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IFRS quiz: Check your knowledge of key reporting standards
Use this IFRS quiz to check how well you apply key accounting standards in everyday scenarios. You will answer 15 multiple-choice questions and get instant feedback to spot weak areas before an exam or review. To strengthen the basics, try our accounting principles test and work through financial accounting practice questions.
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1Which primary financial statement presents an entity's assets, liabilities, and equity at a specific date?
2Under IFRS, a liability is classified as current if it is expected to be settled within what timeframe?
3Which measurement basis reflects market participant assumptions and is frequently used for financial instruments?
4What is the first step in the IFRS 15 revenue recognition model?
5Under IFRS 16, upon lease commencement, a lessee recognizes a right-of-use asset and what corresponding liability?
6Which component is included in the statement of comprehensive income in addition to profit or loss?
7When measuring financial assets at amortized cost, which method is used to allocate interest revenue?
8Under IFRS 15, revenue is recognized at a point in time when which event occurs?
9A performance obligation is satisfied over time under IFRS 15 if which condition is met?
10For lease classification under IFRS 16, a lease is classified as a finance lease by a lessee if which condition is met?
11According to IFRS 10, control of an investee is achieved when the investor has which elements?
12Non-controlling interest in consolidated financial statements is measured at which amount by default?
13In the IFRS fair value hierarchy, Level 2 inputs are characterized by which feature?
14Significant accounting policies are required to be disclosed where within IFRS financial statements?
15Under IFRS 16, lease term includes options to extend the lease if which criterion is met?
16In measuring a lessee's initial right-of-use asset under IFRS 16, which cost is excluded from the measurement?
17Under IFRS 3, goodwill on a business combination is calculated as the excess of what over the acquiree's identifiable net assets?
18Under IFRS 15, which approach may be used to measure progress toward complete satisfaction of a performance obligation satisfied over time?
19Under IAS 40, if an entity chooses the fair value model for investment property, how are changes in fair value recognized?
20Under IFRS 8, an operating segment must be separately reported if it meets the 10% threshold of which metrics?
Learning Goals
Learning Outcomes
- Analyse the classification and presentation of IFRS financial statements
- Identify key measurement bases under various IFRS standards
- Apply revenue recognition principles in line with IFRS 15
- Evaluate lease accounting treatments per IFRS 16 guidelines
- Demonstrate consolidation techniques under IFRS 10
- Master disclosures required by IFRS for transparent reporting
Study Guide
Cheat Sheet
- Understand the Five-Step Model of IFRS 15 - IFRS 15 lays out a clear five-step roadmap for revenue recognition: identify the contract, pinpoint performance obligations, determine the transaction price, allocate that price, and recognize revenue as obligations are met. It's like following recipe steps to bake the perfect financial reporting cake! This framework promotes consistency and transparency across all businesses. IFRS 15 - Wikipedia
- Grasp the Core Principle of IFRS 16 - Under IFRS 16, lessees must bring almost all leases onto the balance sheet by recognizing right-of-use assets and lease liabilities - think of it as shining a spotlight on hidden commitments! This change boosts financial clarity, making it easier to compare companies' true obligations. By embracing this standard, you'll see why leasing decisions really matter. IFRS 16 - Wikipedia
- Learn the Definition of "Control" in IFRS 10 - Control occurs when an investor has power over the investee, exposure (or rights) to variable returns, and the ability to use power to affect those returns. It's essentially the "boss test" for consolidation - if you call the shots, you consolidate. Mastering this concept ensures you know exactly when to combine financials. IFRS 10, 11 & 12 - Wikipedia
- Distinguish Adjusting vs. Non-Adjusting Events (IAS 10) - After your reporting period ends, some events reveal conditions that already existed at the period's close (adjusting) while others arise afterwards (non-adjusting). Adjusting events require tweaks to financial statements - non-adjusting ones get a footnote. Think of it as separating yesterday's news from fresh headlines! IAS 10 - Wikipedia
- Master "Performance Obligations" in IFRS 15 - Performance obligations are promises in a contract to deliver distinct goods or services - and correctly spotting them is crucial for accurate revenue recognition. It's like identifying ingredients in a secret recipe so you charge customers the right amount! Nail this step to stay compliant and crystal-clear. IFRS 15 - Wikipedia
- Explore IFRS Measurement Bases - IFRS offers several valuation lenses: historical cost, current cost, realizable value, and present value, each painting a different picture of assets and liabilities. Choosing the right basis can change how your balance sheet looks - so pick wisely! Understanding these options helps you tell the true story behind the numbers. International Financial Reporting Standards - Wikipedia
- Navigate Disclosure Requirements (IFRS 12) - IFRS 12 demands rich disclosures about interests in subsidiaries, joint arrangements, associates, and unconsolidated entities. Think of it as providing your financial statement's cast list, complete with risk profiles and financial effects. These disclosures help investors and analysts truly understand your group's structure. IFRS 10, 11 & 12 - Wikipedia
- Identify Lease Recognition Criteria under IFRS 16 - A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Spotting this means recognizing both an asset and a liability - no more sneaky off-balance-sheet deals! It's all about control and economic benefits. IFRS 16 - Wikipedia
- Grasp "Contract Assets" in IFRS 15 - Contract assets represent your right to consideration for goods or services you've already transferred when that right depends on something besides just the passage of time. Picture it like a "pending invoice" that hasn't hit the books yet! Understanding this ensures your revenue timeline stays on track. IFRS 15 - Wikipedia
- Learn the "Going Concern" Assumption (IAS 10) - Going concern means management believes the company will keep operating for the foreseeable future; if that's under threat, financials might need a dramatic rewrite. It's the foundation for almost every accounting estimate you make! Assessing this assumption keeps your statements reliable and realistic. IAS 10 - Wikipedia
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Updated Feb 22, 2026