You must complete a flight review every 24 calendar months in order to act as a Pilot in Command (PIC). A calendar month means that the endorsement runs to the end of the 24th month. You cannot fail a flight review. Your instructor simply logs the time as flight instruction. 

An IPC is a comprehensive evaluation that follows the Practical Test Standards (PTS) for the Instrument rating. The PTS requires one precision approach and two non-precision approaches. One of the non-precision approaches must be partial-panel. A review of the PTS will provide detailed information regarding the knowledge requirements and what other maneuvers must be conducted. Pilots must be familiar with the equipment installed in the aircraft they choose to fly. Pilots planning an IPC should have current FAR/AIM, enroute charts, approach plates, and Airport Facilities Directory (AFD) applicable to the Northern California area. Also pilots should have the POH for the aircraft to be used and be familiar with its contents and the equipment in the plane.