Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?
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1 .Which of the following correctly defines ‘equity’ according to the IASB's Conceptual Framework?
A Equity is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. B Equity is a present obligation of the entity arising from past events, the settlement of which isexpected to result in an outflow from the entity of...
2 .Which of the following statements is/are TURE?1 IFRS Interpretations Committee is a forum for the IASB to consult with the outside world.2 One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.3.IFRS Foundation produces IFRSs. IFRS Foundation is overseen by the IASB.
A 1 and 3 only B 2 only C 2 and 3 only D 3 only
3 .Who issues IFRS - International Financial Reporting Standards?
A The stock exchange B The IFRS Advisory Committee C The government D The International Accounting Standards Board
4 .What is the role of the IASB?
A Formulate international financial reporting standards B Oversee the standard setting and regulatory process C Control the accountancy profession D Review defective accounts
5 .Which body is responsible for issuing International Financial Reporting Standards?
A IFRS Advisory Council B IFRS Interpretations Committee C The United Nations D International Accounting Standards Board
7 .Which one of the following would be an error of principle?
A Plant and machinery purchased was debited to the purchases account B Plant and machinery purchased was credited to a non-current assets account. C Plant and machinery purchased was debited to the equipment account. D Plant and machinery purchased was credited to the equipment account.
8 .Which of the following statements regarding systems of regulation of accounting are true?(i) A principles-based system is more prescriptive than a rules-based system.(ii) A rules-based system will require more detailed regulations than a principles-based system.(iii) A rules-based system requires the exercise of more judgement in application than a principles – based system.
A (iii) B (i) C (ii) D All of them
9 .Which of following are objectives of the International Accounting Standards Board (IASB)?(i)To formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their world-wide acceptance and observance.(ii)To work generally for the improvement and harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements.(iii)To assist the Board of IASCF in developing future International Financial Reporting Standards (IFRSs) and reviewing existing ones
A (i) B (ii) and (iii) C (i) and (ii) D All of them
10 .Which of following about how the IASB approaches the task of producing a standard is/are ture?(i)A Steering Committee is set up, chaired by a Board representative, and usually including representatives of at least three other countries.(ii)The Steering Committee identifies and reviews all the accounting issues associated with the topic.(iii)The Steering Committee then submits a Point Outline to the Board.
A (i) B (i) and (ii) C (ii) and (iii) D All of them
