Role and Standard Setting Process (IFRS) Flashcards
What is the third objective of the IFRS Foundation?
To take into account the special needs of a range of sizes and types of entities in diverse economic settings.
What is IOSCO?
It is the International Organization of Securities Commissions. IOSCO promotes high standards of regulation to ensure transparent and efficient capital markets.
How long are the terms for the trustees of the IFRS Foundation?
Three years, with one renewable term.
What is the second objective of the IFRS Foundation?
To promote the use and rigorous application of those standards.
What does the IFRS Interpretations Committee do?
Committee serves a similar role as the FASB’s Emerging Issues Task Force, except that the IFRS Interpretations Committee’s pronouncements (Interpretations) are reviewed by the IASB before they are issued. The IFRS Interpretations Committee reviews issues arising in the context of IFRSs and issues Interpretations of those issues.
How many members does the IASB have?
Fifteen through 2012 and sixteen after 2012.
Who appoints members of the IASB, IFRS Advisory Council, and IFRS Interpretations Committee?
The IFRS Foundation.
How long are the terms for Board Members of the IASB?
Five years, renewable one term.
What is the fourth objective of the IFRS Foundation?
To promote and facilitate adoption of IFRs issues by the IASB, through the convergence of national accounting standards IFRS.
What is the first objective of the IFRS Foundation?
To develop in the public interest a single set of high-quality, understandable enforceable and globally accepted financial reporting standards. These standards require high quality, transparent, and comparable information in financial reporting to help make economic decisions.
What year did the IASB begin taking control of standard setting?
2001 (April)
From what entity did the IASB evolve?
The IASB, formed in 2001, evolved from the International Accounting Standards Committee (IASC), which was established in 1973.
Does the IASB have enforcement power over companies?
No, it does not have enforcement power.
What does the IFRS Advisory Council do?
The Council advises the IASB on priorities and the views of interested organizations on major projects, as well as the benefits and costs of proposed standards.
What did the SEC eliminate for foreign companies listed in the United States?
A reconciliation of earnings and equity to US GAAP (Form 20-F) in their financial statements.
