financial data of the interim period, and not in relation to the forecast annual data of the year.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"In relation to a percentage of total assets defined by the Standard, identical for all entities and all interim periods.","es":""},"correct":false,"feedback":{"fr":"","en":"The Standard does not define a fixed percentage of total assets: significance is a matter of judgement exercised in relation to the data of the interim period (IAS 34). Rule to remember: No single numerical threshold in the Standard (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000025","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINAL_INTERIM_ESTIMATE_CHANGE"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000025","tested_point":"QST.IAS34.000025","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"rule-final"},"references":["IAS 34 §26"],"exercise":{"prompt":{"fr":"","en":"Halden SA (financial year = calendar year) had estimated its annual customer rebates at EUR 500,000 at the start of the year; it recognised {amounts_in_previous_periods} of expense for this in the first three quarters. In the fourth quarter, it revises the annual amount of the rebates to {revised_annual_amount} (case data). It does not publish a separate interim report for the fourth quarter. Calculate the amount to be recognised in the fourth quarter.","es":""},"explanation":{"fr":"","en":"Method: 640,000 − 375,000 = EUR 265,000. The expense of the last quarter is the revised annual amount less the amounts already recognised; it includes the change in estimate of EUR 140,000 (640,000 − 500,000) in addition to the ordinary quarter of EUR 125,000. Since no separate report is published for this quarter, the nature and amount of the significant change in estimate are disclosed in a note to the annual statements (IAS 34, para. 26). Trap: Disclosing nothing when the change occurs in the final interim period. Rule to remember: Last quarter = revised annual amount less amounts already recognised, with an annual note (IAS 34, para. 26).","es":""},"common_error":{"fr":"","en":"Disclosing nothing when the change in estimate occurs in the final interim period not reported separately.","es":""},"format":"CALCULATION","placeholders":[{"id":"revised_annual_amount","value":"640000","unit":"EUR"},{"id":"amounts_in_previous_periods","value":"375000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Revised annual amount of the rebates","es":""},"value":"640000","unit":"EUR"},{"label":{"fr":"","en":"Expense recognised in the first three quarters","es":""},"value":"375000","unit":"EUR"}],"steps":[{"id":"FINAL_PERIOD_EFFECT","label":{"fr":"","en":"Expense to be recognised in the fourth quarter","es":""},"answer":265000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"FINAL_PERIOD_EFFECT","meaning":{"fr":"","en":"Expense to be recognised in the fourth quarter","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Revised annual amount of the rebates","es":""},"value":640000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Expense recognised in the first three quarters","es":""},"value":375000,"unit":"EUR"}],"result":265000,"unit":"EUR"}],"rationale":{"fr":"","en":"Last quarter = revised annual amount less amounts already recognised, with an annual note (IAS 34, para. 26).","es":""},"references":["REF.IAS34.26"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000026","standard_id":"IAS34","concept_ids":["IAS34.PERIODS.FINAL_INTERIM_ESTIMATE_CHANGE"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000026","tested_point":"QST.IAS34.000026","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000005","section_id":"rule-final"},"references":["IAS 34 §26"],"exercise":{"prompt":{"fr":"","en":"In the second quarter, Corvane SA recognised a warranty provision of EUR 300,000. In the fourth quarter, it revises this estimate significantly, to EUR 520,000 (case data); the adjustment is recognised in the fourth quarter. No separate interim report is published for that quarter. What must it do in addition to recognising the adjustment?","es":""},"explanation":{"fr":"","en":"When an amount estimated in an earlier interim period of the year changes significantly during the final interim period and no separate report is published for that period, the nature and amount of the change are disclosed in a note to the annual statements of the year (IAS 34, para. 26). Here, the provision moves from EUR 300,000 to EUR 520,000 in the fourth quarter: the annual note discloses the change. Trap: Disclosing nothing when the change occurs in the final interim period not reported separately. Rule to remember: Annual note for the significant change in the last quarter (IAS 34, para. 26).","es":""},"common_error":{"fr":"","en":"Disclosing nothing when the change in estimate occurs in the final interim period not reported separately.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Disclose the nature and amount of the change in a note to the annual financial statements of the year.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Restate the published interim reports of the first three quarters to show the amount of EUR 520,000, so that each period reflects the best final estimate.","es":""},"correct":false,"feedback":{"fr":"","en":"Restating the reports already published is not the answer: the change in estimate is recognised in the fourth quarter and communicated in a note to the annual statements (IAS 34). Rule to remember: The change is communicated, the published periods are not rewritten (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Publish without delay a separate interim report for the fourth quarter, in order to communicate the change in estimate to readers.","es":""},"correct":false,"feedback":{"fr":"","en":"Publishing a separate report is not required: when no separate report is published for the period, a note to the annual statements reports the change (IAS 34). Rule to remember: The annual note takes the place of the absent separate report (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Disclose nothing, a change in estimate applying prospectively without any information being required about the change itself.","es":""},"correct":false,"feedback":{"fr":"","en":"There is indeed information to give: the nature and amount of the significant change are disclosed in a note to the annual statements when no separate report is published for the last quarter (IAS 34). Rule to remember: A significant change is not passed over in silence (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000027","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_POLICIES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000027","tested_point":"QST.IAS34.000027","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-policies"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"To lighten the preparation of its half-year report, an entity may apply simplified accounting policies, different from those of its latest annual financial statements.","es":""},"explanation":{"fr":"","en":"In its interim statements, the entity applies the same accounting policies as in its annual statements, except for changes in policies made after the latest annual statements that will be reflected in the next annual statements (IAS 34, para. 28). Lightening the preparation is not a reason to change a policy. Trap: Adopting simplified or different policies for the interim statements. Rule to remember: Same accounting policies as the annual statements, except for an announced change (IAS 34, para. 28).","es":""},"common_error":{"fr":"","en":"Adopting simplified or different policies for the interim statements.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000028","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_POLICIES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000028","tested_point":"QST.IAS34.000028","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-policies"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Which statements about the accounting policies of an interim report are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The entity applies in its interim statements the same accounting policies as in its annual statements, except for changes made after the latest annual statements that will be reflected in the next ones (IAS 34, para. 28). It does not simplify its policies and does not choose them freely. Trap: Adopting simplified or different policies for the interim statements. Rule to remember: Same policies as the annual statements, except for a change to be reflected in the next annual statements (IAS 34, para. 28).","es":""},"common_error":{"fr":"","en":"Adopting simplified or different policies for the interim statements.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The policies of an interim report are chosen freely by management, consistency with the annual statements being checked at the year-end.","es":""},"correct":false,"feedback":{"fr":"","en":"Management does not choose the interim policies freely: they are the same as the annual ones, apart from a change to be reflected in the next annual statements (IAS 34, para. 28). Rule to remember: Consistency with the annual statements is the rule from the interim date (IAS 34, para. 28).","es":""}},{"id":"B","text":{"fr":"","en":"A change in policy made after the latest annual statements, which will be reflected in the next annual statements, applies in the interim report.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A simpler measurement method than that of the annual statements is allowed in the interim report when the difference remains small over the year.","es":""},"correct":false,"feedback":{"fr":"","en":"A difference that is small over the year does not allow a simpler method: the interim statements follow the policies of the annual statements, except for a change announced for the next annual statements (IAS 34, para. 28). Rule to remember: No lighter method at the interim date (IAS 34, para. 28).","es":""}},{"id":"D","text":{"fr":"","en":"A change in policy decided during the year applies in the interim report from the quarter of the decision, without affecting the earlier periods.","es":""},"correct":false,"feedback":{"fr":"","en":"That is not the rule set by IAS 34 for policies: they are those of the annual statements, with the exception of changes to be reflected in the next annual statements (IAS 34, para. 28). The question of earlier periods is a matter of restatement. Rule to remember: Interim policies follow the annual ones (IAS 34, para. 28).","es":""}},{"id":"E","text":{"fr":"","en":"The interim report applies the same accounting policies as those of the latest annual financial statements.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000029","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS","IAS34.PERIODS.PROFIT_OR_LOSS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000029","tested_point":"QST.IAS34.000029","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000004","section_id":"rule-pl"},"references":["IAS 34 §28","IAS 34 §20"],"exercise":{"prompt":{"fr":"","en":"Why are the measurements in an interim report made on a year-to-date basis from the beginning of the year?","es":""},"explanation":{"fr":"","en":"The frequency of reporting must not affect the measurement of the annual result: to achieve this, interim measurements are made on a year-to-date basis from the beginning of the year (IAS 34, para. 28). The interim statement of comprehensive income also presents the year-to-date figure (IAS 34, para. 20). Trap: Treating each quarter as an isolated year instead of measuring the year-to-date. Rule to remember: Year-to-date measurement: frequency does not change the annual result (IAS 34, para. 28).","es":""},"common_error":{"fr":"","en":"Treating each quarter as an isolated year instead of measuring the year-to-date.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"So that the frequency of reporting (annual, half-yearly or quarterly) does not affect the measurement of the entity's annual results.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Because each quarter is an independent year, whose result is measured in isolation and then added to those of the other quarters to obtain the total.","es":""},"correct":false,"feedback":{"fr":"","en":"A quarter is not an independent year: measurement is made on the year-to-date, which prevents an isolated measurement of each quarter from changing the annual result (IAS 34). Rule to remember: A quarter is not measured as an isolated year (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"So that the result of each quarter equals a quarter of the forecast annual result, which makes the quarters comparable with each other on a regular basis.","es":""},"correct":false,"feedback":{"fr":"","en":"The year-to-date basis is not meant to equalise the quarters: it aims at making sure that the frequency of reporting does not change the annual result; a quarter can be very different from a quarter of the year (IAS 34). Rule to remember: The year-to-date basis does not smooth the quarters (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"To allow management to defer an expense from one quarter to the next in order to smooth the result presented from one period to another.","es":""},"correct":false,"feedback":{"fr":"","en":"Deferring an expense from one quarter to the next to smooth the result is not the purpose of year-to-date measurement, which on the contrary ensures that the annual result does not depend on the frequency of reporting (IAS 34). Rule to remember: No smoothing: one annual result (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000030","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000030","tested_point":"QST.IAS34.000030","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-ytd"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Corvane SA (financial year = calendar year) published a year-to-date profit of {opening_year_to_date} at 30 June. According to its accounts, the profit of the third quarter is {period_additions} (case data). The draft report at 30 September shows a year-to-date profit of {reported_year_to_date}. Calculate the year-to-date profit at 30 September by adding the quarter to the figure at 30 June, then the control difference with the draft (draft year-to-date figure less recalculated figure).","es":""},"explanation":{"fr":"","en":"Method: 2,150,000 + 680,000 = 2,830,000; control difference: 2,850,000 − 2,830,000 = 20,000. The year-to-date figure is the sum of the periods of the year; a non-zero difference between the recalculated figure and the draft figure signals an error or an adjustment to be explained before publication (IAS 34, para. 28). Trap: Treating each quarter as an isolated year without reconciling the year-to-date figure with the sum of the periods. Rule to remember: Year-to-date = sum of the periods, checked by a reconciliation (IAS 34).","es":""},"common_error":{"fr":"","en":"Treating each quarter as an isolated year without checking that the year-to-date figure equals the sum of the periods.","es":""},"format":"CALCULATION","placeholders":[{"id":"opening_year_to_date","value":"2150000","unit":"EUR"},{"id":"period_additions","value":"680000","unit":"EUR"},{"id":"reported_year_to_date","value":"2850000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Year-to-date profit at 30 June (published)","es":""},"value":"2150000","unit":"EUR"},{"label":{"fr":"","en":"Profit of the third quarter","es":""},"value":"680000","unit":"EUR"},{"label":{"fr":"","en":"Year-to-date profit at 30 September (draft report)","es":""},"value":"2850000","unit":"EUR"}],"steps":[{"id":"CLOSING_YEAR_TO_DATE","label":{"fr":"","en":"Recalculated year-to-date profit at 30 September","es":""},"answer":2830000,"tolerance":0,"unit":"EUR"},{"id":"CHECK_DIFFERENCE","label":{"fr":"","en":"Control difference (draft less recalculated)","es":""},"answer":20000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"CLOSING_YEAR_TO_DATE","meaning":{"fr":"","en":"Recalculated year-to-date profit at 30 September","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date profit at 30 June (published)","es":""},"value":2150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Profit of the third quarter","es":""},"value":680000,"unit":"EUR"}],"result":2830000,"unit":"EUR"},{"step":"CHECK_DIFFERENCE","meaning":{"fr":"","en":"Control difference (draft less recalculated)","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date profit at 30 September (draft report)","es":""},"value":2850000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Recalculated year-to-date profit at 30 September","es":""},"value":2830000,"unit":"EUR"}],"result":20000,"unit":"EUR"}],"rationale":{"fr":"","en":"Year-to-date = sum of the periods, checked by a reconciliation (IAS 34).","es":""},"references":["REF.IAS34.28"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000031","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000031","tested_point":"QST.IAS34.000031","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-ytd"},"references":["IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"Ostelle SA publishes quarterly results. In the third quarter, the accountant measured accrued income and expenses as if the quarter were an isolated three-month year, without starting from the nine-month year-to-date figure measured as at an annual closing or deducting the amount already recognised. The nine-month figure obtained differs from the one an annual closing at that date would have given. What is the error?","es":""},"explanation":{"fr":"","en":"Interim measurements are made on a year-to-date basis from the beginning of the year, so that the frequency of reporting does not change the measurement of the annual result (IAS 34, para. 28). The amount of the quarter is therefore the year-to-date figure measured at the date, less the amount already recognised (IAS 34). In the case, the isolated measurement of the quarter is the error. Trap: Treating each quarter as an isolated year instead of measuring the year-to-date. Rule to remember: Year-to-date basis at each interim date (IAS 34).","es":""},"common_error":{"fr":"","en":"Treating each quarter as an isolated year instead of measuring the year-to-date.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The quarter must indeed be measured in isolation as an independent year, the year-to-date figure then resulting from adding the quarters with no further check.","es":""},"correct":false,"feedback":{"fr":"","en":"Measuring each quarter in isolation is exactly the error in the case: measurement is made on the year-to-date, so that the annual result does not depend on the frequency of reporting (IAS 34). Rule to remember: No isolated measurement of the quarter (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The nine-month figure must equal three times the result of the third quarter, so as to spread the annual result regularly over the periods of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"No rule requires a year-to-date figure equal to three times the quarter: a quarter reflects the facts of the period, and year-to-date measurement is not meant to equalise the periods (IAS 34). Rule to remember: The year-to-date basis does not equalise the quarters (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"The quarter's result must come from the year-to-date figure from the beginning of the year, measured as at an annual closing at that date, less the amount already recognised.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Measurement on the basis of an annual closing is required in the fourth quarter; until then, each quarter may be measured separately from the others.","es":""},"correct":false,"feedback":{"fr":"","en":"The year-to-date basis applies at each interim date, not in the fourth quarter alone: it is what ensures that the annual result does not depend on the frequency of reporting (IAS 34). Rule to remember: Year-to-date measurement at each interim date (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000032","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000032","tested_point":"QST.IAS34.000032","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"At 30 June, Fenwick SA incurred EUR 90,000 of sales prospecting costs to launch a range in the second half-year. Case assumption: these costs do not meet the definition of an asset, either at the annual closing or at 30 June. Management proposes to carry them in the statement of financial position at 30 June and charge them to the second half-year so as to \"smooth\" profit. What must Fenwick SA do?","es":""},"explanation":{"fr":"","en":"The recognition and measurement criteria are those of the annual statements, applied at the interim date: a cost that does not meet the definition of an asset at the end of the interim period is not deferred (IAS 34, para. 30). The EUR 90,000, which is not an asset (case assumption), is recognised as an expense of the half-year; the wish to smooth profit is not a criterion. Trap: Deferring an expense to a later quarter to smooth the interim result. Rule to remember: Same criteria as the annual statements, no deferral to smooth (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Deferring an expense to a later quarter to smooth the interim result.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Defer them as an asset at 30 June, since the year has not ended and the expense should be matched with the revenue expected in the second half-year.","es":""},"correct":false,"feedback":{"fr":"","en":"Deferring as an asset a cost that does not meet the definition of an asset in order to match it with future revenue amounts to smoothing profit; the annual criteria apply at the interim date (IAS 34, para. 30). Rule to remember: An asset is defined at the interim date, not by the aim of smoothing (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"Recognise the EUR 90,000 as an expense of the half-year: a cost that does not meet the definition of an asset at the interim date is not deferred, and the expense stays in the half-year in which it is incurred.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Spread them evenly over the two half-years, EUR 45,000 each, so that the interim result remains comparable with that of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"Spreading evenly a cost already incurred defers part of the expense to the second half-year without that being appropriate at the annual date, where the cost does not meet the definition of an asset (IAS 34, para. 30). Rule to remember: The cost incurred is recognised when incurred (IAS 34, para. 30).","es":""}},{"id":"D","text":{"fr":"","en":"Recognise them as an expense if their amount exceeds 5% of the half-year profit, a usual practice threshold for this type of cost, and defer them otherwise.","es":""},"correct":false,"feedback":{"fr":"","en":"The 5% threshold is not a criterion of the Standard: it applies the annual criteria at the interim date, with no threshold allowing a cost that is not an asset to be deferred (IAS 34, para. 30). Rule to remember: No practice threshold justifies a deferral (IAS 34, para. 30).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000033","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.SEASONAL_REVENUE","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000033","tested_point":"QST.IAS34.000033","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §37"],"exercise":{"prompt":{"fr":"","en":"Caldrin SA sells ski equipment; according to the case, more than 60% of its annual revenue is earned in the fourth and first quarters. In the second quarter, the finance director proposes to recognise as revenue a quarter of the estimated annual revenue, that is EUR 2,500,000 out of EUR 10,000,000, \"so that the quarter looks like an average year\". Sales actually made in the quarter are EUR 900,000 (case data). What must Caldrin SA do?","es":""},"explanation":{"fr":"","en":"The recognition criteria are those of the annual statements, applied at the interim date (IAS 34); revenue received seasonally, cyclically or occasionally is neither anticipated nor deferred at the interim date if anticipation or deferral would not be appropriate at the end of the financial year (IAS 34, para. 37). Caldrin SA therefore recognises the EUR 900,000 earned. Trap: Spreading seasonal revenue evenly over the quarters to obtain a regular interim result. Rule to remember: Seasonal revenue neither anticipated nor deferred (IAS 34, para. 37).","es":""},"common_error":{"fr":"","en":"Spreading seasonal revenue evenly over the quarters to obtain a regular interim result.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Recognise EUR 2,500,000, because seasonal revenue may be spread evenly between the quarters to obtain a regular interim result, whatever its date of realisation.","es":""},"correct":false,"feedback":{"fr":"","en":"Spreading seasonal revenue evenly to regularise profit amounts to anticipating revenue not yet earned; that treatment would not be appropriate at the annual closing (IAS 34). Rule to remember: Seasonality is not smoothed (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Recognise EUR 900,000 and then defer that amount to the fourth quarter, the usual period of high activity, to match revenue with the season.","es":""},"correct":false,"feedback":{"fr":"","en":"Deferring sales already made to the fourth quarter would postpone revenue that has been earned, which would not be appropriate at the annual closing; the annual criteria apply at the interim date (IAS 34). Rule to remember: Revenue earned is not deferred to follow the season (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Recognise EUR 2,500,000 in anticipation if management estimates that the season's sales will indeed reach EUR 10,000,000 over the year.","es":""},"correct":false,"feedback":{"fr":"","en":"An annual estimate reached later does not justify anticipating revenue not yet earned: at the annual closing such a treatment would not be appropriate, and the same criteria apply at the interim date (IAS 34). Rule to remember: The annual estimate does not replace the earning of revenue (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Recognise the EUR 900,000 of sales made, under the annual criteria, without anticipating seasonal revenue not yet earned.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000035","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.UNEVEN_COSTS","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000035","tested_point":"QST.IAS34.000035","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §39","IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Which statements about the treatment, in an interim report, of a cost incurred unevenly during the year are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"A cost incurred unevenly during the year is anticipated or deferred for interim reporting only if it is also appropriate to anticipate or defer it at the end of the financial year (IAS 34, para. 39); the annual criteria apply at the interim date and a cost that is not an asset is not deferred (IAS 34, para. 30). Trap: Anticipating an uneven expense to spread it over the year when such a treatment would not be appropriate at the annual closing. Rule to remember: Anticipation or deferral of an uneven cost: only if appropriate annually (IAS 34, para. 39).","es":""},"common_error":{"fr":"","en":"Anticipating an uneven expense to spread it over the year when such a treatment would not be appropriate at the annual closing.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"An uneven cost is provided for in quarters from the first quarter, whether or not the entity has an obligation at each interim closing date.","es":""},"correct":false,"feedback":{"fr":"","en":"Providing for an uneven cost in quarters would anticipate an expense that nothing says would be justified at the annual closing: the test is the annual closing, not the aim of regularity (IAS 34). Rule to remember: Anticipate only what would be appropriate annually (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Such a cost is anticipated or deferred at the interim date only if it would also be appropriate to anticipate or defer it at the annual closing.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A cost incurred in the first quarter for an activity of the third quarter is carried as an asset to match it with that activity, even if it does not meet the definition of an asset.","es":""},"correct":false,"feedback":{"fr":"","en":"Carrying as an asset a cost that does not meet the definition of an asset to match it with a future activity amounts to deferring it: the annual criteria apply at the interim date (IAS 34). Rule to remember: No matching at the expense of the definition of an asset (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"A cost that does not meet the definition of an asset at the interim date is not deferred to a later period.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"An uneven cost is spread evenly over the quarters of the year to obtain a regular interim result.","es":""},"correct":false,"feedback":{"fr":"","en":"Spreading an uneven cost to regularise profit amounts to anticipating or deferring it, which is allowed only if it would be appropriate at the annual closing (IAS 34). Rule to remember: Smoothing is not a criterion (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000036","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.UNEVEN_COSTS","IAS34.RECOGNITION.SAME_CRITERIA"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000036","tested_point":"QST.IAS34.000036","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000007","section_id":"rule-criteria"},"references":["IAS 34 §39","IAS 34 §30"],"exercise":{"prompt":{"fr":"","en":"Merkan SA carries out in September the annual scheduled maintenance of its production lines, for EUR 240,000 (case data). Case assumptions: the maintenance is performed and invoiced in the third quarter; before it is performed, Merkan SA has no obligation to carry it out, and the cost does not meet the definition of an asset at the annual closing. Management proposes to recognise EUR 60,000 per quarter \"to smooth the quarters\". What must Merkan SA do?","es":""},"explanation":{"fr":"","en":"A cost incurred unevenly is anticipated or deferred for interim reporting only if it is also appropriate to do so at the end of the financial year (IAS 34, para. 39); the annual criteria apply at the interim date (IAS 34, para. 30). In the case, there is neither an obligation before the work nor an asset: the EUR 240,000 is recognised as an expense in the third quarter. Trap: Anticipating an uneven expense to spread it over the year when such a treatment would not be appropriate at the annual closing. Rule to remember: An uneven cost is recognised when incurred (IAS 34).","es":""},"common_error":{"fr":"","en":"Anticipating an uneven expense to spread it over the year when such a treatment would not be appropriate at the annual closing.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Recognise EUR 60,000 as an expense each quarter, with a cumulative provision of EUR 180,000 at the end of the third quarter before the maintenance is performed.","es":""},"correct":false,"feedback":{"fr":"","en":"Providing EUR 60,000 each quarter would anticipate an expense with no obligation before the work is performed (case assumption), which would not be appropriate at the annual closing; the same criteria apply at the interim date (IAS 34). Rule to remember: No provision in quarters without an obligation (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Recognise EUR 240,000 as an expense in the third quarter, when the cost is incurred, without spreading it in quarters over the year.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Carry EUR 240,000 as an asset until the end of the year, then charge it to expense in one go at the annual closing of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"Carrying the cost as an asset until the annual closing would defer a cost that does not meet the definition of an asset (case assumption); that treatment would not be appropriate annually (IAS 34). Rule to remember: A cost that is not an asset is not deferred (IAS 34).","es":""}},{"id":"D","text":{"fr":"","en":"Recognise EUR 120,000 as an expense in the third quarter and defer the balance to the fourth quarter to balance the last two quarters.","es":""},"correct":false,"feedback":{"fr":"","en":"Deferring EUR 120,000 to the fourth quarter would defer an expense actually incurred in the third, to balance the quarters: that treatment would not be appropriate at the annual closing (IAS 34). Rule to remember: Balancing the quarters is not a criterion (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000037","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.USE_OF_ESTIMATES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000037","tested_point":"QST.IAS34.000037","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-estimates"},"references":["IAS 34 §41"],"exercise":{"prompt":{"fr":"","en":"What does IAS 34 provide for the measurement procedures of an interim report, which rely more extensively on estimates than the annual statements?","es":""},"explanation":{"fr":"","en":"The measurement procedures of an interim report are designed to ensure that the information produced is reliable and that all financial information significant to an understanding of the financial position and performance is communicated, despite a more extensive use of estimates (IAS 34, para. 41). Trap: Considering that the greater use of estimates makes interim information unreliable and therefore not required. Rule to remember: Estimates allowed, reliable and significant information communicated (IAS 34, para. 41).","es":""},"common_error":{"fr":"","en":"Considering that the greater use of estimates makes interim information unreliable and therefore not required.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"They may be satisfied with provisional information, the greater use of estimates relieving the entity of the reliability expected of the annual financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The greater use of estimates does not relieve the entity of reliability: the measurement procedures are designed to ensure that the information produced is reliable (IAS 34, para. 41). Rule to remember: Estimation does not mean unreliable information (IAS 34, para. 41).","es":""}},{"id":"B","text":{"fr":"","en":"They require each item to be measured at an exact value, without estimation, which rules out approximation in a report prepared at an interim date and delays its publication.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not prohibit estimates at the interim date: it asks that the measurement procedures produce reliable information, which well-conducted estimates allow (IAS 34, para. 41). Rule to remember: Estimates are allowed if the information remains reliable (IAS 34, para. 41).","es":""}},{"id":"C","text":{"fr":"","en":"They require an auditor's report on each estimate used, failing which the interim information concerned is not published by the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"The Standard does not make publication subject to an auditor's report on each estimate; it asks for measurement procedures that produce reliable and complete information on what matters (IAS 34, para. 41). Rule to remember: The requirement concerns the measurement procedures (IAS 34, para. 41).","es":""}},{"id":"D","text":{"fr":"","en":"They are designed to ensure that the information produced is reliable and that all financial information significant to an understanding of the financial position and performance is communicated.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000038","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000038","tested_point":"QST.IAS34.000038","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"rule-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"At 30 June, Lumet SA has a year-to-date profit before tax of {ytd_pretax_income}. It estimates that the weighted average annual effective tax rate for the year will be {estimated_annual_rate} (estimated rate: case data, not imposed by the Standard). In the first quarter, it recognised {tax_already_recognised} of income tax expense. Calculate the year-to-date income tax expense at 30 June and the income tax expense of the second quarter (deferred tax excluded: case convention).","es":""},"explanation":{"fr":"","en":"Method: 1,800,000 × 27% = 486,000; 486,000 − 216,000 = 270,000. The income tax expense of each interim period rests on the best estimate of the weighted average annual effective tax rate expected for the year, applied to profit before tax (IAS 34, para. 30); the expense of the quarter is the year-to-date expense less the amount already recognised. The 27% rate is case data (judgement), not a rate imposed by the Standard. Trap: Applying the nominal statutory rate instead of the estimated average annual effective rate given by the case. Rule to remember: Year-to-date tax = year-to-date profit × estimated annual effective rate (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Applying the nominal statutory rate instead of the estimated average annual effective rate given by the case.","es":""},"format":"CALCULATION","placeholders":[{"id":"ytd_pretax_income","value":"1800000","unit":"EUR"},{"id":"estimated_annual_rate","value":"27","unit":"PERCENT"},{"id":"tax_already_recognised","value":"216000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Year-to-date profit before tax at 30 June","es":""},"value":"1800000","unit":"EUR"},{"label":{"fr":"","en":"Estimated annual effective rate (case data)","es":""},"value":"27","unit":"PERCENT"},{"label":{"fr":"","en":"Income tax expense already recognised in the first quarter","es":""},"value":"216000","unit":"EUR"}],"steps":[{"id":"YTD_TAX_EXPENSE","label":{"fr":"","en":"Year-to-date income tax expense at 30 June","es":""},"answer":486000,"tolerance":0,"unit":"EUR"},{"id":"PERIOD_TAX_EXPENSE","label":{"fr":"","en":"Income tax expense of the second quarter","es":""},"answer":270000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"YTD_TAX_EXPENSE","meaning":{"fr":"","en":"Year-to-date income tax expense at 30 June","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date profit before tax at 30 June","es":""},"value":1800000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Estimated annual effective rate (case data)","es":""},"value":27,"unit":"PERCENT"}],"result":486000,"unit":"EUR"},{"step":"PERIOD_TAX_EXPENSE","meaning":{"fr":"","en":"Income tax expense of the second quarter","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date income tax expense at 30 June","es":""},"value":486000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Income tax expense already recognised in the first quarter","es":""},"value":216000,"unit":"EUR"}],"result":270000,"unit":"EUR"}],"rationale":{"fr":"","en":"Year-to-date tax = year-to-date profit × estimated annual effective rate (IAS 34, para. 30).","es":""},"references":["REF.IAS34.30"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000040","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATED_ANNUAL_RATE"],"dimension":"ANALYSIS","context":"V1_QST.IAS34.000040","tested_point":"QST.IAS34.000040","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000008","section_id":"rule-tax"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"Vallon SA has a statutory tax rate of 30%. It estimates that its weighted average annual effective tax rate for the year will be 26%, taking permanent items into account (case data). Its profit before tax for the half-year is EUR 1,500,000 and it recognised EUR 450,000 of income tax expense in the half-year (30% × EUR 1,500,000). What is the error?","es":""},"explanation":{"fr":"","en":"The income tax expense of each interim period is recognised on the basis of the best estimate of the weighted average annual tax rate expected for the year, applied to profit before tax of the period (IAS 34, para. 30). Here: 1,500,000 × 26% = EUR 390,000, and not EUR 450,000 at the 30% statutory rate. The 26% rate is case data (judgement), not a rate imposed by the Standard. Trap: Applying the nominal statutory rate instead of the estimated average annual effective rate given by the case. Rule to remember: Estimated annual effective rate and not the statutory rate (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Applying the nominal statutory rate instead of the estimated average annual effective rate given by the case.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The expense for the half-year is profit before tax multiplied by the estimated annual effective rate, that is EUR 390,000 (1,500,000 × 26%).","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The expense for the half-year must be set at half of the estimated annual tax expense, without regard to the profit before tax earned in the half-year.","es":""},"correct":false,"feedback":{"fr":"","en":"Setting the expense at half of the estimated annual tax ignores the actual profit of the period; the Standard applies the estimated annual effective rate to profit before tax of the period (IAS 34, para. 30). Rule to remember: Estimated rate applied to the period's profit, not an equal share (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"There is no income tax expense to recognise in the half-year: tax is recognised at the annual closing, when the taxable profit of the year is known.","es":""},"correct":false,"feedback":{"fr":"","en":"An income tax expense is indeed recognised at the interim date: it is based on the best estimate of the annual effective rate applied to profit before tax of the period (IAS 34, para. 30). Waiting for the annual closing would be another error. Rule to remember: Tax is recognised in each interim period (IAS 34, para. 30).","es":""}},{"id":"D","text":{"fr":"","en":"The expense for the half-year is the highest rate of the scale band applicable to the profit of the year, applied to all the profit of the half-year.","es":""},"correct":false,"feedback":{"fr":"","en":"Applying the highest band rate to all the profit ignores the blend of scales expected over the year; the rate is the best estimate of the weighted average annual effective rate (IAS 34, para. 30). Rule to remember: The rate is an estimated average rate, not the marginal rate (IAS 34, para. 30).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000042","standard_id":"IAS34","concept_ids":["IAS34.INCOME_TAX.ESTIMATE_REVISION"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000042","tested_point":"QST.IAS34.000042","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000009","section_id":"rule-revision"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"In the first quarter, Ostelle SA (financial year = calendar year) earned a profit before tax of EUR 900,000 and recognised {tax_already_recognised} of income tax expense, at the estimated annual effective rate of 23% (case data). At 30 June, year-to-date profit before tax is {ytd_pretax_income} and management revises the estimated annual effective rate to {revised_rate} (case data, judgement). Calculate the year-to-date income tax expense at the revised rate and the income tax expense to be recognised in the second quarter (deferred tax excluded: case convention).","es":""},"explanation":{"fr":"","en":"Method: 2,000,000 × 26% = 520,000; 520,000 − 207,000 = 313,000. The tax expense rests on the best estimate of the expected annual effective rate, applied to profit before tax (IAS 34, para. 30); with the revised rate, the expense of the quarter is the year-to-date expense at the new rate less the expense already recognised, so that the rate correction goes through the quarter of the revision. The EUR 313,000 comprises EUR 286,000 for the second quarter (1,100,000 × 26%) and EUR 27,000 of correction on the first (900,000 × 3 points). The 26% rate is case data (judgement). Trap: Restating the interim reports already published instead of adjusting in the period in which the estimate changes. Rule to remember: Expense of the quarter = year-to-date expense at the revised rate less expense already recognised (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Restating the interim reports already published instead of adjusting in the period in which the rate estimate changes.","es":""},"format":"CALCULATION","placeholders":[{"id":"ytd_pretax_income","value":"2000000","unit":"EUR"},{"id":"revised_rate","value":"26","unit":"PERCENT"},{"id":"tax_already_recognised","value":"207000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Year-to-date profit before tax at 30 June","es":""},"value":"2000000","unit":"EUR"},{"label":{"fr":"","en":"Revised estimated annual effective rate (case data)","es":""},"value":"26","unit":"PERCENT"},{"label":{"fr":"","en":"Income tax expense already recognised in the first quarter","es":""},"value":"207000","unit":"EUR"}],"steps":[{"id":"YTD_TAX_AT_REVISED_RATE","label":{"fr":"","en":"Year-to-date income tax expense at the revised rate","es":""},"answer":520000,"tolerance":0,"unit":"EUR"},{"id":"PERIOD_TAX_EXPENSE","label":{"fr":"","en":"Income tax expense to be recognised in the second quarter","es":""},"answer":313000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"YTD_TAX_AT_REVISED_RATE","meaning":{"fr":"","en":"Year-to-date income tax expense at the revised rate","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date profit before tax at 30 June","es":""},"value":2000000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Revised estimated annual effective rate (case data)","es":""},"value":26,"unit":"PERCENT"}],"result":520000,"unit":"EUR"},{"step":"PERIOD_TAX_EXPENSE","meaning":{"fr":"","en":"Income tax expense to be recognised in the second quarter","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Year-to-date income tax expense at the revised rate","es":""},"value":520000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Income tax expense already recognised in the first quarter","es":""},"value":207000,"unit":"EUR"}],"result":313000,"unit":"EUR"}],"rationale":{"fr":"","en":"Expense of the quarter = year-to-date expense at the revised rate less expense already recognised (IAS 34, para. 30).","es":""},"references":["REF.IAS34.30"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000044","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000044","tested_point":"QST.IAS34.000044","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"rule-restatement"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"In the third quarter of 20X5, Cortane SA voluntarily changes its accounting policy for measuring inventories, with effect on the year 20X5 (a change within IAS 8, with no transitional provision of a new standard: case assumption). The reports of the first two quarters were published under the old policy. The cumulative effect at the beginning of the year can be determined (case data). What must Cortane SA do?","es":""},"explanation":{"fr":"","en":"On a change in accounting policy other than one whose transition is specified by a new standard, the entity restates the previous interim periods of the year and the comparative periods that will be restated in the annual statements under IAS 8; if the cumulative effect at the beginning of the year cannot be determined, application is prospective from the earliest practicable date (IAS 34, para. 43). Here the effect can be determined: restatement. Trap: Applying the change only from the period of the decision, without examining whether restating the previous periods is practicable. Rule to remember: Restate the previous interim periods (IAS 34, para. 43).","es":""},"common_error":{"fr":"","en":"Applying the change in policy only from the period of the decision, without examining whether restatement is practicable.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Apply the new policy from the third quarter, leaving unchanged the published reports of the first two quarters of 20X5, and presenting the effect of the change in a note to the report.","es":""},"correct":false,"feedback":{"fr":"","en":"Leaving the first two quarters unchanged would make two policies coexist within a single year, whereas the cumulative effect can be determined; restatement is required (IAS 34). Rule to remember: One policy over the whole year (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"Reserve the new policy for the annual statements, the interim reports remaining prepared under the old policy until the 20X5 closing.","es":""},"correct":false,"feedback":{"fr":"","en":"Reserving the new policy for the annual statements would contradict the restatement of the interim periods of the year: the same policy must apply to all the periods of the year (IAS 34). Rule to remember: No different policy for interim and annual (IAS 34).","es":""}},{"id":"C","text":{"fr":"","en":"Restate the previous interim periods of 20X5, and the comparative periods concerned, under IAS 8, so that the same policy applies to the whole year.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Take the effect of the change to profit or loss of the third quarter, as a single amount, without restating the previous interim periods of the year.","es":""},"correct":false,"feedback":{"fr":"","en":"Taking the effect of the change to the third quarter in one go would distort that quarter; since the cumulative effect can be determined, it is the previous periods that are restated (IAS 34). Rule to remember: The effect is placed in the periods concerned, not in the last one (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000045","standard_id":"IAS34","concept_ids":["IAS34.CHANGES.POLICY_RESTATEMENT"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000045","tested_point":"QST.IAS34.000045","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000010","section_id":"rule-restatement"},"references":["IAS 34 §43"],"exercise":{"prompt":{"fr":"","en":"Alba SA published a profit of {published_amount} for the first half-year of 20X5. In the third quarter, it voluntarily changes its accounting policy (IAS 8), the cumulative effect at the beginning of the year being determinable (case assumption). Applied to the first half-year, the new policy reduces profit by {policy_change_effect} (case data). Calculate the restated profit of the first half-year to be shown in the third-quarter report.","es":""},"explanation":{"fr":"","en":"Method: 1,250,000 − 85,000 = EUR 1,165,000. The entity restates the previous interim periods of the year, and the comparative periods concerned, under IAS 8, so that the same policy applies to the whole year (IAS 34, para. 43); the restated profit of the half-year is the published profit adjusted for the effect of the change. The effect of EUR 85,000 is case data. Trap: Applying the change in policy only from the period of the decision, without examining whether restating the previous periods is practicable. Rule to remember: Restated amount = published amount adjusted for the effect of the change (IAS 34, para. 43).","es":""},"common_error":{"fr":"","en":"Leaving the published profit unchanged because the change is decided after publication.","es":""},"format":"CALCULATION","placeholders":[{"id":"published_amount","value":"1250000","unit":"EUR"},{"id":"policy_change_effect","value":"85000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Published profit of the first half-year","es":""},"value":"1250000","unit":"EUR"},{"label":{"fr":"","en":"Reduction in profit due to the change in policy (case data)","es":""},"value":"85000","unit":"EUR"}],"steps":[{"id":"RESTATED_AMOUNT","label":{"fr":"","en":"Restated profit of the first half-year","es":""},"answer":1165000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"RESTATED_AMOUNT","meaning":{"fr":"","en":"Restated profit of the first half-year","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Published profit of the first half-year","es":""},"value":1250000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Reduction in profit due to the change in policy (case data)","es":""},"value":85000,"unit":"EUR"}],"result":1165000,"unit":"EUR"}],"rationale":{"fr":"","en":"Restated amount = published amount adjusted for the effect of the change (IAS 34, para. 43).","es":""},"references":["REF.IAS34.43"]}},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000046","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"CALCULATION","context":"V1_QST.IAS34.000046","tested_point":"QST.IAS34.000046","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifric10"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"At the beginning of the year, the goodwill of Tavira SA's North cash-generating unit has a carrying amount of {opening_goodwill}. At 30 June, an impairment loss of {impairment_loss} is recognised on that goodwill. At 30 September, the recoverable amount of the unit exceeds its carrying amount (case data) and the draft report shows goodwill of {reported_closing}, the loss having been \"cancelled\". No other movement (case assumption). Calculate the carrying amount of goodwill at 30 September with no reversal of the loss, then the difference with the draft (draft less recalculated amount).","es":""},"explanation":{"fr":"","en":"Method: 900,000 − 240,000 = 660,000; difference with the draft: 900,000 − 660,000 = 240,000. An impairment loss on goodwill recognised in an interim period is not reversed in a later interim or annual period (IFRIC 10, para. 8): the rise in recoverable amount does not reverse it, and year-to-date measurement is not a reason to do so, the annual criteria applying at the interim date (IAS 34). The draft therefore overstates by EUR 240,000. Trap: Reversing the goodwill impairment loss in the following quarter because the recoverable amount rises. Rule to remember: No reversal of a goodwill impairment loss (IFRIC 10, para. 8).","es":""},"common_error":{"fr":"","en":"Reversing the goodwill impairment loss in the following quarter because the recoverable amount rises or because measurement is year-to-date.","es":""},"format":"CALCULATION","placeholders":[{"id":"opening_goodwill","value":"900000","unit":"EUR"},{"id":"impairment_loss","value":"240000","unit":"EUR"},{"id":"reported_closing","value":"900000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Carrying amount of goodwill at the beginning of the year","es":""},"value":"900000","unit":"EUR"},{"label":{"fr":"","en":"Impairment loss recognised at 30 June","es":""},"value":"240000","unit":"EUR"},{"label":{"fr":"","en":"Goodwill shown in the draft report at 30 September","es":""},"value":"900000","unit":"EUR"}],"steps":[{"id":"CLOSING_GOODWILL","label":{"fr":"","en":"Carrying amount of goodwill at 30 September with no reversal","es":""},"answer":660000,"tolerance":0,"unit":"EUR"},{"id":"CHECK_DIFFERENCE","label":{"fr":"","en":"Control difference (draft less recalculated amount)","es":""},"answer":240000,"tolerance":0,"unit":"EUR"}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000047","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRIC10_GOODWILL"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000047","tested_point":"QST.IAS34.000047","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ifric10"},"references":["IFRIC 10 §8"],"exercise":{"prompt":{"fr":"","en":"At 30 June 20X5, Tavira SA recognised an impairment loss on the goodwill of the North cash-generating unit. At 30 September 20X5, the recoverable amount of that unit exceeds its carrying amount (case data). A preparer considers that, since measurement is year-to-date, the 30 June loss may be cancelled in the third quarter. What treatment is appropriate?","es":""},"explanation":{"fr":"","en":"An impairment loss on goodwill recognised in an interim period is not reversed in a later interim or annual period (IFRIC 10, para. 8): the prohibition on reversal prevails over year-to-date measurement. The recognition and measurement criteria are those of the annual statements, applied at the interim date (IAS 34). Goodwill therefore stays at its amount after the loss. Trap: Reversing the goodwill impairment loss in the following quarter because the recoverable amount rises or because measurement is year-to-date. Rule to remember: Interim goodwill impairment loss: never reversed (IFRIC 10, para. 8).","es":""},"common_error":{"fr":"","en":"Reversing the goodwill impairment loss in the following quarter because the recoverable amount rises.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The loss is reversed in full in the third quarter, since year-to-date measurement at 30 September must reflect the unit's position at that date as at an annual closing, without waiting for the annual closing.","es":""},"correct":false,"feedback":{"fr":"","en":"Year-to-date measurement does not allow a reversal: the prohibition on reversing a goodwill impairment loss prevails, and the annual criteria apply at the interim date (IAS 34). Rule to remember: The year-to-date basis does not justify a reversal (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"The loss is reversed up to the original carrying amount of the goodwill, the reversal being recognised in other comprehensive income of the period.","es":""},"correct":false,"feedback":{"fr":"","en":"No reversal is possible, and recognising it in other comprehensive income would not make it acceptable; the goodwill loss stays recognised (IFRIC 10). Rule to remember: The accounting vehicle does not change the prohibition (IFRIC 10).","es":""}},{"id":"C","text":{"fr":"","en":"The goodwill impairment loss recognised in an interim period is not reversed: goodwill stays at its carrying amount after the loss, despite the rise in recoverable amount.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The loss is reversed to the extent of the improvement in recoverable amount, provided that the entity publishes a separate interim report for the third quarter.","es":""},"correct":false,"feedback":{"fr":"","en":"Publishing a separate report has no effect on the rule: an impairment loss on goodwill recognised in an interim period is never reversed afterwards (IFRIC 10). Rule to remember: The prohibition does not depend on the report published (IFRIC 10).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000048","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS33"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000048","tested_point":"QST.IAS34.000048","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias33"},"references":["IAS 34 §11"],"exercise":{"prompt":{"fr":"","en":"How is the earnings per share of the interim period presented under IAS 34 determined?","es":""},"explanation":{"fr":"","en":"When the entity is within the scope of IAS 33, basic and diluted earnings per share of the interim period are presented in the statement presenting profit or loss (IAS 34, para. 11); IAS 34 does not redefine how they are calculated, which follows the principles of IAS 33. Trap: Calculating interim earnings per share by a rule specific to IAS 34 and separate from IAS 33. Rule to remember: Presentation under IAS 34, calculation under IAS 33 (IAS 34, para. 11).","es":""},"common_error":{"fr":"","en":"Calculating interim earnings per share by a rule specific to IAS 34 and separate from IAS 33.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Under the principles of IAS 33: IAS 34 provides for presenting basic and diluted earnings per share in the statement presenting profit or loss, without redefining how they are calculated.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Under a rule specific to IAS 34, which annualises the profit of the interim period before dividing it by the number of shares of that period.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not create an annualisation rule for earnings per share: it provides only for presentation, the calculation being a matter for IAS 33 (IAS 34, para. 11). Rule to remember: No calculation specific to IAS 34 (IAS 34, para. 11).","es":""}},{"id":"C","text":{"fr":"","en":"By dividing the forecast annual profit by the number of shares at the interim date, the Standard not requiring a calculation on the period itself but a simple annual comparison.","es":""},"correct":false,"feedback":{"fr":"","en":"Interim earnings per share relate to the interim period, not to the forecast year; IAS 34 provides for their presentation, and their calculation follows IAS 33 (IAS 34, para. 11). Rule to remember: Result of the period, calculated under IAS 33 (IAS 34, para. 11).","es":""}},{"id":"D","text":{"fr":"","en":"Under IAS 33 for basic earnings per share; for diluted earnings per share, IAS 34 sets a separate calculation rule, specific to interim periods and applied in each report.","es":""},"correct":false,"feedback":{"fr":"","en":"The Standard does not set a separate calculation rule for diluted earnings per share at the interim date: both figures are presented, and their calculation is a matter for IAS 33 (IAS 34, para. 11). Rule to remember: A single calculation framework: IAS 33 (IAS 34, para. 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000049","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IAS12"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000049","tested_point":"QST.IAS34.000049","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-ias12"},"references":["IAS 34 §30","IAS 34 §B12"],"exercise":{"prompt":{"fr":"","en":"At 30 June, the finance director of Delmar SA proposes to calculate the deferred tax of the half-year at the estimated annual effective rate of 27%, \"since IAS 34 provides for this rate\". What is the relationship between the estimate of the annual effective tax rate provided for by IAS 34 and the rules of IAS 12?","es":""},"explanation":{"fr":"","en":"IAS 34 provides that the income tax expense of each interim period rests on the best estimate of the weighted average annual tax rate expected for the year, applied to profit before tax of the period (IAS 34, para. 30); the accounting for current and deferred tax is a matter for IAS 12. The two standards have distinct roles. Trap: Considering that the annual rate estimate in IAS 34 replaces the rules of IAS 12 on deferred tax. Rule to remember: IAS 34 for the timing of the expense, IAS 12 for current and deferred tax (IAS 34, para. 30).","es":""},"common_error":{"fr":"","en":"Considering that the annual rate estimate in IAS 34 replaces the rules of IAS 12 on deferred tax.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The annual rate estimate in IAS 34 replaces the rules of IAS 12 on deferred tax at each interim date, deferred tax being calculated at the estimated rate for the year.","es":""},"correct":false,"feedback":{"fr":"","en":"The estimated annual rate of IAS 34 does not replace IAS 12: it serves to determine the expense of each interim period, while deferred tax remains accounted for under IAS 12 (IAS 34, para. 30). Rule to remember: The rate estimate does not replace IAS 12 (IAS 34, para. 30).","es":""}},{"id":"B","text":{"fr":"","en":"IAS 12 does not apply to interim statements, the tax expense there being a simple estimate with no accounting for current or deferred tax.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 12 remains the standard on income tax: IAS 34 governs its timing at the interim date, without removing the accounting for current and deferred tax (IAS 34, para. 30). Rule to remember: IAS 12 continues to apply at the interim date (IAS 34, para. 30).","es":""}},{"id":"C","text":{"fr":"","en":"The estimated annual rate of IAS 34 applies to deferred tax assets, while current tax is recognised at the statutory rate at each interim date, without estimation.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not split the estimated rate between current tax and deferred tax assets by a statutory rate: it sets the estimated annual effective rate for the expense of each period, and IAS 12 governs current and deferred tax (IAS 34, para. 30). Rule to remember: Two standards, two roles (IAS 34, para. 30).","es":""}},{"id":"D","text":{"fr":"","en":"IAS 34 deals with the timing of the tax expense (estimated annual effective rate applied to the profit of the period); the accounting for tax is a matter for IAS 12.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000050","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS7_IFRS13"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000050","tested_point":"QST.IAS34.000050","difficulty":"ADVANCED","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000011","section_id":"rule-fairvalue"},"references":["IAS 34 §15B","IAS 34 §16A"],"exercise":{"prompt":{"fr":"","en":"Which of the following may be matters for the notes to an interim report when they are significant to an understanding of the changes since the last annual report? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The notes to an interim report mention the events and transactions on the list of examples when they are significant: transfers between levels of the fair value hierarchy, changes in classification and defaults on repayment, among others (IAS 34, para. 15B). IFRS 7 and IFRS 13 detail the content of information on financial instruments and fair value. Trap: Omitting transfers between levels of the fair value hierarchy from the significant events of the half-year. Rule to remember: Significant events on financial instruments are mentioned (IAS 34, para. 15B).","es":""},"common_error":{"fr":"","en":"Omitting transfers between levels of the fair value hierarchy from the significant events of the half-year.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The full reproduction of the information on financial instruments from the annual notes, at each interim date.","es":""},"correct":false,"feedback":{"fr":"","en":"Reproducing at each interim date all the information on financial instruments from the annual notes runs against the selection of notes: only what is significant since the last year-end is explained (IAS 34). Rule to remember: The interim notes do not repeat the annual notes (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"A default on the repayment of a loan.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Transfers of financial instruments measured at fair value between levels of the fair value hierarchy.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Changes in the classification of financial assets.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"Nothing on financial instruments: IFRS 7 is aimed at the annual statements, so the interim report does not deal with them.","es":""},"correct":false,"feedback":{"fr":"","en":"Information on financial instruments is not reserved for the annual statements: significant events, including transfers between fair value levels, are mentioned in the interim notes (IAS 34). Rule to remember: What is significant on financial instruments is explained at the interim date (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000051","standard_id":"IAS34","concept_ids":["IAS34.INTERACTIONS.IFRS18","IAS34.CONTENT.EXPLANATORY_NOTES"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IAS34.000051","tested_point":"QST.IAS34.000051","difficulty":"ADVANCED","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000003","section_id":"rule-notes"},"references":["IAS 34 §16A(m), 61","IAS 34 §15"],"exercise":{"prompt":{"fr":"","en":"Which statements about the consequential amendments made to IAS 34 by IFRS 18 are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The notes to an interim report explain the events and transactions that are significant since the last annual period (IAS 34, para. 15). The consequential amendments of IFRS 18 add to them, for the condensed statements, the information on management-defined performance measures; IFRS 18 applies to annual periods beginning on or after 1 January 2027 (early application permitted), with retrospective application. It is not a rule applicable before that date. Trap: Teaching the IFRS 18 amendments as a rule already applicable without early application. Rule to remember: IFRS 18 enriches the condensed notes from 2027 (IAS 34).","es":""},"common_error":{"fr":"","en":"Teaching the IFRS 18 amendments as a rule already applicable to years beginning in 2025.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"They relieve the condensed statements of any information on performance measures, that information being reserved for the annual statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The amendments go the other way: they add to the notes of the condensed statements the information on management-defined performance measures, instead of relieving it (IAS 34). Rule to remember: The condensed notes receive this information (IAS 34).","es":""}},{"id":"B","text":{"fr":"","en":"They require the notes to the condensed interim statements to contain the information on management-defined performance measures required by IFRS 18.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"IFRS 18 and its consequential amendments apply to annual periods beginning on or after 1 January 2027, early application being permitted.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"They apply retrospectively, in the annual statements as in the interim statements.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"They are already applicable to all interim reports of years beginning in 2025, with no possibility of deferral or of choice for the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"These amendments are not already applicable to years beginning in 2025: they apply from 2027, with early application permitted, so with a choice for the entity (IAS 34). Rule to remember: No application before 2027 without early application (IAS 34).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IAS34.000052","standard_id":"IAS34","concept_ids":["IAS34.RECOGNITION.YEAR_TO_DATE_BASIS"],"dimension":"APPLICATION","context":"V1_QST.IAS34.000052","tested_point":"QST.IAS34.000052","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":110,"lesson_id":null,"review":{"standard_id":"IAS34","lesson_id":"LS.IAS34.000006","section_id":"rule-ytd"},"references":["IAS 34 §29","IAS 34 §28"],"exercise":{"prompt":{"fr":"","en":"In the third quarter, year-to-date measurement leads Polaris SA to revise an estimate used in its interim financial statements for the first half-year (case facts). An analyst concludes that each interim period is a stand-alone period whose published estimates can no longer change. What should be retained under IAS 34?","es":""},"explanation":{"fr":"","en":"The requirement to apply the same accounting policies as in the annual financial statements does not make each interim period a stand-alone period: since the frequency of reporting must not affect the measurement of annual results, interim measurements are made on a year-to-date basis (IAS 34, para. 28), and the interim period is treated as part of the financial year; year-to-date measurement may change estimates reported in earlier interim periods, the recognition principles remaining those of the annual financial statements (IAS 34, para. 29). The revision of the estimate is a case fact. Trap: treating each quarter as a stand-alone financial year. Rule to remember: part of the financial year, year-to-date measurement, same principles as the annual financial statements.","es":""},"common_error":{"fr":"","en":"Treating each interim period as a stand-alone financial year.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The analyst is right: each interim period stands alone and the half-year estimate remains fixed.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 34 does not make the interim period a stand-alone period: year-to-date measurement may change estimates reported earlier (IAS 34, para. 29).","es":""}},{"id":"B","text":{"fr":"","en":"The interim period is part of the financial year: year-to-date measurement may change estimates reported earlier, under the recognition principles of the annual financial statements.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Interim periods follow their own recognition principles, different from those of the annual financial statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The recognition principles of interim periods remain those of the annual financial statements (IAS 34, para. 29).","es":""}},{"id":"D","text":{"fr":"","en":"Reporting quarterly must lead to an annual result different from the one annual reporting alone would have given.","es":""},"correct":false,"feedback":{"fr":"","en":"The frequency of reporting must not affect the measurement of annual results (IAS 34, para. 28).","es":""}}]},"scope":"CORE_STUDENT"}],"reviewTitles":{"LX.IAS34.000001":"Who publishes, and under what compliance statement — The rule: what the standard sets, what it leaves to the authorities","LX.IAS34.000002":"Who publishes, and under what compliance statement — The rule: what the standard sets, what it leaves to the authorities","LX.IAS34.000003":"Who publishes, and under what compliance statement — The rule: what the standard sets, what it leaves to the authorities","LX.IAS34.000004":"Who publishes, and under what compliance statement — The compliance statement: \"complies with IAS 34\" is not \"complies with IFRS\"","LX.IAS34.000005":"Who publishes, and under what compliance statement — Example: Valmora's \"basis of preparation\" note","LX.IAS34.000006":"Who publishes, and under what compliance statement — The compliance statement: \"complies with IAS 34\" is not \"complies with IFRS\"","LX.IAS34.000007":"The content of an interim report: complete or condensed set — The rule: complete set or condensed set","LX.IAS34.000008":"The content of an interim report: complete or condensed set — The rule: complete set or condensed set","LX.IAS34.000009":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","LX.IAS34.000010":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","LX.IAS34.000011":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","LX.IAS34.000012":"The content of an interim report: complete or condensed set — The rule: each heading and each subtotal of the latest annual statements","LX.IAS34.000013":"The content of an interim report: complete or condensed set — The rule: each heading and each subtotal of the latest annual statements","LX.IAS34.000014":"The content of an interim report: complete or condensed set — The rule: earnings per share in the interim statement presenting profit or loss","LX.IAS34.000015":"The content of an interim report: complete or condensed set — The rule: earnings per share in the interim statement presenting profit or loss","LX.IAS34.000016":"The content of an interim report: complete or condensed set — The rule: complete set or condensed set","LX.IAS34.000017":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","LX.IAS34.000018":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","LX.IAS34.000019":"The notes of an interim report: significant events and further disclosures — The rule: a list of examples, to be mentioned if the events are significant","LX.IAS34.000020":"The notes of an interim report: significant events and further disclosures — Example: five facts of Kerval's half-year, three notes","LX.IAS34.000021":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","LX.IAS34.000022":"The notes of an interim report: significant events and further disclosures — Going deeper: the further minimum disclosures","LX.IAS34.000023":"The notes of an interim report: significant events and further disclosures — Going deeper: the further minimum disclosures","LX.IAS34.000024":"The notes of an interim report: significant events and further disclosures — The rule: a list of examples, to be mentioned if the events are significant","LX.IAS34.000025":"The notes of an interim report: significant events and further disclosures — Going deeper: the further minimum disclosures","LX.IAS34.000026":"The periods presented: balance sheet, income, equity and cash flows — The rule: the statement of financial position","LX.IAS34.000027":"The periods presented: balance sheet, income, equity and cash flows — The rule: the statement of financial position","LX.IAS34.000028":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","LX.IAS34.000029":"The periods presented: balance sheet, income, equity and cash flows — Numerical example: from the year to date to the quarter, and back","LX.IAS34.000030":"The periods presented: balance sheet, income, equity and cash flows — Example: the layout of Calvia's report at 30 June N","LX.IAS34.000031":"The periods presented: balance sheet, income, equity and cash flows — The rule: equity and cash flows on the year to date","LX.IAS34.000032":"The periods presented: balance sheet, income, equity and cash flows — Example: the layout of Calvia's report at 30 June N","LX.IAS34.000033":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","LX.IAS34.000034":"Materiality and the change in estimate of the final interim period — The rule: the materiality threshold is measured on the period","LX.IAS34.000035":"Materiality and the change in estimate of the final interim period — Example: the same loss, two bases, two readings","LX.IAS34.000036":"Materiality and the change in estimate of the final interim period — Numerical example: Brevane's rebates provision","LX.IAS34.000037":"Materiality and the change in estimate of the final interim period — The rule: a change in estimate in the final interim period","LX.IAS34.000038":"Materiality and the change in estimate of the final interim period — Example: the same loss, two bases, two readings","LX.IAS34.000039":"Same policies, year-to-date basis and estimates — The rule: the same accounting policies","LX.IAS34.000040":"Same policies, year-to-date basis and estimates — The rule: the same accounting policies","LX.IAS34.000041":"Same policies, year-to-date basis and estimates — The rule: measure on a year-to-date basis","LX.IAS34.000042":"Same policies, year-to-date basis and estimates — Numerical example: Garnel's warranty expense","LX.IAS34.000043":"Same policies, year-to-date basis and estimates — The rule: measure on a year-to-date basis","LX.IAS34.000044":"Same policies, year-to-date basis and estimates — The rule: estimates, but reliable information","LX.IAS34.000045":"Same policies, year-to-date basis and estimates — The rule: estimates, but reliable information","LX.IAS34.000046":"Same policies, year-to-date basis and estimates — Example: Garnel's half-yearly report, point by point","LX.IAS34.000047":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","LX.IAS34.000048":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","LX.IAS34.000049":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: seasonal revenue, neither anticipated nor deferred","LX.IAS34.000050":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: seasonal revenue, neither anticipated nor deferred","LX.IAS34.000051":"Seasonal revenue, uneven costs and the ban on smoothing — Example: three requests from Jardival's finance director","LX.IAS34.000052":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: uneven costs, anticipated or deferred only if appropriate annually","LX.IAS34.000053":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: uneven costs, anticipated or deferred only if appropriate annually","LX.IAS34.000054":"Seasonal revenue, uneven costs and the ban on smoothing — Example: three requests from Jardival's finance director","LX.IAS34.000055":"Tax in the interim report: the estimated annual effective rate — The rule: an estimated weighted average annual effective rate","LX.IAS34.000056":"Tax in the interim report: the estimated annual effective rate — The rule: an estimated weighted average annual effective rate","LX.IAS34.000057":"Tax in the interim report: the estimated annual effective rate — Numerical example: Marvent's first-half tax","LX.IAS34.000058":"Tax in the interim report: the estimated annual effective rate — Numerical example: Marvent's first-half tax","LX.IAS34.000059":"Tax in the interim report: the estimated annual effective rate — Journal entry: the second-quarter tax expense","LX.IAS34.000060":"Tax in the interim report: the estimated annual effective rate — How to apply it: four steps","LX.IAS34.000061":"Tax in the interim report: the estimated annual effective rate — Points of attention: five calculation errors","LX.IAS34.000062":"Tax in the interim report: the estimated annual effective rate — Example: three colleagues, three ways of calculating","LX.IAS34.000063":"Revising the estimated tax rate and understanding its components — The rule: adjust in the period of the change","LX.IAS34.000064":"Revising the estimated tax rate and understanding its components — Numerical example: Marvent's rate moves from 25% to 30%","LX.IAS34.000065":"Revising the estimated tax rate and understanding its components — Going deeper: a downward revision can credit the expense","LX.IAS34.000066":"Revising the estimated tax rate and understanding its components — Journal entry: the expense of the revision quarter","LX.IAS34.000067":"Revising the estimated tax rate and understanding its components — Going deeper: what the estimated annual effective rate reflects","LX.IAS34.000068":"Revising the estimated tax rate and understanding its components — Going deeper: what the estimated annual effective rate reflects","LX.IAS34.000069":"Revising the estimated tax rate and understanding its components — Numerical example: progressive scale and two jurisdictions","LX.IAS34.000070":"Change in accounting policy: restating the interim periods — The rule: restate, or apply prospectively if restatement is impracticable","LX.IAS34.000071":"Change in accounting policy: restating the interim periods — The rule: restate, or apply prospectively if restatement is impracticable","LX.IAS34.000072":"Change in accounting policy: restating the interim periods — Numerical example: Orcane's restated first quarter","LX.IAS34.000073":"Change in accounting policy: restating the interim periods — Example: two entities, two outcomes","LX.IAS34.000074":"Change in accounting policy: restating the interim periods — Example: two entities, two outcomes","LX.IAS34.000075":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — The rule: no reversal of an interim goodwill impairment loss","LX.IAS34.000076":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — The rule: no reversal of an interim goodwill impairment loss","LX.IAS34.000077":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Numerical example: Hexor's goodwill over nine months","LX.IAS34.000078":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Journal entry: the impairment loss, and the absence of a reversal entry","LX.IAS34.000079":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: interim earnings per share follows IAS 33","LX.IAS34.000080":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: IAS 34's estimated annual rate is not IAS 12","LX.IAS34.000081":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: fair value in an interim report (IFRS 7 and IFRS 13)","LX.IAS34.000082":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: fair value in an interim report (IFRS 7 and IFRS 13)","LX.IAS34.000083":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Context: IFRS 18 and the notes to the condensed statements","LX.IAS34.000084":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Points of attention: four routing mistakes","LX.IAS34.000085":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: interim earnings per share follows IAS 33","LX.IAS34.000086":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: IAS 34's estimated annual rate is not IAS 12","LX.IAS34.000087":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: fair value in an interim report (IFRS 7 and IFRS 13)","LX.IAS34.000088":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Context: IFRS 18 and the notes to the condensed statements","QST.IAS34.000001":"Who publishes, and under what compliance statement — The rule: what the standard sets, what it leaves to the authorities","QST.IAS34.000002":"Who publishes, and under what compliance statement — The rule: what the standard sets, what it leaves to the authorities","QST.IAS34.000003":"Who publishes, and under what compliance statement — The compliance statement: \"complies with IAS 34\" is not \"complies with IFRS\"","QST.IAS34.000004":"The content of an interim report: complete or condensed set — The rule: complete set or condensed set","QST.IAS34.000005":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","QST.IAS34.000006":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","QST.IAS34.000007":"The content of an interim report: complete or condensed set — The rule: the five minimum components of a condensed report","QST.IAS34.000008":"The content of an interim report: complete or condensed set — The rule: each heading and each subtotal of the latest annual statements","QST.IAS34.000009":"The content of an interim report: complete or condensed set — The rule: each heading and each subtotal of the latest annual statements","QST.IAS34.000010":"The content of an interim report: complete or condensed set — The rule: earnings per share in the interim statement presenting profit or loss","QST.IAS34.000011":"The content of an interim report: complete or condensed set — The rule: earnings per share in the interim statement presenting profit or loss","QST.IAS34.000012":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","QST.IAS34.000014":"The notes of an interim report: significant events and further disclosures — The rule: a list of examples, to be mentioned if the events are significant","QST.IAS34.000016":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","QST.IAS34.000017":"The periods presented: balance sheet, income, equity and cash flows — The rule: the statement of financial position","QST.IAS34.000018":"The periods presented: balance sheet, income, equity and cash flows — The rule: the statement of financial position","QST.IAS34.000019":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","QST.IAS34.000020":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","QST.IAS34.000021":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","QST.IAS34.000022":"The periods presented: balance sheet, income, equity and cash flows — The rule: equity and cash flows on the year to date","QST.IAS34.000023":"Materiality and the change in estimate of the final interim period — The rule: the materiality threshold is measured on the period","QST.IAS34.000025":"Materiality and the change in estimate of the final interim period — The rule: a change in estimate in the final interim period","QST.IAS34.000026":"Materiality and the change in estimate of the final interim period — The rule: a change in estimate in the final interim period","QST.IAS34.000027":"Same policies, year-to-date basis and estimates — The rule: the same accounting policies","QST.IAS34.000028":"Same policies, year-to-date basis and estimates — The rule: the same accounting policies","QST.IAS34.000029":"The periods presented: balance sheet, income, equity and cash flows — The rule: comprehensive income, the period and the year to date","QST.IAS34.000030":"Same policies, year-to-date basis and estimates — The rule: measure on a year-to-date basis","QST.IAS34.000031":"Same policies, year-to-date basis and estimates — The rule: measure on a year-to-date basis","QST.IAS34.000032":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","QST.IAS34.000033":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","QST.IAS34.000035":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","QST.IAS34.000036":"Seasonal revenue, uneven costs and the ban on smoothing — The rule: same criteria, applied at the interim date","QST.IAS34.000037":"Same policies, year-to-date basis and estimates — The rule: estimates, but reliable information","QST.IAS34.000038":"Tax in the interim report: the estimated annual effective rate — The rule: an estimated weighted average annual effective rate","QST.IAS34.000040":"Tax in the interim report: the estimated annual effective rate — The rule: an estimated weighted average annual effective rate","QST.IAS34.000042":"Revising the estimated tax rate and understanding its components — The rule: adjust in the period of the change","QST.IAS34.000044":"Change in accounting policy: restating the interim periods — The rule: restate, or apply prospectively if restatement is impracticable","QST.IAS34.000045":"Change in accounting policy: restating the interim periods — The rule: restate, or apply prospectively if restatement is impracticable","QST.IAS34.000046":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — The rule: no reversal of an interim goodwill impairment loss","QST.IAS34.000047":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — The rule: no reversal of an interim goodwill impairment loss","QST.IAS34.000048":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: interim earnings per share follows IAS 33","QST.IAS34.000049":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: IAS 34's estimated annual rate is not IAS 12","QST.IAS34.000050":"Links with other standards: goodwill, earnings per share, tax, fair value and IFRS 18 — Going deeper: fair value in an interim report (IFRS 7 and IFRS 13)","QST.IAS34.000051":"The notes of an interim report: significant events and further disclosures — The rule: what the notes explain, what they update","QST.IAS34.000052":"Same policies, year-to-date basis and estimates — The rule: measure on a year-to-date basis"}}