Financial Reporting Standards

Hello,

I was wanting some clarification on what extent do I need to know the reporting standards, I know the content of most of them but when it comes to answering a question I can’t quote the no. I,e. ‘IAS 2 being inventories’
Do I need to learn them and will I lose marks for saying for example “check that the treatment of this is in line with the standard on PPE”?

Hope that makes sense,

Thanks