012 IASB and Structure Flashcards
What does the International Financial Reporting Standards (IFRS) Interpretations Committee do?
Committee serves a similar role to the FASB’s Emerging Issues Task Force except that the IFRS Interpretations Committee’s pronouncements (Interpretations) are reviewed by the IASB before they are issued. The IFRS Interpretations Committee reviews issues arising in the context of IFRSs and issues Interpretations of those issues.
What does the International Financial Reporting Standards (IFRS) Advisory Council do?
The Council advises the IASB on priorities and the views of interested organizations on major projects as well as the benefits and costs of proposed standards.
How long are the terms for Board Members of the International Accounting Standards Board (IASB)?
Five years renewable one term.
How long are the terms for the trustees of the International Financial Reporting Standards (IFRS) Foundation?
Three years with one renewable term.
Who appoints members of the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS) Advisory Council, and IFRS Interpretations Committee?
The IFRS Foundation.
How many members does the International Accounting Standards Board (IASB) have?
Sixteen.
What is IOSCO?
It is the International Organization of Securities Commissions. IOSCO promotes high standards of regulation to ensure transparent and efficient capital markets.
Does the International Accounting Standards Board (IASB) have enforcement power over companies?
No it does not have enforcement power.
What is the fourth objective of the International Financial Reporting Standards (IFRS) Foundation?
To promote and facilitate adoption of IFRs issued by the International Accounting Standards Board (IASB) through the convergence of national accounting standards IFRS.
What is the third objective of the International Financial Reporting Standards (IFRS) Foundation?
To take into account the special needs of a range of sizes and types of entities in diverse economic settings.
What is the second objective of the International Financial Reporting Standards (IFRS) Foundation?
To promote the use and rigorous application of those standards.
What is the first objective of the International Financial Reporting Standards (IFRS) Foundation?
To develop in the public interest a single set of high-quality understandable enforceable and globally accepted financial reporting standards. These standards require high quality transparent and comparable information in financial reporting to help make economic decisions.
What year did the International Accounting Standards Board (IASB) begin taking control of standard setting?
2001 (April).
From what entity did the International Accounting Standards Board (IASB) evolve?
“The IAS formed in 2001 evolved from the International Accounting Standards Committee (IASC) which was established in 1973.”
