Certificate in International Financial Reporting (CertIFR)

Question 1

Under IFRS 10, when does an investor control an investee?

When it has power over the investee, exposure to variable returns, and ability to use power to affect those returns When it owns more than 50% of voting shares When it can appoint the majority of the board When it finances more than half the investee's operations

Correct Answer:

When it has power over the investee, exposure to variable returns, and ability to use power to affect those returns

Question 2

Under IFRS 3, goodwill arising on a business combination is measured as:

Consideration transferred plus non-controlling interest less fair value of net identifiable assets acquired Purchase price less book value of net assets acquired Fair value of the acquiree less par value of shares issued Premium paid over market capitalisation

Correct Answer:

Consideration transferred plus non-controlling interest less fair value of net identifiable assets acquired

Question 3

Under IFRS 3, identifiable assets acquired and liabilities assumed in a business combination are recognised at:

Fair value at the acquisition date Carrying amount in the acquiree's books Historical cost Value in use

Correct Answer:

Fair value at the acquisition date

Question 4

Under IFRS 10, non-controlling interests (NCI) in a subsidiary are presented:

Within equity, separately from the parent's equity As a liability on the consolidated balance sheet Outside equity as a mezzanine item As deferred income

Correct Answer:

Within equity, separately from the parent's equity

Question 5

Under IAS 28, the equity method is used to account for investments in:

Associates and joint ventures Subsidiaries only All equity investments Strategic investments regardless of influence

Correct Answer:

Associates and joint ventures

Question 1

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About this Exam

Prepare with the Certificate in International Financial Reporting (CertIFR) practice quiz. This question bank includes 15 questions covering ifrs, financial, investor, business, and combination. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Certificate in International Financial Reporting (CertIFR)

This practice set contains 15 questions from the matching question bank and focuses on ifrs, financial, investor, business, and combination. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Certificate in International Financial Reporting (CertIFR)

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