Which of the following bodies report to the IFRS Foundation? A. The IASB and AASB. B. The IASB and the FASB. C. The IASB and the IFRS Advisory Council.
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A. 62. Which of the following bodies report to the IFRS Foundation?
A. The IASB and AASB.
B. The IASB and the FASB.
C. The IASB and the IFRS Advisory Council.
D. The IASB, AASB, and the IFRS Advisory Council.
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- 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.3) What are the FASB standard require that non-profit organization in financial statements?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.
- IFRS foundation has various internal bodies. Describe the functions of these internal bodies and it’s interrelation with other national settersV5. Describes required reporting for governmental and non-governmental non-profit entitiesPresented 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.
- M7. State and local governments are likely to follow which of the following: AICMA GASB AICPA FASBDescribe the mission of the IASB.6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins
- Good morning Please answer Questions a) What is the IPSASB and reason(s) it was established? b)What are the objectives of the IPSASB? c) Why the IPSASB developed the IPSASs? thank in advanceRecord the following transactions in the general journal for the general fund and tge general jornal dor govermental activities at the government wide level.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.