International Financial Reporting Standards (IFRS)

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

IFRS goal is to _____.

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1. Who is required to follow IFRS standards?

2. The implementation approach used by IFRS, which allows more flexibility in management decision-making on how to meet the standard, is called a _____ approach.

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About This Quiz & Worksheet

What are the benefits of using the IFRS and who is required to follow them? These questions represent the types of facts you will need to know to successfully use this quiz and worksheet assessment tool.

Quiz & Worksheet Goals

Question topics you will encounter on this quiz/worksheet include:

  • What IFRS stands for
  • Who must follow the IFRS
  • Which type of approach is used to implement the IFRS
  • What are the advantages of adopting the IFRS
  • What the IFRS mission focuses on

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as the mission of the IFRS and what IFRS stands for
  • Interpreting information - verify that you can read information regarding the advantages of the IFRS and interpret it correctly
  • Information recall - access the knowledge you've gained regarding who is required to follow these standards

Additional Learning

If you feel the need to further review information about this topic, refer to the lesson titled International Financial Reporting Standards (IFRS). Details explored in this lesson include the following:

  • What the IFRS Foundation is
  • Which types of companies are held to these standards
  • What two areas of difference are challenging under the IFRS rules
  • How adoption of the IFRS differs between large and small companies
  • How accounting professionals and students are learning about and being taught these standards
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