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

Test your knowledge about the roles of the Auditing and Assurance Standards Council (AASC) and the Securities and Exchange Commission (SEC) in establishing auditing standards and financial reporting frameworks in the Philippines. Learn about the composition and authority of these regulatory bodies.

Created by
@UndisputableArtePovera

Questions and Answers

Who has the authority to prescribe the financial reporting framework used by corporations in the Philippines?

Securities and Exchange Commission (SEC)

What is the primary regulator of banking institutions in the Philippines?

Bangko Sentral ng Pilipinas (BSP)

Which organization is responsible for establishing and promulgating auditing standards in the Philippines?

International Accounting Standards Board (IASB)

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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