Documente Academic
Documente Profesional
Documente Cultură
to accompany
Applying International
Accounting Standards
by
Alfredson, Leo, Picker, Pacter & Radford
Prepared by
Victoria Wise
-2-
I
II
III IV
No Yes Yes Yes
Yes Yes No No
Yes No Yes No
I;
II;
III;
IV.
Question 2
As part of the restructuring of the IASC into the IASB in 2001, the Standing Interpretations
Committee (SIC) was replaced with the:
A
B
C
D
Question 3
The international accounting standards are:
A
B
C
D
Question 4
The name that is now used for standards issued by the International Accounting Standards Board
is:
A
-3B
C
D
Question 5
The responsibilities of the International Financial Reporting Interpretations Committee include:
I.
II.
III.
IV.
V.
Report to the IASB and obtain its approval for final interpretations.
Interpret the application of IFRS.
Provide timely guidance on financial reporting issues not addressed in IFRS or IAS.
Publish draft interpretations for public comment.
Consider comments made on interpretations before finalising an interpretation.
A
B
C
D
Question 6
A document that contains disclosures including financial statements, that is issued to potential
investors, by companies seeking capital, is known as a:
A
B
C
D
securities statement;
company constitution;
trust deed;
prospectus.
Question 7
Foreign registered companies in the United States can submit to the Securities and Exchange
Commission, financial statements prepared using their national GAAP provided they also
submit:
A
B
C
D
a reconciliation to US GAAP;
a reconciliation to IFRS;
a full set of financial statements conforming to US GAAP;
a full set of financial statements conforming the US Stock Exchange listing
requirements.
-4-
Question 8
The Public Company Accounting Oversight Board has as its mission the protection of investors
in US securities markets and the furtherance of the public interest by ensuring that public
company financial statements are audited according to the highest standards of quality,
independence and ethics. This Board was created under the:
A
B
C
D
Question 9
Under IFRS 2 Share-based Payment, the method that must be used to measure employee stock
options and other payments given to employees in the form of equity securities, is:
A
B
C
D
initial cost;
discounted cash flows;
fair value;
selling price.
Question 10
A company is regarded as a first-time adopter of International Financial Reporting Standards if,
for the first time, it makes an explicit and unreserved statement that:
A
B
C
D
Question 11
International Financial Reporting Standards are applicable to the following entities:
A
B
C
D
not-for-profit entities;
government activities;
government business enterprises;
public sector non-profit organisations.
-5-
Question 12
The standards of the International Auditing and Assurance Standards Board include international
standards on:
I.
II.
III.
IV.
A
B
C
D
Quality control.
Auditing.
Review Engagements.
Assurance Engagements.
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ANSWERS
1
10
11
12