58. According to the Preface to International Financial Reporting Standards, which of the following are objectives of the IASB? I. To harmonize financial reporting between IFRS and US GAAP and European II. To work actively with national standard setters Page 12 of 17 III. To promote the use and strict application of financial accounting standards A. I and II C. II and III B. I and III D. I, II and III

58. According to the Preface to International Financial Reporting Standards, which of the following are objectives of the IASB? I. To harmonize financial reporting between IFRS and US GAAP and European II. To work actively with national standard setters Page 12 of 17 III. To promote the use and strict application of financial accounting standards A. I and II C. II and III B. I and III D. I, II and III

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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The ________ is attempting to harmonize accounting standards through issuing International Financial Reporting Standards (IFRS). A) BSC B) IOSCO C) IASB D) FASB E) GAAP
The existing procedures for setting international Financial Reporting Standards were established in the 1990s. Required: Explain the roles of the following in relation to accounting standards.• International Financial Reporting Standards foundations (IFRSF)• International Financial Reporting Standards Board (IASB)• International Financial Report Interpretations (IFRIC)• IFRS Advisory Council.
discuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).
According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, anda. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financial accounting standards issued by the FASB.
Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.
Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, and a. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financialaccounting standards issued by the FASB.
What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?
List the types of authoritative pronouncements that constitute International Financial Reporting Standards (IFRS).
The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.
The organisational structure of the International Financial Reporting Standards (IFRS) Foundationcomprises various subsidiary bodies, amongst others:a) The International Accounting Standards Board (IASB), and b) The IFRS Interpretations Committee. Required:The above subsidiary bodies each have roles and primary responsibilities. What are the roles andprimary responsibilities that the above subsidiary bodies need to fulfil in the standard settingprocess?
Several organizations are actively involved in international standard setting. 2. Discuss the position of the SEC with respect to convergence to International Accounting Standards.
True or False - The SEC establishes International Financial Reporting Standards.