013 IASB Accounting Standards

Question 1

What did the Securities and Exchange Commission (SEC) eliminate for foreign companies listed in the United States?

Answer 1

A reconciliation of earnings and equity to U.S. Generally Accepted Accounting Principles (Form 20-F) in their financial statements.

Question 2

List the steps of developing International Accounting Standards

Answer 2

1. Add item to agenda; 2. Discuss issue; 3. Publish discussion paper if topic is difficult; 4. Prepare and vote on exposure draft; 5. Issue the Exposure Draft; 6. Analyze the comments on the exposure draft; 7. Debate the issue at hand.

Question 3

List some examples of simplified recognition and measurement for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

Answer 3

Goodwill is amortized; all R&D is expensed categories of investments reduced less prior year data required for first- time adoption.”

Question 4

What are some omitted topics for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

Answer 4

Earnings Per Share Interim Financial Reporting Segment Reporting.

Question 5

When can revisions happen for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

Answer 5

Revisions for SMEs standards happen every three years at most.

Question 6

What is simplified for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

Answer 6

Topics that are irrelevant are eliminated recognition and measurement aspects simplified disclosures reduced to 10% of those in regular IFRS.

Question 7

Is IFRS more rules based or principle based?

Answer 7

Principle based.

Question 8

Under IFRS, if no standards exist on an accounting issue, what should companies use?

Answer 8

The definitions recognition criteria and measurement concepts for assets liabilities income and expenses in the Framework.”

Question 9

What is the highest level of International GAAP?

Answer 9

IFRS