Quiz: How well do you know your IFRS Standards?
As reported, the organisation which oversees the operation of the International Financial Reporting Standards recently signed up the IFRS’s 120th signatory country – Saudi Arabia, which has invited PwC to set up a “training academy” in the Kingdom, where Saudi nationals will be introduced to the accounting rules that have gradually become the global standard over the past 20 years.
Periodically the London-based IFRS Foundation, which oversees the standards and sometimes makes changes to them, when its experts and others deem them necessary, publishes a quiz, which lets accounting pros and amateurs alike test their knowledge of the standards, and their use. The quiz is based on The 2016 Pocket Guide to IFRS Standards: The Global Financial Reporting Language.
First launched in 2014, the quiz is available in both English and Spanish, and according to the IFRS Foundation, has been taken more than 45,000 times.
Last week it unveiled its latest version of the quiz, which includes, among other things, “the requirements of new and amended IFRS Standards, such as IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases”, the IFRS foundation notes.
To view the quiz and – if you dare, to take it – click here.