Regulatory environment of reporting (4-6) Flashcards
Which body acts as the overall supervisor?
IFRS foundation
What topics are not included in IASB framework?
- Regulatory bodies governing financial statements
- Standard setting process
What is a liability?
Present obligation of the entity to transfer an economic resource as a result of past events
What is the threshold quality of useful financial information?
Materiality
What is not a function of IASB?
Enforcing IFRS
What does IASB not cover?
- Format of financial statements
- Users of financial statements
What is not a characteristic of faithful representation?
Accruals
What is a function of the IFRS foundation?
Approving annually the budget and determining the funding of the IASB
What are the functions of the IFRS advisory council?
- Advise IASB on agenda decisions
- Advise IASB on priorities in its work
- Advise IASB or Trustees
Which body is responsible for the approval of interpretations of international financial reporting standards before issuing?
IASB
What are 2 purposes of the Framework?
- Assist all parties to understand and interpret the Standards
- Assist IASB in development of future IFRSs and review of existing IFRSs
Which entity is responsible for governance and fund raising?
IFRS foundation
Which entity is responsible for all technical matters?
IASB
Which entity is responsible for providing timely guidance on the application and interpretation of IFRSs?
IFRS interpretations committee
What are the 2 fundamental qualitative characteristics of IASB’s framework?
- Relevance
- Faithful representation
