Regulatory Framework

Question 1

Benefits of adopting IFRS

Answer 1

• They are high-quality and transparent global standards that are intended to achieve consistency and comparability
• Companies that use IFRS and have their FS audited in accordance with International Standards on Auditing (ISA) will have an enhanced status and reputation

Question 2

The IFRS Interpretations Committee ROLES are:

Answer 2

• Interpret the application of IFRSs
• Provide timely guidance on financial reporting issues not specifically addressed in IFRSs
• Publish draft Interpretations for public comment

Question 3

Which of the following is NOT a duty of the IFRS Interpretations Committee?

A To interpret the application of International Financial Reporting Standards
B To work directly with national standard setters to bring about convergence with IFRS
C To provide guidance on financial reporting issues not specifically addressed in IFRSs
D To publish draft interpretations for public comment

Answer 3

B To work directly with national standard setters to bring about convergence with IFRS