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CFAS > 1. INTRO TO STANDARDS > Flashcards

1. INTRO TO STANDARDS Flashcards

1
Q

Responsible for the development of international accounting and financial reporting standard?

A

International Accounting Standard Setting Body

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2
Q

They are responsible for the governance and oversight of the IFRS Foundation, the IASB and ISSB

A

IFRS Foundation Trustees

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2
Q

A group of capital market authorities and provides formal link between the Trustees and public authorities in order to enhance public accountability

A

IFRS Monitoring Board

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3
Q

They are responsible for the governance and oversight of the IFRS Foundation

A

IFRS Foundation Trustees
(Governance, Strategy, and Oversight)

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3
Q

It is an independent, private sector body that develops and approves IFRS Sustainability Disclosure Standards.

A

ISSB - Technical

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4
Q

It provides advice and counsel to the Trustees and the Board

A

IFRS Advisory Counsil

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5
Q

What are the basic steps in developing an accounting standard?

A
  1. Agenda Consultation
  2. Research Program
  3. Standard Setting Program
  4. Maintenance Program
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6
Q

The IASB is required to undertake a public consultations on its work program every five years by way of a public Request for Information.

A

Agenda Consultation

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7
Q

To analyze possible financial reporting problems by collecting evidence on the nature and extent of the perceived shortcoming and assessing potential ways to improve financial reporting or to remedy a deficiency.

A

Research Program-Main Purpose

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7
Q

Discussion Paper and Research Paper. It is a comprehensive review of the issue, possible approaches to address the issuee

A

Research Program - Main Output

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8
Q

If the Board decides to amend standard or issue a new one, the board will review the discussion paper and published an exposure draft for public consultation.

A

Standard Setting Program

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9
Q

The process includes consulting on the implementation of a new or amended Standard to identify any implementation problems that may need to addressed

A

Maintenance Program

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10
Q

What are the mandatory parts of an Accounting Standards?

A
  1. The principles and the related application guidance
  2. The defined terms
  3. The effective date and transaction paragraphs
    a) Table of contents
    b) Introduction
    c) Basis of conclusion
    d) Dissenting opinions
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11
Q

What are the different accounting standards adopted in the Philippines?

A
  1. PFRS = IFRS
  2. PAS = IAS
  3. Philippine Interpretation = IFRIC
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12
Q

Interpretative Body

A

IFRS Interpretations Committee

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13
Q

Independent, public sector body formed in 2021

A

ISSB - Technical

13
Q

Provide advice and counsel

A

IFRS Advisory Counsil

13
Q

Proper guidelines followed by IASD and IFRS

A

Due Process Handbook (August 2021)

14
Q

The IAS were published by the IASC between

A

1973 & 2001

14
Q

Law governing the Accountancy Practice in the Philippines

A

Philippine Accountancy
Act of 2004 - RA9298

15
Q

2 Important functions of the PRC

A
  1. Conducts and administer licensure examinations to aspiring professionals
  2. Regulates and supervises the accountancy profession
16
Q

A leg of PRC that regulates the accountancy profession

A

Board of Accountancy (BOA)

16
Q

The SUCCESOR of the ASC whose main function is to establish GAAP in the Philippines

A

Financial Sustainability and Reporting Standard Council (FSRSC)

17
Q

FRSRSC was established by the —

A

BOA in 2006

17
Q

Was formed by the FSRSC in August 2006 to assist the FRSRC

A

Philippine Interpretative Committee (PIC)

17
Q

Was created by PRC upon recommendation of the BOA to assist the BOA

A

Auditing and Assurance Standards Council
(AASC)

18
Q

Only accredited national organization of CPA’s in the Philippines

A

Philippine Institute of Certified Public Accountants (PICPA)

19
Q

Public Practice

A

Association of CPA in Public Practice (ACPAPP)

19
Q

Commerce and Industry

A

Association of CPA in Commerce and Industry (ACPACI)

20
Q

Education/Academe

A

National Association of CPA in Education
(nACPAE)

21
Q

Government

A

Government Association of CPA
(GACPA)

22
Q

Accredits practitioners who audit banks

A

Bangko Sentral ng Pilipinas (BSP)

22
Q

Accredits practitioners who audit publicly listed companies with at least P50 million

A

Security of Exchange Commission (SEC)

23
Q

Accredits practitioners who audit insurance company

A

Insurance Commission (IC)

24
Q

Accredits CPA’s in public practice with basic requirements

A

Board of Accountancy (BOA)

25
Q

Refers to the inculcation of advanced knowledge

A

Continuing Personal Development (CPD)

CFAS (2 decks)

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