IFRS and IAS standards

Question 1

What does IFRS stand for?

Answer 1

International Financial Reporting Standards

Question 2

What does IAS stand for?

Answer 2

International Accounting Standards

Question 3

True or False: IFRS is used primarily in the United States.

Answer 3

False

Question 4

Which organization is responsible for developing IFRS?

Answer 4

International Accounting Standards Board (IASB)

Question 5

Fill in the blank: IFRS aims to bring transparency, accountability, and __________ to financial markets.

Answer 5

efficiency

Question 6

What is the primary purpose of IFRS?

Answer 6

To provide a global framework for how public companies prepare and disclose their financial statements.

Question 7

Which standard replaced IAS 39 for financial instruments?

Answer 7

IFRS 9

Question 8

True or False: IAS standards are no longer in use.

Answer 8

False

Question 9

What is the main difference between IFRS and GAAP?

Answer 9

IFRS is principles-based, while GAAP is rules-based.

Question 10

Name one key benefit of using IFRS.

Answer 10

Improved comparability of financial statements across countries.

Question 11

Which IFRS standard deals with revenue recognition?

Answer 11

IFRS 15

Question 12

True or False: All countries have adopted IFRS.

Answer 12

False

Question 13

What does IFRS 16 primarily address?

Answer 13

Leases

Question 14

Short answer: What is the effective date of IFRS 9?

Answer 14

January 1, 2018

Question 15

Which IFRS standard relates to the presentation of financial statements?

Answer 15

IFRS 1

Question 16

Fill in the blank: IAS 2 deals with __________.

Answer 16

Inventories

Question 17

What is the primary focus of IAS 12?

Answer 17

Income Taxes

Question 18

True or False: IFRS requires companies to prepare cash flow statements.

Answer 18

True

Question 19

What is the main goal of IAS 37?

Answer 19

Provisions, Contingent Liabilities, and Contingent Assets

Question 20

Which standard governs the accounting for employee benefits?

Answer 20

IAS 19

Question 21

What is the primary focus of IFRS 10?

Answer 21

Consolidated Financial Statements

Question 22

Which IFRS standard provides guidelines on accounting for investments in associates?

Answer 22

IAS 28

Question 23

True or False: IFRS is optional for public companies in countries that have adopted it.

Answer 23

False

Question 24

What does IFRS 7 require companies to disclose?

Answer 24

Financial Instruments: Disclosures

Question 25

Fill in the blank: The main purpose of IFRS 3 is to account for __________.

Answer 25

Business Combinations

Question 26

Short answer: What is the main principle of IFRS 15?

Answer 26

Recognize revenue when control of goods or services is transferred to customers.