International Financial Reporting Standards (IFRS)

Question 1

IASC

Answer 1

International Accounting Standards Committee

Question 2

IAS

Answer 2

International Accounting Standards

Question 3

SIC

Answer 3

Standing Interpretations Committee

Question 4

IASB

Answer 4

International Accounting Standards Board

Question 5

What replaced IASC

Answer 5

IASB

Question 6

IFRIC

Answer 6

International Financial Reporting Interpretation Committee

Question 7

What are the IFRS pronouncements?

Answer 7

IAS and IFRS

Question 8

What organizations interpret pronouncements?

Answer 8

SIC and IFRIC

Question 9

IFRS’s principle

Answer 9

Principles Based Approach

Question 10

Convergence

Answer 10

refers to working relationship between the FASB and IASB to develop compatible, high quality accounting standards.

Question 11

Adoption

Answer 11

refers to the SEC requirement for publicly traded companies to implement the IFRS accounting standards.

Question 12

2002, what has FASB and IASB agreed?

Answer 12

work toward convergence in the accounting standards

Question 13

What kind of approach do you need to study the differences of FASB and IASB?

Answer 13

1) understand the vocabulary and definition
2) recognition and measurement
3) presentation and disclosure

Question 14

IFRS standards setting due process

Answer 14

1) set agenda
2) Plan project
3) develop and publish a discussion paper
4) develop and publish an exposure draft
5) develop and publish a standard
6) Address unanticipated issues after the standard is issued.

Question 15

IOSCO

Answer 15

International Organization of Securities Commissions

- a global cooperative body made up of national securities regulatory agencies.