IFRS Standards: The Quiz

10 Questions | By Ppacter | Last updated: Nov 16, 2020 | Total Attempts: 66684

Questions

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You will be asked to answer 10 true-false questions selected randomly from a pool of over 200 questions. The questions are based on the information in the 2017 edition of ‘Pocket Guide to IFRS® Standards:The Global Financial Reporting Language’ (the “Guide”). For most questions, the answer is contained directly in the Guide. For some questions, the Guide includes enough information to enable an ‘educated guess’ at the answer. In answering the questions: -- assume that the amounts involved are material, -- assume normal circumstances rather than a possible exceptional case, and -- base your answer on the latest version of full IFRS Standards unless the question specifically asks abou

Questions and Answers

1.

The mission of the IFRS Foundation and the International Accounting Standards Board is to develop, in the public interest, high quality accounting standards that countries can use as the basis for designing their own national standards.
- A.
  
  True
- B.
  
  False
2.

The European Union Accounting Regulation requires that all European companies whose securities trade in a regulated securities market must use IFRS Standards as adopted by the EU in their consolidated financial statements.
- A.
  
  True
- B.
  
  False
3.

The IFRS Foundation decides which countries must use IFRS Standards.
- A.
  
  True
- B.
  
  False
4.

Because it is not possible to make a reliable estimate of the fair value of share options when they are granted to employees, under IFRS Standards, an expense is recognised and measured when the employee exercises the option.
- A.
  
  True
- B.
  
  False
5.

Under IFRS Standards, only companies with public accountability (listed companies and financial institutions) must present a cash flow statement.
- A.
  
  True
- B.
  
  False
6.

IFRS Standards require all companies whose securities are publicly traded and that use IFRS Standards to prepare a full or condensed set of interim financial statements at least half-yearly.
- A.
  
  True
- B.
  
  False
7.

More than 100 jurisdictions currently require IFRS Standards for all or most domestic listed companies.
- A.
  
  True
- B.
  
  False
8.

The Trustees of the IFRS Foundation appoint the members of the International Accounting Standards Board.
- A.
  
  True
- B.
  
  False
9.

IASB meetings are closed to the public, but summaries of all decisions are published.
- A.
  
  True
- B.
  
  False
10.

IFRS Standards provide the financial information for public capital markets covering over half of the world’s GDP.
- A.
  
  True
- B.
  
  False