FRSC Due Process 1. Approval of a standard or an interpretation by a majority of the FRSC members. 2. Consideration of pronouncement of IASB; 3. Consideration of all comments received within the comment period and, when appropriate, preparing a comment letter to the IASB; 4. An exposure draft approved by a majority of the FRSC members for comments (comment period 60 – 30 days)

FRSC Due Process 1. Approval of a standard or an interpretation by a majority of the FRSC members. 2. Consideration of pronouncement of IASB; 3. Consideration of all comments received within the comment period and, when appropriate, preparing a comment letter to the IASB; 4. An exposure draft approved by a majority of the FRSC members for comments (comment period 60 – 30 days)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter2: Working With The Tax Law

Section: Chapter Questions

Problem 33P

See similar textbooks

Similar questions

56. The GPFS are prepared at least annually and are directed to both the common and specific information needs of a wide range of statement users. TRUE OR FALSE
1. Describe the Existing Board of IFRS (IASB members and the role of them)2. In detail, what's the reason for choosing the Netherland as a member of the first IASC.3. What's the role of IFAC to support IASC4. In detail, What's the latest issuance of IASB (reasons and benefit)?5. what are the future projects of IASB (what & why)?
When a client has a going concern issue, .AU-C 570 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern requires an _______. emphasis-of-matter paragraph be added to the unmodified report, before the opinion paragraph an emphasis-of-matter paragraph be added to the unmodified report, afterthe opinion paragraph an explanatory paragraph be added to the unmodified report, after the opinion paragraph an explanatory paragraph be added to the unmodified report, before the opinion paragraph Sometimes an audit population may be sufficiently small so that_______. the auditor can ignore the account in question the auditor can audit every item in the population the account in question can be outsourced to the internal audit function for auditing expressed written assurance from senior management pertaining to the account is satisfactory A Type II subsequent event…
What is the Committee of Sponsoring Organizations (COSO)? Briefly describe the original COSOframework from 1992 and the improvements made in the updated COSO framework from 2013.
Based on PSA 120, which of the following are unrestricted reports to be issued by the auditor/accountant: I. Audit II. Examination III. Review IV. Agreed-Upon Procedures V. Compilation Group of answer choices: I, II, and IV I, II, III, IV and V I, II, III, and V I, II, III, and IV IV and V I, II and III
1. The IFRS Advisory Council has approximately 40 members who advises IASB 2. both IASB and IFRS Interpretations committee have 14 members and appointed by the Monitoring Board a. 1st statement is true b. both statements are false c. both statements are true d. 1st statement is false
A. 59. Which of the following are parts of the “due process” of the IASB in issuing a new International Financial Reporting Standard? I. Establishing an advisory committee to give adviceII. Developing and publishing a discussion document for public commentIII. Issuance of an interpretation as authoritative guidanceIV. Reviewing compliance and enforcement proceduresV. Issuance of the final standard with number and title A. I, II and III onlyB. I, II and V only C. I, II, III & IV only D. I, II, III, IV & V
33 What is the proper sequence of the BIR assessment process? Actual/table audit Issuance of electronic Letter of Authority (e-LoA) Issuance of Final Decision on Disputed Assessment (FDDA) Issuance of Formal Letter of Demand/Final Assessment Notice (FLD/FAN) Issuance of Notice of Discrepancy (NIC) Issuance of Preliminary Assessment Notice (PAN) Group of answer choices a. 1, 2, 3, 4, 5, 6 b. 2, 1, 5, 6, 4, 3 c. 2, 1, 6, 4, 5, 3 d. 1, 2, 5, 6, 4, 3
Answer of the following question related to these characteristics and constraints. Donald Kirk, former chairman of the FASB, once noted that “. . . there must be public confidence that the standard-setting system is credible, that selection of board members is based on merit and not the influence of special interests . . .” Which characteristic is implicit in Mr. Kirk’s statement?
70. Which of the following is not among the other reports required to be submitted by government entities to COA? Pre-closing trial balances Schedule showing the regional breakdowns of income and expenses Post-closing trial balance A completed 14-column worksheet in yellow color
Indicate if the CPA offers any type of assurance when performing the following a. An Interim Review per PCAOB A Compilation per SSARS A Preparation per SSARS Yes No No b. An Interim Review per PCAOB A Compilation per SSARS A Preparation per SSARS Yes Yes No c. An Interim Review per PCAOB A Compilation per SSARS A Preparation per SSARS No Yes Yes d. An Interim Review per PCAOB A Compilation per SSARS A Preparation per SSARS No Yes No e. An Interim Review per PCAOB A Compilation per SSARS A Preparation per SSARS No No No
As a participant of the just ended ICAG workshop on financial reporting standards (IFRS), the Chief Executive Officer of your company has tasked you to prepare a reporting explaining the main objective, scope, recognition, measurement and disclosure of the following standards: a) IAS 41 b) IAS 36 c) IFRS 9 d) IAS 12