The International Accounting Standards Board (IASB) works to formulate international accounting standards that are adopted by each country a. when approved by the IASB. b. when accepted by the majority of IASB member countries. c. on a voluntary basis. d. only after acceptance by 2/3 of IASB member countries.
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The International Accounting Standards Board (IASB) works to formulate international accounting standards that are adopted by each country
a. |
when approved by the IASB. |
b. |
when accepted by the majority of IASB member countries. |
c. |
on a voluntary basis. |
d. |
only after acceptance by 2/3 of IASB member countries. |
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- 6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.58. According to the Preface to International Financial Reporting Standards, which of the following are objectives of the IASB? I. To harmonize financial reporting between IFRS and US GAAP and EuropeanII. To work actively with national standard settersPage 12 of 17III. To promote the use and strict application of financial accounting standards A. I and II C. II and IIIB. I and III D. I, II and III
- The ________ is attempting to harmonize accounting standards through issuing International Financial Reporting Standards (IFRS). A) BSC B) IOSCO C) IASB D) FASB E) GAAPWhich of the following is the regulation on Auditors at the International Level? (i) Setting minimum standards and requirements for auditors (ii) Providing guidance for those countries with well-developed national regulatory framework (iii) Aiding intra-country recognition of professional accountancy qualification Only i Only ii Both i and iii Both i and iiThe organisational structure of the International Financial Reporting Standards (IFRS) Foundationcomprises various subsidiary bodies, amongst others:a) The International Accounting Standards Board (IASB), and b) The IFRS Interpretations Committee. Required:The above subsidiary bodies each have roles and primary responsibilities. What are the roles andprimary responsibilities that the above subsidiary bodies need to fulfil in the standard settingprocess?
- Ghana adopted IFRSs wholly in 2007, to replace the Ghana National Accounting Standards. State four (4) benefits that the country is expected to derive from adopting these international standards.Several organizations are actively involved in international standard setting. 2. Discuss the position of the SEC with respect to convergence to International Accounting Standards.What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
- The existing procedures for setting international Financial Reporting Standards were established in the 1990s. Required: Explain the roles of the following in relation to accounting standards.• International Financial Reporting Standards foundations (IFRSF)• International Financial Reporting Standards Board (IASB)• International Financial Report Interpretations (IFRIC)• IFRS Advisory Council.The Malaysian Accounting Standards Board (MASB) is adopting two sets of accounting framework issued by International Accounting Standards Board (IASB), namely, the International Financial Reporting Standards (IFRS), and the Private Entity Reporting Standards (PERS). All these frameworks are legally approved by MASB and can be applied by entities in Malaysia. Discuss SIX (6) costs of adopting the above-mentioned frameworks in Malaysia.Which of the following events caused international accounting standards to become more widely adopted? A. The creation of the International Accounting Standards Committee in 1973. B. The announcement by the European Union (EU) that listed companies within EU countries would have to adopt international reporting standards.' C. The creation of the International Accounting Standards Board in 2001. D. the U.S. Securities and Exchange Commission acceptance of international reporting standards for companies listed on the U.S. securities exchanges.