PRC-1 · Chapter 1 · Question 11 of 100
Which international body is directly responsible for issuing the International Financial Reporting Standards (IFRS)?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) International Accounting Standards Board (IASB)
Explanation
The International Financial Reporting Standards (IFRS) are globally recognized accounting standards issued by the International Accounting Standards Board (IASB).
More Accounting Basics MCQs
- Q13Consider the following balances for 'Nova Enterprises': Trade Payables Rs. 55,000, Short-term Bank Overdraft Rs. 25,000, Trade Receivables…
- Q14The prudence concept in accounting requires caution when making judgments under conditions of uncertainty. Which of the following actions…
- Q15During the accounting period, the assets of 'Pioneer Traders' increased by Rs. 7 million, while the owner's equity decreased by Rs. 3…
- Q16Commercial banks and other financial lenders review an entity's financial statements primarily to assess:
- Q17According to the conceptual framework, a 'liability' is defined as: