10 Questions
Which organization issues International Financial Reporting Standards (IFRS)?
IFRS Foundation
IFRS are particularly relevant for which type of companies?
Companies with shares or securities publicly listed
Which accounting standards have IFRS replaced in many countries?
National accounting standards
Which organization announced the formation of the new International Sustainability Standards Board (ISSB) in 2021?
The IFRS Foundation
Which jurisdictions require or permit the use of IFRS Standards?
132 jurisdictions across the world
What is the primary purpose of financial information according to the Conceptual Framework?
To be useful to existing and potential investors, lenders, and other creditors
Which of the following is NOT a fundamental qualitative characteristic of financial information?
Timeliness
According to the Conceptual Framework, which of the following is considered an asset?
A present economic resource controlled by the entity
Which of the following is NOT an element of financial statements?
Claims
Under which concept of capital maintenance is profit earned only if the physical productive capacity of the entity at the end of the period exceeds the physical productive capacity at the beginning of the period?
Physical capital maintenance
Test your knowledge on International Financial Reporting Standards (IFRS) with this quiz. Gain a better understanding of these accounting standards and their importance in ensuring transparency and comparability in financial statements across borders.
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