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Questions and Answers
Who has the authority to prescribe the financial reporting framework used by corporations in the Philippines?
Who has the authority to prescribe the financial reporting framework used by corporations in the Philippines?
- International Accounting Standards Board (IASB)
- Philippine Institute of Certified Public Accountants (PICPA)
- Securities and Exchange Commission (SEC) (correct)
- Bangko Sentral ng Pilipinas (BSP)
What is the primary regulator of banking institutions in the Philippines?
What is the primary regulator of banking institutions in the Philippines?
- Bangko Sentral ng Pilipinas (BSP) (correct)
- AASC
- International Accounting Standards Board (IASB)
- Philippine Institute of Certified Public Accountants (PICPA)
Which organization is responsible for establishing and promulgating auditing standards in the Philippines?
Which organization is responsible for establishing and promulgating auditing standards in the Philippines?
- International Accounting Standards Board (IASB) (correct)
- Bangko Sentral ng Pilipinas (BSP)
- Philippine Institute of Certified Public Accountants (PICPA)
- Securities and Exchange Commission (SEC)
What are the standards issued by the International Accounting Standards Board (IASB) known as?
What are the standards issued by the International Accounting Standards Board (IASB) known as?
Which body is the accredited professional organization of Certified Public Accountants in the Philippines?
Which body is the accredited professional organization of Certified Public Accountants in the Philippines?
Who is responsible for issuing rules and guidelines that include financial reporting matters for banking institutions in the Philippines?
Who is responsible for issuing rules and guidelines that include financial reporting matters for banking institutions in the Philippines?
What is the role of the International Financial Reporting Interpretations Committee (IFRIC)?
What is the role of the International Financial Reporting Interpretations Committee (IFRIC)?
Why did the presence of separate national accounting rules across countries hinder cross-border activities?
Why did the presence of separate national accounting rules across countries hinder cross-border activities?
What does the International Federation of Accountants (IFAC) do?
What does the International Federation of Accountants (IFAC) do?
How do the PFRSs and PASs relate to the International Accounting Standards Committee (IASC)?
How do the PFRSs and PASs relate to the International Accounting Standards Committee (IASC)?
In what way does the International Financial Reporting Interpretations Committee (IFRIC) collaborate with the IASB?
In what way does the International Financial Reporting Interpretations Committee (IFRIC) collaborate with the IASB?
Why is there a need for global accounting standards according to the text?
Why is there a need for global accounting standards according to the text?
What was the main reason for the BOA issuing Board Resolution No. 44 (s. 2022) in September 2022?
What was the main reason for the BOA issuing Board Resolution No. 44 (s. 2022) in September 2022?
What impact did the BOA's Board Resolution No. 262 (s. 2015) have on the Licensure Examination for Certified Public Accountants?
What impact did the BOA's Board Resolution No. 262 (s. 2015) have on the Licensure Examination for Certified Public Accountants?
What is the role of global accounting standards in financial markets worldwide?
What is the role of global accounting standards in financial markets worldwide?
Which organization was renamed to focus more on sustainability reporting standards according to a recent BOA resolution?
Which organization was renamed to focus more on sustainability reporting standards according to a recent BOA resolution?
What was the main focus of Board Resolution No. 262 (s. 2015) issued by the BOA?
What was the main focus of Board Resolution No. 262 (s. 2015) issued by the BOA?
Which entity is responsible for setting accounting and auditing standards in the Philippines?
Which entity is responsible for setting accounting and auditing standards in the Philippines?
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