cfas Flashcards
was formed as a not-for-profit corporation incorporated in the state of delaware usa
International Accounting Standards Committee (IASC) or International Financial Reporting Standards Foundation (IFRS) now
parent entity of the international accounting standards board
International Accounting Standards Committee (IASC)
independent private sector body
International Accounting Standards Board (IASB)
when does IASB established?
2001
when does IASC formed?
1973
there is no such membership link between IASB and IFAC (International Federation of Accountants)
TRUE, because it’s just the members of IFAC not directly IFAC
is designed to support those attributes considered desirable to establish the legitimacy of a standard setting org
IASB
the IASC Foundation was now known as
International Financial Reporting Standards
they approve and oversee trustees
Monitoring Board
has 22 trustees Appoint, Oversee, Raise funds
IFRS Foundation
Monitoring Board appoints who
IFRS Foundation
IFRS Foundation reports to
Monitoring Board
from 14 now it has 16 members (with up to 3 part time) who set technical agenda, approve standards, exposure drafts, and interpretations
Board or International Financial Standards Board
Board reports to
IFRS Foundation
aside from board, IFRS also appoints to this (with approx. 40 members)
IFRS Advisory Council
