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Chapter 1 Flashcards

1
Q

Provides a formal link between the trustees and public authorities in order to enhance the public accountability of the IFRS Foundation.

A

IFRS FOUNDATION MONITORING BOARD (PUBLIC ACCOUNTABILITY )

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2
Q

They are responsible for the governance and oversight of the IFRS Foundation Which is the IASB and ISSB

A

IFRS Foundation Trustees ( Governance, strategy and oversight)

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3
Q

In IFRS Foundation how many trustees are there??

A

22 Trustees

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4
Q

The IASB and ISSB are involved in any technical matters relating to the IFRS Standard

A

False

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5
Q

In order for the IFRS Foundation to carry its mission as the Standard Setting body, The ____ was created

A

IASB

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6
Q

It has 15 board members, of whom one is appointed as a chair and one is vice chair.

A

False

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7
Q

They are responsible for the governance and oversight of the IFRS Foundation, the IASB and ISSB

A

IFRS FOUNDATION TRUSTEES

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8
Q

They are responsible for the governance and oversight of the IFRS Foundation, the IASB and ISSB

A

IFRS FOUNDATION TRUSTEES

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9
Q

IFRS are involved in any technical matter relating to the IFRS Standard

A

False, they are not involved

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10
Q

There are 22 trustees, each appointed for a three year term, renewable once.

A

True

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11
Q

In order for the IFRS Foundation to carry its mission as the standard setting body, _____ was created

A

International Accounting Standards Board (IASB)

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12
Q

Responsible for the issuance of International Accounting Standards (IAS)

A

International Accounting Standard Setting body

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13
Q

1973: Before IASB, there is IASC

A

True

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14
Q

IFRS Focuses more on the general principles of accounting rather than specific rules, which allows for greater flexibility and interpretations

A

Principles-Based

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15
Q

IFRS is designed to be used globally promoting consistency across countries.

A

Global use

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16
Q

Set by the FINANCIAL ACCOUNTING STANDARD BOARD (FASB)

A

Generally accepted accounting principles

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17
Q

GAAP IS USED PRIMARILY IN THE UNITED STATES AND IS TAILORED TO IT’S ECONOMIC ENVIRONMENT

A

U.S FOCUS

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18
Q

IASB and FASB agree to work together in several projects to aligned their standards resulting in a greater level of consistency in global financial reporting

A

NORWALK AGREEMENT (2002)

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19
Q

IFRS Foundation monitoring Board’s Main responsibility is to ensure that the trustees continue to discharge their duties as defined in the IFRS Foundation Constitution, as well as approving the appointment or reappointment of trustees

A

True

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20
Q

Responsible for governance and oversight of the IFRS FOUNDATION, the IASB and ISSB

A

IFRS Foundation Trustees (governance, strategy, and oversight)

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21
Q

A standard setting body

A

International Accounting Standards Board

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22
Q

An independent and private sector that helps and approves the international financial reporting standards (IFRS)

A

International Accounting Standards Board (IASB-Technical Standard Setting Body)

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23
Q

It was formed in 2001 to replace International Accounting Standard Council

A

International Accounting Standards Board (IASB-TECHNICAL STANDARD SETTING BODY)

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24
Q

Mandatory part of Accounting Standard

A

1.) Principles and related application guidance, 2.) The defined terms, 3.) Effective data and transition paragraphs, 4.) Additional Material.

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25
What are the Additional Materials
1. A table of Contents 2. An introduction 3. The basis of conclusion 4. Dissenting opinion
26
How many days to comment?
120 Days
27
What are the Steps in accounting standard
1. Agenda CONSULTATION 2. Research program 3. Standard Setting program 4. Maintainance program
28
Post implementation review is also part of this steps
Maintainance program
29
The PICPA recognize the four sectors by which a CPA may be practice
1. PUBLIC PRACTICE (ACPAPP - ASSOCIATION OF CERTIFIED PUBLIC ACCCOUNTANTS IN PUBLIC PRACTICES) 2. COMMERCE AND INDUSTRY (ACPACI - ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS N COMMERCE AND INDUSTRY) 3. EDUCATION/ACADEME (nCPAE - NATIONAL ASSOCIATION OF CERTIFIED ACCOUNTANTS IN EDUCATION) 4. GOVERNMENT (GACPA - GOVERNMENT ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS)
30
Accredit practitioners who audit publicly listed companies, companies with at least 50million worth of assets and companies with secondary licenses.
Security and exchange commission (SEC)
31
Accredit practitioners who audit banks and other financial institution
Bangko Sentral ng Pilipinas (BSP)
32
If the IASB has 13 or fewer members appointed ,this is the number of IASB members constitutes as a supermajority.
8
33
Accredit practitioners who audit insurance companies
Insurance commission
34
Accredited CPAs in public practice with basic requirements.
Board of accountancy (BOA)
35
CPD stands for
Continuing professional development
36
Which refers to the indications of advanced knowledge, skills, and ethical values in a post-licensure specialization or an intern or multidisciplinary field of study, for assimilation into professional practice, self directed research and or lifelong learning.
CPD
37
They are the ones who conducted and administered licensure examination to aspiring professionals
PRC-BOA
38
They are the one who assist the board of accountancy in establishing and promulgating auditing standards in the philippine
Auditing and assurance standard council (AASC)
39
It is the law governing the practice of accountancy in the philippines
RA.9298
40
They are responsible for overseeing the work of the international accounting standard board
IFRS FOUNDATION
41
This accounting standard issuedby international accounting standards committee
International accounting standard (IAS)
42
It is the only accredited national organization of CPAs in the Ph
PICPA
43
This is a document that is issued by the board but prepared by technical staff
Research paper
44
Under the philippine accounting act of 2004 or RA9298,the professional regulatory board of accountancy shall be composed of;
Chairman and six members appointed by the president of the philippines
45
Regarding the financial sustainability and reporting standard council, The FSRSC is the successor of the accounting standard council which was created in nov.1981by the Philippine institute of certified public accountants (PICPA)
True
46
FSRSC was created by the board of accountancy to assist the boa in carrying out its power and function to?
Promulgate accounting standards in the philippines
47
FSRSC members serve for a term of three years renewable for another term
True
48
The purpose of IASB is to?
Develop a single set of high quality IFRS
49
IFRS is considered to be principle based and less detailed than us gaap
True
50
In the due process system used by the IASB in the evolution of a typical IASB standard. The chronological order is?
III - DISCUSSION PAPER I - EXPOSURE DRAFT II - IASB STANDARD
51
Also monitors the issuances of IFRS which adopts it as a Philippine interpretation.
FSRSC
52
Was established by the BOA in 2006 under the implementing rules and regulations of the Philippine accountancy act of 2004
FSRSC
53
FSRSC stands for???
Financial sustainability reporting standards council
54
PIC STANDS FOR??
Philippine Interpretation committee
55
AASC shall have how many members?
15 members, Chairman 1, BOA 1, SEC, BSP,COA, ACPAPP, PICPA- PUBLIC PRACTICE 6 , PICPA- COMMERCE AND INDUSTRY 1, PICPA- EDUCATION 1, PICPA-GOVERNMENT 1
56
The leg of PRC that regulates accountancy professions
BOA
57
In July 2005, the philippines adopted?
Philippine financial reporting standard (PFRS)
58
FSRSC composed of how many members
16 members, 1 CHAIRMAN,1 BOA, 1 SEC, 1 BSP, 1 BIR, 1 COA, 1 FINEX, 1 Insurance Commission, 8 PICPA ( 2 PUBLIC PRACTICE, 2 COMMERCE AND INDUSTRY, 2 ACADEME, 2 GOVERNMENT)
59
To establish programs for the benefit and welfare of the CPAs for the advancement of the professions and attainment of other professional end
PICPA
60
PICPA stands for
Philippine institute of certified public accountant

CFAS (2 decks)

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