(b) Evaluate TWO (2) impact of COVID-19 on the professional accountants and ONE (1) of its impact on financial reporting in Malaysia.
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- Explain the difference between the Malaysian Accounting Standard Board (MASB) and the Malaysian Institute of Accountants (MIA)discuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
- A. 63. Which body appoints the members of International Accounting Standards Board (IASB) that make the present IFRS?A. IFRS Foundation.B. IFRS Advisory Council.C. International Accounting Standards Committee.D. International Financial Reporting Interpretations Committee.a. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.Which of the following organizations is responsible for the creation and governance of accounting standards in the United States? O A. Securities and Exchange Commission B. Financial Accounting Standards Board C. Institute of Management Accountants D. American Institute of Certified Public Accountants
- How many members minimum appointed to prepare the financial accounting statement of International Accounting Standard Board? Select one: a. 3 b. 16 C. 5 d. 7How many members minimum appointed to prepare the financial accounting statement of International Accounting Standard Board ?Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.
- 4. Discuss the environmental factors that impact on the development of a country's accounting system. 5. Discuss the approaches a company might take when issuing financial reports to users in foreign countries. 6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?A65. The “due process” system in developing financial reporting standards A. is an efficient system for collecting dues from members.B. identifies the accounting issues that are the most important.C. enables interested parties to express their views on issues under consideration.D. requires that all accountants must receive a copy of financial accounting standards.Who is responsible for assessing the accountant's competence? A The American Institute of Certified Public Accountants (AICPA)B Each state's accountancy board.C The accountantD The accountant's client
