Philippine Auditing Standards and Financial Reporting Framework Quiz
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Philippine Auditing Standards and Financial Reporting Framework Quiz

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@UndisputableArtePovera

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Questions and Answers

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?

  • 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?

  • 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?

    <p>International Financial Reporting Standards (IFRSs)</p> Signup and view all the answers

    Which body is the accredited professional organization of Certified Public Accountants in the Philippines?

    <p>Philippine Institute of Certified Public Accountants (PICPA)</p> Signup and view all the answers

    Who is responsible for issuing rules and guidelines that include financial reporting matters for banking institutions in the Philippines?

    <p>Bangko Sentral ng Pilipinas (BSP)</p> Signup and view all the answers

    What is the role of the International Financial Reporting Interpretations Committee (IFRIC)?

    <p>Support the consistent application of IFRS</p> Signup and view all the answers

    Why did the presence of separate national accounting rules across countries hinder cross-border activities?

    <p>It increased costs for businesses</p> Signup and view all the answers

    What does the International Federation of Accountants (IFAC) do?

    <p>Establish and promote international accounting standards</p> Signup and view all the answers

    How do the PFRSs and PASs relate to the International Accounting Standards Committee (IASC)?

    <p>Adopted from IASC's standards</p> Signup and view all the answers

    In what way does the International Financial Reporting Interpretations Committee (IFRIC) collaborate with the IASB?

    <p>Respond to questions on applying accounting standards</p> Signup and view all the answers

    Why is there a need for global accounting standards according to the text?

    <p>To reduce costs and risks for businesses</p> Signup and view all the answers

    What was the main reason for the BOA issuing Board Resolution No. 44 (s. 2022) in September 2022?

    <p>To enhance sustainability reporting standards in the Philippines</p> Signup and view all the answers

    What impact did the BOA's Board Resolution No. 262 (s. 2015) have on the Licensure Examination for Certified Public Accountants?

    <p>Reduced the number of subjects from seven to six</p> Signup and view all the answers

    What is the role of global accounting standards in financial markets worldwide?

    <p>Bring transparency, accountability, and efficiency</p> Signup and view all the answers

    Which organization was renamed to focus more on sustainability reporting standards according to a recent BOA resolution?

    <p>Financial Reporting Standards Council</p> Signup and view all the answers

    What was the main focus of Board Resolution No. 262 (s. 2015) issued by the BOA?

    <p>Altering the number of subjects in the CPA exam</p> Signup and view all the answers

    Which entity is responsible for setting accounting and auditing standards in the Philippines?

    <p>Auditing and Assurance Standards Council</p> Signup and view all the answers

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