IFRS foundation has various internal bodies. Describe the functions of these internal bodies and it’s interrelation with other national setters
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IFRS foundation has various internal bodies. Describe the functions of these internal bodies and it’s interrelation with other national setters
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- Explain the relationship between the following international bodies: IASB, IASC Foundation, SAC and the IFRIC.Which of the following “bodies designated by Council” have been authorized to promulgategeneral standards enforceable under the General Standards Rule of the AICPA Code of Professional Conduct?a. AICPA Division of Professional Ethics.b. Financial Accounting Standards Board.c. Government Accounting Standards Board.d. Accounting and Review Services Committee.What are the five typical National Treatment identified by the WTO Secretariat?
- Indicate the organization related to IFRS that performs each of the following functions:1. Obtains funding for the IFRS standard-setting process.2. Determines IFRS.3. Oversees the IFRS Foundation.4. Provides input about the standard-setting agenda.5. Provides implementation guidance about relatively narrow issues.What is the policy function performed by bodies such as the FASB and the SEC?List and discuss the three sources of inputs to the policy-making function.Which office maintains accounts of financial transactions of all national government offices, agencies, and instrumentalities?
- How governance can be used in the National Governance? Give appropriate examples.Presented below are three models for setting GAAP. 1. The purely political approach, where national legislative action decrees GAAP. 2. The private, professional approach, where GAAP is set and enforced by private professional actions only. 3. The public/private mixed approach, where GAAP is basically set by private-sector bodies that behave as though they were public agencies and whose standards to a great extent are enforced through governmental agencies. Instructions a. Which of these three models best describes standard-setting in the United States? Provide justification for your answer. b. Why do companies, financial analysts, labor unions, industry trade associations, and others take such an active interest in standard-setting? c. Cite an example of a group other than the FASB that attempts to establish accounting standards. Speculate as to why another group might wish to set its own standards.The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).