1

Question 1

it represents the rules, procedures, practice and standards followed in the preparation and presentation of financial statements

Answer 1

Generally Accepted Accounting Principle (GAAP)

Question 2

Standards are set by the International Accounting Standards Board (IASB)

Answer 2

-MONITORING BOARD
-IFRS FOUNDATION
-IASB
-IFRS INTERPRETATION COMMITTEE
-IFRS ADVISORY COUNCIL
-ASAF
-WORKING GROUPS

Question 3

IASB

Answer 3

INTERNATIONAL ACCOUNTING STANDARDS BOARD

Question 4

IFRS

Answer 4

INTERNATIONAL FINANCIAL REPORTING STANDARDS

Question 5

ASAF

Answer 5

ACCOUNTING STANDARDS ADVISORY FORUM

Question 6

IS A GROUP OF CAPITAL MARKET AUTHORITIES AND PROVIDES A FORMAL LINK
BETWEEN THE TRUSTEES AND PUBLIC AUTHORITIES IN ORDER TO ENHANCE THE PUBLIC ACCOUNTABILITY OF THE IFRS FOUNDATION

Answer 6

MONITORING BOARD

Question 7

is a not-for-profit international organization responsible for developing a single set of high-quality, global accounting standards, known as IFRS Standards.

Answer 7

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOUNDATION

Question 8

is the independent standard-setting body of IFRS Foundation responsible for the development and publication of IFRS and for approving Interpretations of IFRS as developed by the IFRS Interpretations Committee. It replaces the International Accounting Standards Committee (IASC)

Answer 8

International Accounting Standards Board (IASB)

Question 9

TRUE OR FALSE
The Trustees of the IFRS Foundation are responsible for the governance and oversight of the IASB, including the due process for the development of the accounting standards

Answer 9

TRUE

Question 10

is the interpretative body of the International Accounting Standards Board, which reviews implementation issues.

Answer 10

IFRS Interpretations Committee

Question 11

provides advice and counsel to the Trustees and the Board, while the Board also consults extensively with a range of other standing advisory bodies and consultative groups

Answer 11

IFRS Advisory Council

Question 12

provides an advisory forum in which members can constructively contribute towards the achievement of the IASB’s goal of developing globally accepted high-quality accounting standards.

Answer 12

Accounting Standards Advisory Forum (ASAF)

Question 13

a number of other formal advisory bodies like Capital Markets Advisory Committee and Emerging Economies Group to mention a few that provide input on IASB’s work and resources to consult

Answer 13

Working Groups