IASB Other Projects

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary focus of the IASB's other projects?

To report financial results

To create new accounting standards (correct)

To interpret existing standards

To conduct sustainability audits

Which of the following boards is mentioned alongside the IASB?

Financial Accounting Standards Board (FASB)

International Sustainability Standards Board (ISSB) (correct)

Securities and Exchange Commission (SEC)

International Financial Reporting Standards Committee (IFRSC)

What types of projects are listed in the IASB's other projects?

Research, operational, and verification projects

Advisory, compliance, and standard-setting projects

Active, past, and research projects (correct)

Active, past, and exploratory projects

What do amendment projects of the IASB relate to?

Existing financial reporting standards Signup and view all the answers

What organization is NOT part of the IASB's listed projects?

International Finance Corporation (IFC) Signup and view all the answers

What is the main aim of the Management Commentary Practice Statement review project?

To enhance the alignment between corporate and financial reporting. Signup and view all the answers

When was the exposure draft for the Primary Financial Statements published?

17 December 2019 Signup and view all the answers

What is the focus of the Rate-Regulated Activities project?

To conduct a review of IFRS for SMEs. Signup and view all the answers

What is the deadline for comments on the exposure draft for Supplier Finance Arrangements?

28 March 2022 Signup and view all the answers

What is the purpose of the comprehensive review in the Rate-Regulated Activities project?

To identify necessary updates for IFRS and amendments. Signup and view all the answers

What is the role of the Monitoring Board in the motivation processes?

Approves and oversees trustees Signup and view all the answers

Which organization is responsible for appointing and overseeing trustees?

IFRS Foundation Signup and view all the answers

What is the purpose of the Disclosure initiative for subsidiaries that are SMEs?

To develop a reduced disclosure IFRS Signup and view all the answers

What was published on 25 March 2021 regarding the Disclosure initiative?

Draft guidance for developing disclosures Signup and view all the answers

Approximately how many members are part of the IFRS Advisory Council?

40 members Signup and view all the answers

What is one aim of the Disclosure initiative project for subsidiaries that are SMEs?

To develop a reduced disclosure IFRS for SMEs Signup and view all the answers

What is the current status of the earnings per share project?

On hold Signup and view all the answers

Which body is responsible for issuing interpretations on the application of IFRS?

IFRS Interpretations Committee Signup and view all the answers

Which committee is responsible for issuing interpretations on IFRS?

IFRS Interpretations Committee Signup and view all the answers

What does the Accounting Standards Advisory Forum provide?

Input into technical projects Signup and view all the answers

What does the IFRS Advisory Council primarily do?

Set the technical agenda and approve standards Signup and view all the answers

By what date were comments requested on the exposure draft for the reduced disclosure IFRS for SMEs?

31 January 2022 Signup and view all the answers

Which of the following is part of the Monitoring Board's responsibilities?

Overseeing trustees Signup and view all the answers

What is the main purpose of the Disclosure review initiative?

To develop guidelines for drafting disclosures Signup and view all the answers

How many members are there in the IFRS Interpretations Committee?

14 members Signup and view all the answers

What aspect of IFRS does the 'Working groups' specifically address?

Major agenda projects Signup and view all the answers

What is the primary focus of the macro hedge accounting project?

Risk management strategies for open portfolios Signup and view all the answers

What is the status of the government grants project?

On hold pending a staff review Signup and view all the answers

What significant amendment related to IAS 19 was issued on 7 February 2018?

Remeasurement calculations for plan amendments Signup and view all the answers

What does the IAS 21 project address regarding exchange rates?

Determining the exchange rate during long-term lack of exchangeability Signup and view all the answers

What is the purpose of the IFRS Interpretations Committee?

To discuss issues not formally on its agenda Signup and view all the answers

What was the comment letter deadline for the exposure draft published on 18 June 2015 related to IAS 19?

19 October 2015 Signup and view all the answers

When was the second discussion paper on macro hedge accounting expected to be released?

2019 Signup and view all the answers

What does the exposure draft published on 20 April 2021 involve?

Proposed amendments to IAS 21 for exchange rates Signup and view all the answers

Study Notes

Module Title

Module No. 11
Subject: Prel 1 UFRS

Lesson Title

IASB Other Projects

Introduction

The presentation provides a complete list of active, past, and research projects of the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB), and the IFRS Interpretations Committee.
Major projects from the IASB and ISSB, expected to result in new or completely reissued pronouncements, are listed by their project names.
IASB/ISSB amendment projects, and most IFRIC projects, are listed by the pronouncement to which they relate.

Objectives

To understand other projects of IASB.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Explore the active and past projects of the IASB and ISSB in this comprehensive quiz. Understand the major projects expected to result in new or revised pronouncements, and learn about the specifics of IASB/ISSB amendments and IFRIC projects. Test your knowledge on the International Accounting Standards and their implications.

IASB Other Projects - Module 11

Choose a study mode