Chapter 4 - The regulatory environment Flashcards

1
Q

What are some elements of regulation?

A

Local law
Local accounting standards
International accounting standards
Conceptual frameworks
Requirements of international bodies

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2
Q

What does GAAP stand for and what is it?

A

Generally Accepted Accounting Practices
It encompasses the conventions, the rules and the procedures necessary to define accepted accounting practice at a particular time

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3
Q

What is the IFRS foundation?

A

Responsible for appointing members of IASB, IFRS interpretation committee and the IFRS advisory council. Overseen by the IFRS Foundation Monitoring Board

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4
Q

What is the IFRS Advisory council?

A

Gives advice to IASB on agenda and priorities in its work and gives other advice to the board or trustees

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5
Q

What is the International Accounting Standards Board (IASB)?

A

Has complete responsibility for all IASB technical matters including the preparation and publication of IFRSs, Exposure Drafts, withdrawal of IFRSs and final interpretations by the IFRS Interpretations Committee

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6
Q

What is the IFRS Interpretations Committee?

A

Assists the IASB by reviewing accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance

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7
Q

What is the process of standard setting?

A
  1. Advisory committee established
  2. IASB develops and publishes a discussion paper for public comment
  3. Receipt and review of comments on discussion paper
  4. Exposure draft & review of feedback is published
  5. Receipt and review of comments on exposure draft
  6. Final standard issued
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