What is the main objective of IFRS?
A) To regulate tax laws
B) To provide a global framework for financial reporting
C) To set audit guidelines
D) To establish government accounting rules
Which organization is responsible for developing IFRS?
A) International Accounting Standards Board (IASB)
B) Financial Accounting Standards Board (FASB)
C) Securities and Exchange Commission (SEC)
D) International Federation of Accountants (IFAC)
IFRS is primarily used for:
A) Tax calculations
B) Internal management decisions
C) Preparing financial statements
D) Payroll processing
What is the IFRS standard related to the presentation of financial statements?
A) IFRS 7
B) IFRS 9
C) IAS 1
D) IAS 16
Which IFRS standard deals with leases?
A) IFRS 9
B) IFRS 15
C) IFRS 16
D) IAS 17
IFRS requires companies to report financial statements using:
A) Accrual basis accounting
B) Cash basis accounting
C) Modified cash basis accounting
D) Regulatory basis accounting
IFRS 15 deals with:
A) Revenue from contracts with customers
B) Lease accounting
C) Employee benefits
D) Income taxes
Which IFRS standard relates to financial instruments?
A) IFRS 2
B) IFRS 7
C) IFRS 9
D) IFRS 16
What is the primary focus of IFRS 2?
A) Business combinations
B) Share-based payments
C) Financial instruments
D) Impairment of assets
IFRS 3 covers:
A) Business combinations
B) Revenue recognition
C) Intangible assets
D) Employee benefits
Under IFRS, goodwill is:
A) Expensed immediately
B) Amortized annually
C) Subject to annual impairment testing
D) Not recognized
Which IFRS standard deals with property, plant, and equipment?
A) IFRS 9
B) IFRS 16
C) IAS 16
D) IAS 10
What is the primary purpose of IFRS 10?
A) Financial instruments
B) Consolidated financial statements
C) Lease accounting
D) Revenue recognition
Which standard relates to fair value measurement?
A) IFRS 13
B) IFRS 7
C) IFRS 16
D) IAS 8
What does IAS 7 relate to?
A) Cash flow statements
B) Income tax accounting
C) Business combinations
D) Intangible assets
Which IFRS standard governs inventory accounting?
A) IFRS 9
B) IAS 2
C) IAS 10
D) IFRS 15
IAS 36 deals with:
A) Impairment of assets
B) Taxation
C) Inventory management
D) Government grants
IFRS 8 is applicable to:
A) Segment reporting
B) Employee benefits
C) Lease obligations
D) Earnings per share
Which standard addresses intangible assets?
A) IFRS 3
B) IAS 38
C) IAS 16
D) IFRS 5
IFRS 5 covers:
A) Revenue recognition
B) Employee benefits
C) Non-current assets held for sale and discontinued operations
D) Share-based payments
Which IFRS standard relates to accounting policies, changes in estimates, and errors?
A) IAS 8
B) IFRS 10
C) IAS 1
D) IFRS 13
IAS 12 deals with:
A) Deferred tax and income tax
B) Inventory accounting
C) Depreciation policies
D) Business combinations
Under IFRS, how are borrowing costs treated?
A) Always expensed
B) Capitalized if related to a qualifying asset
C) Deferred indefinitely
D) Ignored
What is the main focus of IFRS 11?
A) Joint arrangements
B) Financial instruments
C) Business acquisitions
D) Asset impairment
IAS 37 provides guidelines on:
A) Provisions, contingent liabilities, and contingent assets
B) Revenue recognition
C) Employee benefits
D) Shareholder equity
What does IFRS 12 cover?
A) Disclosure of interests in other entities
B) Accounting for leases
C) Intangible assets
D) Business acquisitions
Which IFRS standard deals with the accounting of agriculture-related assets?
A) IFRS 10
B) IFRS 14
C) IAS 41
D) IAS 20
What is the key objective of IFRS 14?
A) Regulatory deferral accounts
B) Business combinations
C) Inventory valuation
D) Asset impairment
Which IFRS standard covers employee benefits?
A) IFRS 9
B) IAS 19
C) IFRS 16
D) IAS 36
