Lesson 1: CFAS
International financial reporting standards foundation (IFRS Foundation)
international accounting standards committee foundation was known now as ____.
Trustees
the governance and oversight of the activities undertaken by the ifrs foundation and it standard-setting body rest with its ____, who are also responsible for safeguarding the independence of the iasb and ensuring the financing of the organization
International accounting standards
the international organization of securities commissions (iosco) has agreed to consider use of ____ in cross-border capital raising and listing purposes in all global markets if IASC (now the IASB) can complete certain core and other standards.
IASB
In fulfilling its standard setting duties the ____ follows a thorough,open and transparent due process of which the publication of consultative documents such as discussion papers and exposure drafts for public comment is an important component
Monitoring Board; 14 to 16; February 1, 2009
It focused on the governance and public accountability of the ifrs foundation (resulting in particular, in the creation of the _____ ) and on the size and composition of the iasb (the expansion of the iasb from _____ members with up to three part-time and a specified geographical mix for the IASB. This amendments were effective on ____.
IFRS Foundation
It is a formerly IASC foundation is an independent not-for-profit private sector organization working in the public interest
Chair of the basel committee on banking supervision
It is a non-voting observer
International accounting standards board IASB
It is an independent private sector body. Its objective is to achieve convergence in the accounting principles that are used by businesses and other organizations for financial reporting around the world.
IASB Structure
It is designed to support those attributes considered desirable to establish the legitimacy of a standard setting organization the representativeness of the decision-making body the independence of its members and technical expertise.
Support of ias by philippine organizations
It is one of the following factors that aasc decide to move the international accounting standards because the philippine securities and exchange commission in its revised securities act(rsa) rule 48 rules and regulations covering form and content of financial statements specifically include ios in its hierarchy of generally accepted accounting principles.
Increasing recognition of iasb standards
It is one of the following factors that asc decide to move to international accounting standards because international financial institutions such as the world bank and asian development bank preferred that borrowers used international accounting standards. the world trade organization (wto), issued a statement of support for iasc initiatives to harmonize accountancy standards.
Improvement of IAS
It is one of the following factors that ist decides to move to international accounting standards because the iasc ( now the IASB) completed a comparability and improvements project, which was aimed at the removal of free choices of accounting treatment permitted in certain of the international accounting standards. The IASC ( now the IASB) also reviewed and revised many of the standards for developments that had taken place since the standards were first issued
International accounting standards board IASB
It is the independent standard-setting body of the ifrs foundation
IFRS Interpretations Committee
It is the interpretative body of the iasb.
IASC Foundation
It is the parent entity of the international accounting standards board and independent accounting standard setter based in London, UK
International accounting standards board IASB
Its members are responsible for the development and publication of IFRSs including the IFRS for SMEs and for approving interpretations of IFRS is as developed by the IFRS interpretations committee
Monitoring board
Its primary purpose is to serve as a mechanism for formal interaction between capital market authorities and the ifrs foundation-the objective being to facilitate capital market authorities that allow or require the use of IFRSs in their jurisdictions to discharge their mandates relating to investor protection market integrity and capital formation more effectively.
IFRS Foundation
Its principal objective is to bring about convergence of national accounting standards and IFRSs to high quality solutions
IFRS Foundation
Its principal objective is to develop a single set of high-quality and rest and double enforceable and globally accepted international financial reporting standards through it standard-setting body, the iasb.
IFRS Foundation
Its principal objective is to promote the use and rigorous application of those standards
3 years
Regardless of prior service a trustee may be appointed to serve as chair or vice chair for a term of ____, renewable once, provided total years' service as a trustee does not exceed 9 years
First step of IASB Standard-setting process
Staff are asked to identify and review the issues associated with a potential agenda topic and to consider the application of the framework to the issues
International accounting standards
Starting in 1996 the asc issued accounting standards that were based on ____ standards on retirement benefit cost borrowing costs construction contracts revenues and earnings per share.
IFRS advisory council;
The IASB is required to consult the ____ in advance of board decisions on major projects.
3 times; 2
The IFRS advisory council normally meets with the IASB at least ____ a year for ___ days each and those meetings are open to the public.
January 2008
The review began in ____ with a view to enhance the organization's governance and was split into two parts
monitoring board
The reviewing and providing advice to this trustees on their fulfillment of the responsibilities out in the IFRSF constitution the trustees will make an annual written report to the _____.
Between 1983 and 2000
When there was a membership link between iasc and the professional accountancy bodies that are members of the international federation of accountants or IFAC?
Mandatory
Where IFRS are the required accounting standards or an enterprise chooses to comply with ifrs the requirements of all ifrs should be regarded as _____.
Acounting Standards Council (ASC)
Who approved the issuance of new and revised accounting standards?
Michael prada
Who is the current chairman of ifrs foundation?
International accounting standards
___ are also of great usefulness for developing countries or other countries which do not have a national standard setting body or do not have the resources to undertake the full process of preparing accounting standards
Philippine Accounting Standards (PASs)
____ correspond to the adopted International Accounting Standards (IASs)
IFRS advisory council; 40
____ has ___ members and provides a forum for organizations and individuals with an interest in international financial reporting to participate in the standard setting process.
Interpretation committee
____ meetings are open to the public and webcast.
Eleventh step of the iasb standard setting process and a required step by the IFRS Foundation's Constitution
a standard is approved by at least 9 votes ten votes once there are 16 members of the iasb and any dissenting opinions are included in the published standard
Ninth step of the iasb standard setting process and a required step by the IFRS Foundation's Constitution
all comments received within the comment period on discussion documents and exposure drafts are considered and discussed in open meeting
Fifth step of IASB Standard-setting process
an advisory group is formed, to advise the iasb and its staff on the project
5; 5
After july 2 2009, IASB members are appointed for an initial term of ___ years renewable for a further three years. The chair and vice-chair space serve second terms of ___ years subject to an overall maximum term of 10 years.
IASB
All meetings of the ___ are held in public and webcast
Interpretation committee
In developing interpretations, the ____ works closely with similar national committees and follows a transparent thorough and open due process. The interpretations have the same authority as accounting standards.
Alternative views
In exposure drafts dissenting opinions are referred to as ____.
Twelveth step of the iasb standard setting process
A basis for conclusions is included within the final standard explaining among other things the steps in the iasb is due process and how the iasb has dealt with public comments received on the exposure draft
Eighth step of the iasb standard setting process
A basis for conclusions is published within the exposure draft
sixth step of IASB Standard-setting process
A discussion document is published for public comment which will often include the boards preliminary views on some of the issues in the project
International financial reporting standards are mandatory
A set of financial statements can only be described as complying with ifrs as if they comply with all existing IFRSs & IFRICs plus all existing IAS and SICs
Accounting standards council
ASC
Accounting standards
Accordingly compliance with ____ will normally be necessary for the fair presentation of financial statements
Seventh step of the iasb standard setting process and a required step by the IFRS Foundation's Constitution
An exposure draft approved by at least 9 votes 10 votes once there are 16 members of the iasb is published for public comment including therein any dissenting opinions held by iasb members
Accounting standards
Are authoritative statements of how particular types of transaction and other events should be reflected in financial statements
Financial accounting standards board
FASB
Financial reporting and standards council
FRSC
IFRS interpretations committee
Formerly called the IFRIC
Comparability
From the viewpoint of company management, accounting reports can lack ____ because this is highly and satisfactory for the reason that businesses will want to have a uniform system for assessing financial performance in their operations in different countries they will also want their external reports to be consistent with internal assessments of performance.
Comparability
From the viewpoint of company management, accounting reports can lack ____ because this is highly unsatisfactory for the reason that it can cause preparation costs for financial reports that are much higher than necessary-a multinational company may have to prepare different reports on its operations for use in different countries
International financial reporting standards ifrs
IASB publishes its standards in a series of pronouncements called ____
International Organization of Securities Commissions
IOSCO
Accounting standards council; Financial reporting and standards council; Financial accounting standards board; international accounting standards committee
In developing accounting standards that will be generally accepted in the philippines, the ____, the precursor of the ____ considered standards issued by other standard-setting bodies such as ____ and the ____(now the IASB)
3
Members of IFRS Advisory Council are appointed for a renewable term of ____ years and have a diverse geographic and functional backgrounds.
Second step of IASB Standard-setting process
National accounting requirements and practices are studied and views about the issues are exchanged with national standard setters
Trustees
The ____ consult the IFRS advisory council in advance of any proposed changes to the constitution.
IASB
The ____ engages closely with stakeholders around the world including investors, analysts, regulators, business leaders, accounting standard setters and the accountancy profession.
Philippine accounting standards (PAS) Statements of financial accounting standards (SFASs); Statements of financial accounting standards (SFASs)/ International Accounting Standards(IASs)
The accounting standards council(ASC) the precursor of the financial reporting standards council(FRSC) approved a reissuance as ____ a previously issued ____ and ____ that were based on IASs.
Support of ias by philippine organizations
The board of accountancy supports IAS by its implementation of GATS with respect to accountancy services the accounting profession is one of the first services to be liberalized under GATS and there appears to be no alternative but to support international accounting standards
15; 3;
The composition of a IASB are, ___ board members of whom one is appointed as chair and up to 2 as vice chairs. Up to ___ members may be part-time members.
22; 1; 2
The composition of ifrs foundation are ____ individual trustees, ____ appointed as chair and up to ____ as vice chairs.
IASC Board
The current IASC standard Nos. 1 to 41 were prepared and approved by the iasb's predecessor, the ____.
Tenth step of the iasb standard setting process
The desirability of holding a public hearing and off conducting field-tests is considered and where appropriate the steps are undertaken
Sir David Tweedie
The first IASB chairman is ____ of the united kingdom (term expired in june 30 2011).
6; 6; 6; 1; 4
The geographical balance of trustees are ___ from the asia or oceania region; ___ from europe; ___ from north america; ___ from africa; ___ from any area.
1973-2001; International accounting standards IAS
The iasb has also adopted the body of standards issued by the board of the international accounting standards committee in the year ___. Those pronouncements continued to be designated as
Fourth step of IASB Standard-setting process and a required step by the IFRS Foundation's Constitution
The iasb is required to carry out a public consultation on its agenda every three years the first of which was required to begin no later than 30 june 2011
Standards Advisory Council
The ifrs advisory council was formerly called ___.
Auditors, prepares, users, academics and other officials serving the public interest; international accounting firms
The ifrs constitution requires an appropriate balance of professional backgrounds including ___. Two will normally be in your partner's of prominent ____.
Third step of IASB Standard-setting process and a required step by the IFRS Foundation's Constitution
The ifrs foundation trustees and the ifrs advisory council are consulted about the topics and priorities in the IASB's agenda
14 voting members
The interpretations committee comprises ____ appointed by the trustees and drawn from a variety of countries and professional backgrounds.
Professional competence; practical experience; technical expertise; diversity
The main qualification for membership is ____ and ____. The group is required to represent the best available combination of ____ and ____ of international business and market experience.
Interpretations committee
The mandate of the ____ is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRSs and to provide authoritative guidance IFRICs on those issues.
Hans Hoogervorst; Ian Mackintosh
The new chairman of IASB is ____ and the vice chairman of IASB is ____.
Independent chairman; july 1, 2005
The position of the ifrs advisory council which is ____ was created as at ____
international accounting standards committee
The predecessor body of iasb
monitoring board
The responsibilities of the ____ include participating in the process for appointing trustees and approving the appointment of trustees according to the guidelines set out in the IFRSF constitution.
Names; vice chairs; March 1, 2010
The second part of the review focused on enhancing public accountability stakeholder engagement and operational effectiveness the main changes to the constitution involved the streamlining of ____ in the organization and the creation of _____ for both the trustees and iasb. Changes to the constitution resulting from part 2 of the review came into effect on ______.
International accounting standards board
There is no membership link between _____ and IFAC
International accounting standards committee
There was a membership link between ____ and the professional accountancy bodies that are members of international federation of accountants.
IASC Foundation
They finalize the second phase of the 2008 to 2010 constitution review in january 2010
4; 4; 4; 1; 2
To ensure a broad international diversity of IASB, by july 2012 there will normally be ___ members from the asia or oceania region, ___ from europe, ___ from north america, ___ each from africa and south america and ___ appointed from any area, subject to maintaining overall geographical balance
One of the reason that the standard is reissued
To maintain consistency of format and designation of standards issued by the ASC
One of the reason that the standard is reissued
To update these for consequential amendments arising from adopted new International Financial Reporting Standards (IFRSs) and revised which resulted from the Improvements Project of the International Accounting Standards Board (IASB) and for editorial amendments made to all existing IASs.
international accounting standards committee IASC Foundation
Was formed as a not-for-profit corporation incorporated in the state of delaware usa
discussion paper
What do you call a discussion document that is published for public comment?
1997
When did the asc made a decision to move totally to international accounting standards
April 1 2001
When did the international accounting standards board assume the accounting standard setting responsibilities from its predecessor body the international accounting standards committee?
1973
When did the international accounting standards committee formed?
2001
When is IASB established?
Increasing internationalization of business
it is one of the following factors that asc decides to move to international accounting standards because the increase in globalization of business and in cross-border financing has heightened interest in a common language for financial reporting more and more philippine companies are now seek seeking capital abroad and go to countries other than the us such as hong kong singapore and europe were international accounting standards have increasing acceptability.
IFRS Foundation
its principal objective is to take account of the financial reporting needs of emerging economies and small and medium-sized entities
World trade organization WTO
the premier entity for trade and investment liberalization
working group
what do you call generally an advisory group?
Tsuoguoki Fujinuma & Robert Glauber
who are the vice chairs of IFRSF?
