013 IASB Accounting Standards Flashcards Preview

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Flashcards in 013 IASB Accounting Standards Deck (9)
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1
Q

What did the Securities and Exchange Commission (SEC) eliminate for foreign companies listed in the United States?

A

A reconciliation of earnings and equity to U.S. Generally Accepted Accounting Principles (Form 20-F) in their financial statements.

2
Q

List the steps of developing International Accounting Standards

A
  1. Add item to agenda; 2. Discuss issue; 3. Publish discussion paper if topic is difficult; 4. Prepare and vote on exposure draft; 5. Issue the Exposure Draft; 6. Analyze the comments on the exposure draft; 7. Debate the issue at hand.
3
Q

List some examples of simplified recognition and measurement for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

A

Goodwill is amortized; all R&D is expensed categories of investments reduced less prior year data required for first- time adoption.”

4
Q

What are some omitted topics for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

A

Earnings Per Share Interim Financial Reporting Segment Reporting.

5
Q

When can revisions happen for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

A

Revisions for SMEs standards happen every three years at most.

6
Q

What is simplified for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS)?

A

Topics that are irrelevant are eliminated recognition and measurement aspects simplified disclosures reduced to 10% of those in regular IFRS.

7
Q

Is IFRS more rules based or principle based?

A

Principle based.

8
Q

Under IFRS, if no standards exist on an accounting issue, what should companies use?

A

The definitions recognition criteria and measurement concepts for assets liabilities income and expenses in the Framework.”

9
Q

What is the highest level of International GAAP?

A

IFRS