FAR - IASB - Role & Standard Setting Process - IASB & Structure Flashcards
Who appoints members of the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS) Advisory Council, and IFRS Interpretations Committee?
The IFRS Foundation.
What does the IFRS Interpretations Committee do?
Committee serves a similar role to the FASB’s Emerging Issues Task Force, except that the IFRS Interpretations Committee’s pronouncements (interpretations) are reviewed by the IASB before they are issued. The IFRS Interpretations Committee reviews issues ariding in the context of IFRS and issues interpretations of those issues.
What is IOSCO?
It is the International Organization of Securities Commissions. IOSCO promotes high standards of regulation to ensure transparent and efficient capital markets.
What does the IFRS Advisory Council do?
The council advises the IASB on priorities and the view of interested organizations on major projects, as well as the benefits and costs of proposed standards.
How long are the terms for Board Members of the IASB?
Five years, renewable one term.
What is the first objective of the IFRS Foundation?
To develop in the public interest a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards. These standards require high quality, transparent, and comparable information in financial reporting to help make economic decisions.
What year did the IASB being taking control of standard setting?
2001 (April).
How long are the terms for the trustees of the IFRS Foundation?
Three years, with one renewable term.
What is the third objective of the IFRS Foundation?
To take into account the special needs of a range of sizes and types of entities in diverse economic settings.
How many members doe the IASB have?
Sixteen.
What is the second objective of the IFRS Foundation?
To promote the use and rigorous application of those standards.
What is the fourth objective of the IFRS Foundation?
To promote and facilitate adoption of IFRS issued by the IASB, through the convergence of national accounting standards.
From what entity did the IASB evolve?
The IASB, formed in 2001, evolved from the International Accounting Standards Committee (IASC), which was established in 1973.
Does the IASB have enforcement power over companies?
No, it does not have enforcement power.
