Question 1

Discuss the IASB-FASB Norwalk agreement

Accepted Answer

The goal of this pro...

Question 2

What is the title of the form that foreign companies have used to reconcile their financial statements to U. S. GAAP?

Accepted Answer

A)   Form 10-K
B)   Form 10-Q
C)   Form SX
D)   Form 20-FE) B) and C)
F) A) and C)

Question 3

Discuss IFRS No. 1, "First Time Adoption of International Reporting Standards.

Accepted Answer

IFRS No. 1, "First Time Adoption of Inte...

Question 4

Which of the following is not an effect of the IFRS for SMEs?

Accepted Answer

A)  It omits topics in IFRS that are not relevant to SMEs
B)   It allows the easier option when IFRS permits accounting policy choices
C)   It simplifies many principles for recognizing and measuring assets, liabilities, income, and expenses
D)   It requires significantly greater disclosuresE) A) and B)
F) A) and C)

Question 5

Discuss the role of The International Financial Reporting Interpretations Committee

Accepted Answer

The IASC originally did not issue interp...

Question 6

Which of the following is not an element of financial statements contained in the IASB's Framework for the Preparation of Financial Statements?

Accepted Answer

A)   Gain
B)   Income
C)   Expense
D)   AssetE) A) and C)
F) C) and D)

Question 7

Which of the following is not a use of international accounting standards?

Accepted Answer

A)   As national requirements.
B)   As standards to be violated to improve intercountry comparability.
C)   As an international benchmark for those countries that develop their own requirements.
D)   By regulatory authorities for domestic and foreign companiesE) A) and C)
F) B) and C)

Question 8

Under the IASB's conceptual framework, a decrease in economic benefit that results in a decrease in equity is termed as a(an) :

Accepted Answer

A)   Distributions to owners
B)   Loss of economic benefit
C)   Comprehensive loss
D)   ExpenseE) C) and D)
F) B) and D)

Question 9

Which of the following statements regarding Chapter 4 - The Elements of Financial Statements of the IASB's conceptual framework is false?

Accepted Answer

A)   The focus of the definitions of assets and liabilities moved to the existence of a right (or an obligation)  that has the potential to produce (or require an entity to transfer)  economic benefits.
B)   It requires that a present obligation be as a result of past events.
C)   It changes how an entity distinguishes between a liability and an equity instrument.
D)   It removes of the reference to the expected flow of economic benefits in defining assets and liabilities.E) B) and D)
F) A) and C)

Question 10

Discuss the environmental factors that impact on the development of a country's accounting system.

Accepted Answer

Financial accounting is influenced by th...

Question 11

Discuss the IASB-FASB Norwalk agreement.

Accepted Answer

The FASB and the IASB held a joint meeti...

Question 12

In 2013 a new organization, the Accounting Standards Advisory Forum (ASAF), was added to the IASB's organizational structure. What is the purpose of the ASAF?

Accepted Answer

The ASAF was established to:
1. Support ...

Question 13

Discuss the concepts of capital and capital maintenance discussed in the Framework for the Preparation of Financial Statements.

Accepted Answer

The final issues addressed in the revise...

Question 14

Discuss the duties of the trustees of the International Accounting Standards Committee Foundation.

Accepted Answer

The trustees' duties include:
1. Appoint...

Question 15

Under rules enacted prior to 2007, how could a foreign company list its securities for sale in U. S. capital markets? How did this rule change?

Accepted Answer

Prior to 2007, foreign companies seeking...

Question 16

Chapter 7 - Presentation and Disclosure of the IASB's conceptual framework indicates that the _____ is the primary source of information about an entity's financial performance for the reporting period.

Accepted Answer

A)   Balance sheet
B)   Income statement
C)   Statement of owners' equity
D)   Statement of comprehensive incomeE) B) and C)
F) All of the above

Question 17

How does the IASC enforce its standards?

Accepted Answer

A)   Through, the International Organization of Securities Commission
B)   Through the concept of best endeavors
C)   Through the Securities and Exchange Commission
D)   Through the Financial Accounting Standards BoardE) B) and C)
F) A) and D)

Question 18

What is the purpose of the International Accounting Standards Board?

Accepted Answer

The International Accounting Standards C...

Question 19

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

Accepted Answer

A)   The economic entity assumption is not part of either framework
B)   The monetary unit assumption is part of each framework and the U.S. dollar is established as the common unit of currency.
C)   Both have similar measurement principles based on historical cost and fair value.
D)   The conceptual frameworks underlying U.S. GAAP and IFRS are dissimilar.E) B) and C)
F) A) and C)

Question 20

Discuss the factors that have contributed to the need for new approaches to international standard setting.

Accepted Answer

The factors that have contributed to the...

Exam 3: International Accounting

What is the purpose of the International Accounting Standards Board?

Correct AnswerverifiedThe International Accounting Standards C...View AnswerShow Answer

Which of the following is not a use of international accounting standards?

Correct AnswerverifiedShow Answer

Which of the following is not an element of financial statements contained in the IASB's Framework for the Preparation of Financial Statements?

Correct AnswerverifiedShow Answer

What is the title of the form that foreign companies have used to reconcile their financial statements to U. S. GAAP?

Correct AnswerverifiedShow Answer

Discuss the environmental factors that impact on the development of a country's accounting system.

Correct AnswerverifiedFinancial accounting is influenced by th...View AnswerShow Answer

How does the IASC enforce its standards?

Correct AnswerverifiedShow Answer

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

Correct AnswerverifiedShow Answer

Discuss the role of The International Financial Reporting Interpretations Committee

Correct AnswerverifiedThe IASC originally did not issue interp...View AnswerShow Answer

Discuss the IASB-FASB Norwalk agreement.

Correct AnswerverifiedThe FASB and the IASB held a joint meeti...View AnswerShow Answer

Discuss the duties of the trustees of the International Accounting Standards Committee Foundation.

Correct AnswerverifiedThe trustees' duties include:1. Appoint...View AnswerShow Answer

Under the IASB's conceptual framework, a decrease in economic benefit that results in a decrease in equity is termed as a(an) :

Correct AnswerverifiedShow Answer

Which of the following statements regarding Chapter 4 - The Elements of Financial Statements of the IASB's conceptual framework is false?

Correct AnswerverifiedShow Answer

Discuss the IASB-FASB Norwalk agreement

Correct AnswerverifiedThe goal of this pro...View AnswerShow Answer

Discuss IFRS No. 1, "First Time Adoption of International Reporting Standards.

Correct AnswerverifiedIFRS No. 1, "First Time Adoption of Inte...View AnswerShow Answer

Under rules enacted prior to 2007, how could a foreign company list its securities for sale in U. S. capital markets? How did this rule change?

Correct AnswerverifiedPrior to 2007, foreign companies seeking...View AnswerShow Answer

Discuss the factors that have contributed to the need for new approaches to international standard setting.

Correct AnswerverifiedThe factors that have contributed to the...View AnswerShow Answer

In 2013 a new organization, the Accounting Standards Advisory Forum (ASAF), was added to the IASB's organizational structure. What is the purpose of the ASAF?

Correct AnswerverifiedThe ASAF was established to:1. Support ...View AnswerShow Answer

Which of the following is not an effect of the IFRS for SMEs?

Correct AnswerverifiedShow Answer

Chapter 7 - Presentation and Disclosure of the IASB's conceptual framework indicates that the _____ is the primary source of information about an entity's financial performance for the reporting period.

Correct AnswerverifiedShow Answer

Discuss the concepts of capital and capital maintenance discussed in the Framework for the Preparation of Financial Statements.

Correct AnswerverifiedThe final issues addressed in the revise...View AnswerShow Answer

Correct Answer
verified
The International Accounting Standards C...
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Financial accounting is influenced by th...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The IASC originally did not issue interp...
View Answer

Correct Answer
verified
The FASB and the IASB held a joint meeti...
View Answer

Correct Answer
verified
The trustees' duties include:
1. Appoint...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The goal of this pro...
View Answer

Correct Answer
verified
IFRS No. 1, "First Time Adoption of Inte...
View Answer

Correct Answer
verified
Prior to 2007, foreign companies seeking...
View Answer

Correct Answer
verified
The factors that have contributed to the...
View Answer

Correct Answer
verified
The ASAF was established to:
1. Support ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The final issues addressed in the revise...
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