FAR1C1 F Flashcards
What is the counterpart of PIC in the United Kingdom?
International Financial Reporting Interpretations Committee or IFRIC which has already replaced the Standing Interpretations Committee or SIC.
What IASC stands for?
International Accounting Standards Committee
It is an independent private sector body, with the objective of achieving uniformity in the accounting principles which are used by business and other organizations for financial reporting around the world.
International Accounting Standards Committee or IASC?
When was International Accounting Standards Committee formed?
It was formed in June 1973 through an agreement made by professional accountancy bodies from Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and the United States of America. The IASC is headquartered in London, United Kingdom.
What are the two (2) objectives of IASC?
1) To formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance.
2) To work generally for the improvement and harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements.
What IASB stands for?
International Accounting Standards Board
It publishes standards in a series of pronouncements called “International Financial Reporting Standards” or IFRS.
It replaces the International Accounting Standards Committee or IASC.
The pronouncements of the IASC continue to be designated as “International Accounting Standards” or IAS.
International Accounting Standards Board or IASB?
It publishes standards in a series of pronouncements called “International Financial Reporting Standards” or IFRS.
International Accounting Standards Board or IASB?
It replaces the International Accounting Standards Committee or IASC.
The pronouncements of the IASC continue to be designated as “International Accounting Standards” or IAS.
International Accounting Standards Board or IASB?
What IFRS stands for?
International Financial Reporting Standards
It is a global phenomenon intended to bring about greater transparency and a higher degree of comparability in financial reporting.
International Financial Reporting Standards or IFRS?
What are the four (4) factors that are considered in deciding to move totally to international accounting standards?
1) — of — — — by — organizations, such as the — SEC, — of — and —.
2) — — of — which has heightened interest in a common language for financial reporting.
3) — of — — — or — of — — of — —.
4) — — of international accounting standards by the — —, — — Bank and — —- Organization.
1) Support of international accounting standards by Philippine organizations, such as the Philippine SEC, Board of Accountancy and PICPA.
2) Increasing internationalization of business which has heightened interest in a common language for financial reporting.
3) Improvement of international accounting standards or removal of free choices of accounting treatments.
4) Increasing recognition of international accounting standards by the World Bank, Asian Development Bank and World Trade Organization.
What PFRS stands for?
Philippine Financial Reporting Standards
They are series of pronouncements issued by Financial Reporting Standards Council.
Philippine Financial Reporting Standards or PFRS?
They collectively include all of the following:
1) Philippine Financial Reporting Standards which correspond to International Financial Reporting Standards.
The Philippine Financial Reporting Standards are numbered the same as their counterpart in International Financial Reporting Standards.
2) Philippine Accounting Standards which correspond to International Accounting Standards.
The Philippine Accounting Standards are numbered the same as their counterpart in International Accounting Standards.
3) Philippine Interpretations which correspond to Interpretations of the IFRIC and the Standing Interpretations Committee, and Interpretations developed by the Philippine Interpretations Committee.
Philippine Financial Reporting Standards or PFRS?
