This is one for hardcore trivia buffs. The International Financial Reporting Standards (IFRS) Foundation has developed an online quiz to test people who fancy themselves as finance specialists.

The quiz, which includes insurance questions, was launched last week as a free resource for students, educators and people interested in the use of standards.

Participants are presented with 10 true-or-false questions drawn randomly from a pool of 220. The quiz is instantly graded, with answers and explanations provided.

The questions are based on information in the recently published booklet IFRS as Global Standards: A Pocket Guide.

The foundation will make all 220 questions available to accounting educators and trainers using the IFRS guide as a textbook.

It’s fair to say the questions are somewhat testing. Here’s an example: If an insurance company provides cover for catastrophic loss from tsunami once every 50 years, it must recognise the entire loss when a tsunami occurs. It is prohibited from accumulating losses year by year in advance of the tsunami. Is this true or false?

Click here to take the quiz.