Chapter 1 (The regulatory framework)

Question 1

Main sources of regulation?

Answer 1

LAS

1. Legislation
2. Accounting standards
3. Stock exchange regulations

Question 2

The bodies of the IFRS Foundation?

Answer 2

• IFRS Advisory Council
• IASB (International Accounting Standards Board)
• IFRS Interpretations Committee

Question 3

What is the aim/objectives for the IFRS Foundation?

Answer 3

The aim är FRÄMST #1.

1. To develop high-quality accounting standards (these standards require high quality, transparent and comparable information so that stakeholders can make a bbetter economic decision)
2. To promote the use and rigorous application of those standards
3. ? Se “c)” på sida 8
4. To promote and facilitate adoption of the IFRS Standards

Question 4

The structure of an IFRS Standard

Answer 4

TROB BODE (trombon)

1. Transitional provisions
2. Objectives
3. Body of the standard
4. Definitions

An IFRS Standard or an IAS Standard consists of a set of numbered paragraphs and is
typically made up of some or all of the following sections:
○ introduction
○ objectives and scope of the standard
○ definitions of terms used in the standard (these may be in an Appendix)
○ the body of the standard
○ effective date and transitional provisions
○ approval by the IASB and any dissenting opinions by IASB members

Question 5

Basis for conclusion

Answer 5

A standard may be accompanied by a basis for conclusions. It is not a part of the standard itself but it sets out the considerations which were taken into account when the standard was devised

Question 6

How many countries today are compliant with IFRS?

Answer 6

Ca 140. Hela EU + en del andra länder såsom Ryssland och Kanada.