A Conceptual and Regulatory Framework Flashcards
Who is the supervisory body for the Board?
The IFRS foundation
What is the IFRS responsible for?
Governance issues and ensuring each body is properly funded
What are the objectives of the IFRS foundation?
Developing a set of global accounting standards
Promoting the use and application of these standards
Bringing about the convergence of national and international accounting standards
What are the objectives of the IASB?
Issuing IFRS standards
What are the objectives of the IFRIC?
Issues rapid guidance on accounting matters where interpretations of IFRS Standards have arisen
These must be approved by the board
What are the objectives of the IFRS advisory council?
Advising the Board on agenda decisions and priorities
Informing the Board of the views of the organisations and individuals on the Council
What are the objectives of the ISSB?
Delivering a comprehensive global baseline of sustainability-related disclosure standards
What are the 2 qualitative characteristics?
Fundamental qualitative characteristics
Enhancing qualitative characteristics
What are the 2 fundamental qualitative characteristics?
Relevance
Faithful representation
What are the 4 enhancing qualitative characteristics>
Comparability
Verifiability
Timeliness
Understandability
If there is a change in accounting policy, is this usually applied prospectively or retrospectively?
Retrospectively
What is inventory usually valued at?
The lower of cost and NRV
In regards to IAS41 - Agriculture - the valuation of biological assets occurs when?
At the point of harvest
