cfas Flashcards

1
Q

was formed as a not-for-profit corporation incorporated in the state of delaware usa

A

International Accounting Standards Committee (IASC) or International Financial Reporting Standards Foundation (IFRS) now

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

parent entity of the international accounting standards board

A

International Accounting Standards Committee (IASC)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

independent private sector body

A

International Accounting Standards Board (IASB)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

when does IASB established?

A

2001

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

when does IASC formed?

A

1973

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

there is no such membership link between IASB and IFAC (International Federation of Accountants)

A

TRUE, because it’s just the members of IFAC not directly IFAC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

is designed to support those attributes considered desirable to establish the legitimacy of a standard setting org

A

IASB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

the IASC Foundation was now known as

A

International Financial Reporting Standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

they approve and oversee trustees

A

Monitoring Board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

has 22 trustees Appoint, Oversee, Raise funds

A

IFRS Foundation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Monitoring Board appoints who

A

IFRS Foundation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

IFRS Foundation reports to

A

Monitoring Board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

from 14 now it has 16 members (with up to 3 part time) who set technical agenda, approve standards, exposure drafts, and interpretations

A

Board or International Financial Standards Board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Board reports to

A

IFRS Foundation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

aside from board, IFRS also appoints to this (with approx. 40 members)

A

IFRS Advisory Council

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

aside from board and IFRS advisory council, IFRS Foundation also appoints to this

A

IFRS Interpretations Committee

17
Q

Board appoints to

A

Working groups for major agenda projects

18
Q

Working groups for major agenda projects advises

A

Board

19
Q

IFRS ADVISORY COUNCIL ADVISES

A

IFRS FOUNDATION AND BOARD

20
Q
A