CFAS Chapter 1 Flashcards
What is the meaning of IASB
International Accounting Standards Board
What is the meaning of IFRIC
IFRS Interpretations Committee
What is the meaning of FSRSC?
Financial and Sustainability Reporting Standard Council
What is the of PIC
Philippine Interpretations Committee
What is the meaning of AASC?
Auditing and Assurance Standards Council
What is the meaning of ETC
Education Technical Council
They are responsible for public accountability and provides the link between the trustees and the public authorities
IFRS Foundation Monitoring Board
They are responsible for the governance and oversight of the IFRS Foundation, the IASB and ISSB
IFRS Foundation Trustees
What are the main responsibilities of the following: IASB, IFRIC and ISSB
IASB is the standard setting body
IFRIC is the interpretative body of IASB
ISSB is the responsible for the development and approval of IFRS sustainability disclosures standards
What are the four basic steps in developing an accounting standard
Agenda Consultation, Research Program, Standard Setting Program and Maintenance Program
What is basis that provide guidance on the full process in developing an accounting standard
Due Process Handbook
What are the mandatory parts of an accounting standard
The principles and the related application guidance
The defined terms
Effective date and transition paragraphs
What are the accounting standards adopted in the Philippines
Philippine Financial Reporting Standard (PFRS)
Philippine Accounting Standards (PAS)
Philippine Interpretations
What are the two important functions of PRC-BOA
(1) to conduct and administer licensure examination to aspiring professionals
(2) To regulate and supervises the practice of the profession
What is the law governing the accounting practice in the Philippines
RA 9298- the Philippine Accountancy Act of 2004
What are the main responsibilities of the following: AASC, ETC and PIC
FSRSC is the accounting standard setting body in the Philippines
AASC is the auditing standard setting body in the Philippines
ETC is the responsible in the continuous upgrading of the accountancy education in the Philippines to make the Filipino CPAS globally competitive
PIC is the interpretative body of FSRSC
Enumerate the members composing the FSRSC
Sixteen members with a chairman who had been or is presently a senior accounting practitioner and 15 representative from: BOA (1); SEC (1); BSP (1); BIR (1); COA (1); FINEX (1); Insurance Commission (1); PICPA (8) - Public Practice (2); Commerce and Industry (2); Academe (2) and Government (2). The Chair and members shall be appointed by commission upon the recommendation of the Board in coordination with APO
Enumerate the members composing the AASC
Fifteen members with a chairman to be appointed by commission upon the recommendation of the Board in coordination with APO. The 14 representatives are as follows: BOA (1); BSP (1), COA (1), Association of CPA’s in Public Practice - 1; PICPA - Public Practice - 6; PICOA- Commeruand Industry - 1; PICPA- Academe- 1; PICPA- Government - 1
Enumerate the members composing the ETC
Seven members with a chairman to be appointed by commission upon the recommendation of the Board in coordination with APO. The six members are composed of: BOA -1; PICPA -Public Practice - 1 ; PICPA - Commerce and Industry - 1; PICPA - Academe- 2; PICPA -Government - 1
Enumerate the members composing the PIC
Membership in PIC shall be endorsed to and approved by the FSRSC. They are composed of fifteen representatives: Nine accounting Firm; FINEX (1); Academe- (1); SEC (1); BSP (1); Insurance Commission (1); BOA (1)
The title of PAS 23 is
Borrowing cost
PFRS 16 refers to
Leases
What accounting standard is related to Intangible Assets
PAS 38
It refers to the inculcation of advanced knowledge, skills and ethical values in a post-licensure specialization or an inter or multidisciplinary field of study, for the assimilation into professional practice, self-directed research and or life long learning.
CPD- Continuing Professional Development
