FINANCIAL REPORTING ENVIRONMENT

Question 1

An independent, private sector body that issues accounting standards called International Financial Reporting Standards. (IFRSs)

A. Financial Reporting Standards Council (FRSC)
B. Philippine Interpretations Committee (PIC)
C. International Accounting Standards Board (IASB)
D. International Financial Reporting Standards Interpretations Committee (IFRS IC)

Answer 1

C. IASB

Question 2

This committee develops authoritative interpretations of existing IAS and IFRS and provides guidance on financial reporting issues not specifically addressed by IAS and IFRS. An IFRIC Interpretation becomes part of IFRS once they approved by the IASB.
A. IASB
B. IFRS IC
C. FRSC
D. PIC

Answer 2

B

Question 3

Its main function is to establish generally accepted accounting principles (GAAP) in the Philippines.
A. IASB
B. PIC
C. FRSC
D. IFRS IC

Answer 3

C

Question 4

The accounting standards issued by this accounting bodies are called Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS).
A. PIC
B. IASB
C. IFRS IC
D. FRSC

Answer 4

D

Question 5

It was formed to replace the International Accounting Standards Committee.
A. PIC
B. IASB
C. FRSC
D. IFRS IC

Answer 5

B

Question 6

These standards that were adopted by International Accounting Standards Board (IASB) issued by IASC are called _____.
A. Conceptual Framework
B. Financial Accounting Standards
C. International Accounting Standards
D. IFRS IC

Answer 6

C

Question 7

The Interpretative body of the IASB. Formerly called International Financial Reporting Interpretations Committee (IFRIC).
A. IFRS IC
B. IAS
C. IASB
D. IFRIC

Answer 7

A

Question 8

Established by the FRSC in August 2006 to develop authoritative interpretations of existing PAS and PFRS and provide guidance on financial reporting issues not specifically addressed in PAS and PFRS. A PIC Interpretation becomes part of PFRS once they are approved by the FRSC.
A. IFRS IC
B. PIC
C. IASB
D. IFRIC

Answer 8

B