IFRS Knowledge Quiz

International Accounting Standards Board (IASB)

• Responsible for the development and issuance of International Financial Reporting Standards (IFRS)
• IFRS are a set of accounting standards that are used by companies in over 140 countries around the world.
• The IASB also provides guidance on the implementation and interpretation of IFRS.
• The IASB is a non-profit organization that is governed by a Board of Trustees.
• The IASB works closely with other standard-setting bodies around the world, such as the Financial Accounting Standards Board (FASB) in the United States.

Revenue Recognition

• IAS 18: Revenue
• Defines the principles for recognizing revenue from contracts with customers.
• The standard requires companies to recognize revenue when it is earned, which is typically when the goods or services have been delivered or performed.
• It provides guidance on the recognition of revenue for different types of transactions, such as sales of goods, services, and construction contracts.

Financial Instruments

• IAS 39: Financial Instruments: Recognition and Measurement
• This standard provides guidance on the recognition, measurement, and disclosure of financial instruments.
• Financial instruments are defined as contracts that give rise to a financial asset for one entity and a financial liability or equity instrument for another entity.
• IAS 39 classifies financial instruments into four categories:
  • Financial assets at fair value through profit or loss
  • Held-to-maturity investments
  • Loans and receivables
  • Available-for-sale financial assets

Fixed Assets

• IAS 16: Property, Plant and Equipment
• Defines the requirements for accounting for fixed assets.
• Explains the recognition, measurement, and depreciation of fixed assets.
• A fixed asset is a tangible asset that is held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.
• Includes land, buildings, machinery, equipment, furniture, and fixtures.

Liabilities

• IAS 37: Provisions, Contingent Liabilities and Contingent Assets
• Provides the principles for recognizing and measuring provisions, contingent liabilities, and contingent assets.
• A provision is a liability of uncertain timing or amount.
• A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the entity.
• A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the entity.

Test your knowledge on IFRS topics such as inventories, fixed assets, impairment testing, liabilities, financial instruments, tax accounting, revenue recognition, leases, employee benefits, and more. This quiz covers key IAS and IFRS standards and is designed to help you assess your understanding of these important accounting principles.