1.The IASB created the IFRS for SMEs publication for which of the following reasons?

A. The IASB acknowledged differences in the use and users of smaller company financial statements.

B. Small and medium-sized entities generally have fewer resources available for preparing financial statements.

C. The application of full IFRS can be highly complex.

D. All of the answers are true.

2.The IFRS Foundation is funded by which of the following?

A. Voluntary contributions

B. Mandatory levies imposed by certain governments on listed/nonlisted entities

C. Sales of publications

D. All of the answers are correct

3.The International Accounting Standards Committee (IASC)

A. preceded the current International Accounting Standards Board (IASB) and was replaced by the IASB in 2001.

B. continues to set global standards today, alongside the IASB.

C. was preceded by the International Accounting Standards Board (IASB); in other words, the IASC replaced the IASB in 2001.

D. is the committee responsible for issuing interpretations of IFRS.