Acct2111

Question 1

AASB

Answer 1

Australian accounting standards board

Question 2

GAAP

Answer 2

Generally accepted accounting principles

Question 3

FRC

Answer 3

Financial reporting council

Question 4

ASX

Answer 4

Australian securities exchange
- concerned with improving disclosure in financial reports if listed companies

Question 5

ASIC

Answer 5

Australian securities invesment commission
- Maintain , improve performance of the financial system
- promote confident informed participation by investors and consumers in the financial system
Administer the law

Question 6

IASB, IFRS

Answer 6

International accounting standards board
International financial reporting standard

Question 7

FASB

Answer 7

Financial accounting standard board

Question 8

Conceptual framework intended to?

Answer 8

Provide guidance where no standard exists develop local standards
Enable users to understand better standards

Question 9

Background to conceptual framework

Answer 9

• define boundaries of financial reporting
  Define reporting entity criteria
  Establish objective for financial reporting
  Develop qualitative characteristic

Question 10

Quantifiable characteristics

Answer 10

Relevance
Faithful rep
Comparability
Berifiability
Timeliness and understandability

Question 11

Elements in conceptual framework

Answer 11

Revenues
Expenses
Assets
Liabilities
Equity

Question 12

Recognition of elements

Answer 12

Relevant info
Faithful representation
Info that has more benefit than the cost of providing

Question 13

Measurements in conceptual framework

Answer 13

Historical cost
Fair value
Value in use
Current cost