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International Financial Reporting Standards for Compensation Professionals Exam Questions 21–25 (page: 6)

Updated On: 10-Feb-2026

What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?

  1. Provide guidance on reporting issues not specifically addressed in International Accounting Standards Board (IASB)’s standards
  2. Provide advice to International Accounting Standards Board (IASB) on priorities
  3. Monitor International Accounting Standards Board (IASB)’s effectiveness, raise funds, and approve budget
  4. Discuss the roles and responsibilities of the International Accounting Standards Board (IASB) and its advisory groups

Answer(s): A



What is the main objective of IAS 19?

  1. To prescribe the accounting and disclosure for employee benefits
  2. To prescribe the timing of payments
  3. To draw a distinction between long and short term benefits
  4. To draw a distinction between a defined contribution and defined benefit plan

Answer(s): A



Defined contribution plans are an example of which kind of employee benefits?

  1. Short-term benefits
  2. Post-employment benefits
  3. Termination benefits
  4. Long-term benefits

Answer(s): B



Issuance of interim reports is an example of what enhancing characteristic?

  1. Comparability
  2. Verifiability
  3. Relevance
  4. Timeliness

Answer(s): D



When a company provides information that is of sufficient importance to influence the judgment and decisions of an informed user, which principle of Level 3 of the conceptual framework is being represented?

  1. Faithful representation
  2. Measurement
  3. Full disclosure
  4. Going concern

Answer(s): C



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