Podcast
Questions and Answers
What is one of the elements that consists of the IASB's thorough and transparent due process in establishing financial accounting standards?
What is one of the elements that consists of the IASB's thorough and transparent due process in establishing financial accounting standards?
- An independent standard-setting board overseen by a geographically and professionally diverse body of trustees (correct)
- Collaborative efforts with a single standard-setting body
- A secretive process with limited stakeholder engagement
- No evaluation of research or public responses
Which step is NOT part of the process followed by the IASB to develop a typical IFRS?
Which step is NOT part of the process followed by the IASB to develop a typical IFRS?
- Public hearings are held on the proposed standard
- Topics are identified and placed on the Board’s agenda
- The Board evaluates research and public responses and issues an exposure draft
- Final standard is issued without any evaluation (correct)
To reinforce the importance of an open, transparent, and independent due process, how many well-paid members make up the IASB?
To reinforce the importance of an open, transparent, and independent due process, how many well-paid members make up the IASB?
- 16 members (correct)
- 8 members
- 5 members
- 20 members
What distinguishes the IASB from being part of any professional organization?
What distinguishes the IASB from being part of any professional organization?
What is a key aspect of the collaboration process followed by the IASB in developing financial accounting standards?
What is a key aspect of the collaboration process followed by the IASB in developing financial accounting standards?
What is NOT a characteristic of the IASB's membership?
What is NOT a characteristic of the IASB's membership?
Who supported the creation of the Accounting Standards Council (ASC)?
Who supported the creation of the Accounting Standards Council (ASC)?
How many members were there in the ASC?
How many members were there in the ASC?
What is the role of FINEX in the ASC?
What is the role of FINEX in the ASC?
Which standard-setting body was mentioned as a reference for the ASC?
Which standard-setting body was mentioned as a reference for the ASC?
How do accounting principles become generally accepted in the Philippines?
How do accounting principles become generally accepted in the Philippines?
What is the primary responsibility of PICPA within the ASC?
What is the primary responsibility of PICPA within the ASC?
What is the expectations gap in accounting?
What is the expectations gap in accounting?
Which of the following is NOT a significant financial reporting challenge facing the accounting profession?
Which of the following is NOT a significant financial reporting challenge facing the accounting profession?
What complicates the process of ethical sensitivity and selection among alternatives in accounting?
What complicates the process of ethical sensitivity and selection among alternatives in accounting?
What does convergence to a single set of high-quality global financial reporting standards aim to achieve?
What does convergence to a single set of high-quality global financial reporting standards aim to achieve?
What has been agreed upon by U.S. and European regulators regarding accounting standards?
What has been agreed upon by U.S. and European regulators regarding accounting standards?
How many votes are needed to issue a new IFRS?
How many votes are needed to issue a new IFRS?
Which body issued 41 International Accounting Standards (IAS) that are now considered under the umbrella of IFRS?
Which body issued 41 International Accounting Standards (IAS) that are now considered under the umbrella of IFRS?
What is the purpose of the Conceptual Framework for Financial Reporting issued by the IASB?
What is the purpose of the Conceptual Framework for Financial Reporting issued by the IASB?
Which pronouncement must be followed and is considered authoritative according to the text?
Which pronouncement must be followed and is considered authoritative according to the text?
How many International Financial Reporting Standards (IFRS) has the IASB issued to date?
How many International Financial Reporting Standards (IFRS) has the IASB issued to date?
Does the Conceptual Framework for Financial Reporting define specific standards for measurement or disclosure issues?
Does the Conceptual Framework for Financial Reporting define specific standards for measurement or disclosure issues?
How many members are in the Financial Reporting Standards Council?
How many members are in the Financial Reporting Standards Council?
Who is required to be the Chairman of the Financial Reporting Standards Council?
Who is required to be the Chairman of the Financial Reporting Standards Council?
How many representatives are there from the SEC in the Financial Reporting Standards Council?
How many representatives are there from the SEC in the Financial Reporting Standards Council?
Which organization is NOT represented in the Financial Reporting Standards Council?
Which organization is NOT represented in the Financial Reporting Standards Council?
How many representatives are there from the accredited national professional organization of CPAs in public practice on the Financial Reporting Standards Council?
How many representatives are there from the accredited national professional organization of CPAs in public practice on the Financial Reporting Standards Council?
