IFRS

What does IFRS stand for?

• Inter Financial Reporting Standards

• International Financial Reporting Standards

• Inter Finance Reporting Standards

• Indian Financial Reporting Standards

Who issues IFRS/IAS?

• IASB

• IFRS Foundation

• IFRS Interpretation Committee

• IFRS Advisory Council

IFRS was modified and US GAAP was not?

• True

• False

Which of the following is an ‘fundamental qualitative characteristic’ according to the IASB Conceptual Framework?

• Timeliness

• Faithful Representation

• Comparability

• Understandability

Economies who follow IFRS like law are

• Rule based Economies

• Principle based economies

• Mixed economies

• democratic economies

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

• Monetary unit assumption

• Economic entity assumption

• Time period assumption

• Going concern assumption