NCERT · Class 11 · Accountancy · Theory Base of AccountingIFRS stands for:
Step-by-Step Solution
IFRS stands for International Financial Reporting Standards, which are a set of global accounting standards issued by the International Accounting Standards Board (IASB).
Detailed Options Breakdown
Option : Indian Financial Reporting Standards
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 1: International Financial Reporting Standards (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: International Fund for Revenue Statistics
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 3: Internal Financial Rate System
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
💡 Study Guide: This question tests core syllabus concepts from Theory Base of Accounting. For formulas, key summaries, and mock exam reference guides, read the full Theory Base of Accounting Revision Notes.