IFRS

Question 1

Who created IFRS?

Answer 1

London-based Accounting Standards Board

Question 2

What is the purpose of IFRS

Answer 2

To bring consistency to accounting practices regardless of company and country

Question 3

When and whom was replaced by IFRS

Answer 3

International Accounting Standard in 2001

Question 4

Uses of IFRS

Answer 4

To consolidate standards
To facilitate international understanding
To guide fair conduct