IFRS Study Guide 2026
Everything you need to pass the IFRS exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 IFRS Exam Format at a Glance
📚 IFRS Topics to Study (63)
✍️ Sample IFRS Questions & Answers
1. Under IFRS 13, the 'principal market' for measuring fair value is defined as:
IFRS 13 defines the principal market as the market with the greatest volume and level of activity for the asset or liability, which is presumed to be the market in which the entity normally transacts.
2. IAS 23 Borrowing Costs requires capitalization of borrowing costs when they are directly attributable to the acquisition, construction, or production of a:
IAS 23 mandates capitalization of directly attributable borrowing costs for qualifying assets — those that take a substantial period of time to be ready for their intended use or sale.
3. Which body is responsible for issuing IFRS Interpretations?
The IFRS Interpretations Committee (IFRIC) is the official body responsible for issuing IFRS Interpretations. It works under the oversight of the International Accounting Standards Board (IASB) to address specific implementation issues and provide timely guidance, ensuring the consistent application of IFRS. The IFRIC's interpretations are mandatory for entities applying IFRS.
4. Which document issued by the IASB describes the concepts that underlie the preparation of IFRS financial statements?
The Conceptual Framework sets out the objectives, qualitative characteristics, and elements of financial statements that underpin all IFRS standards.
5. A senior accountant on the IFRS team disagrees with the leader's conclusion on the classification of a financial instrument under IFRS 9. What is the best way for the leader to handle this dissent?
A collaborative review using the standard as the arbiter produces a more defensible conclusion and reinforces a culture of technical rigor.
6. Which methodology uses the Plan-Do-Study-Act cycle?
The PDSA cycle is a cornerstone of CQI methodology, providing a structured approach to testing and implementing changes.