Regulation And Corporate Governance

Question 1

IFRS Interpretations Committee

Answer 1

Provides guidance on application and interpretation of IFRS’S /

Question 2

IFRS Advisory Council

Answer 2

Provides advice to the IASB /

Informs IASB of proposed standards and public views of users

Question 3

IFRS Foundation Trustees

Answer 3

Governance and fundraising
/ approves annual budget of IASB / reviews the strategy of the IASB and its effectiveness / appoints members of IASB . The comm and council

Question 4

Corporate governance

Answer 4

System by which companies are directed and controlled

Question 5

Corp Governance- principal based

Answer 5

Focus on objectives / can be applied across different legal jurisdictions/
Can stress areas where rules are not easily applied / emphasis on investors making up their own minds.

Question 6

Corporate governance- rules based -

Answer 6

Emphasises measurable achievements by companies / can be applied in jurisdictions where the letter of law is stressed / difficult to apply across legal jurisdictions.

Question 7

IASB

Answer 7

Produces IFRS’S
Is overseen by The IFRS Foundation
Responsible for all technical matters