Flashcards in IASB and Structure Deck (15):
What is the IASB?
A london based organization formed to develop a single set of financial accounting standards worldwide. It evolved from the International Accounting standards Committee (IASC)
What are the Objectives of the IFRS foundation?
1.)To develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles.
2.) To promote the use and rigorous application of those standards
3.) To take account of the needs of a range of sizes and types of entities in diverse economic settings.
What are IFRS?
International Financial Reporting Standards. Designed to be a single set of high quality financial reporting standards used by entities worldwide.
Does the IASB have enforcement powers?
No, like the FASB it has no enforcement powers. Compliance with international financial reporting standards is voluntary.
What is the International Organization of Securities Commissions (IOSCO)?
Formed in 1983, is comprised of securities regulators from many countries, representing most of the world's capital markets. It is the international standard setter for securities markets.
What are the responsibilities of the IFRS Monitoring Board?
Participating in he process for appointing trustees and approving the appointment of Trustees. The activities including appointments made by the IFRS foundation are transparent and accountable
Who are the members of the IFRS Monitoring Board?
1.) Member from the European Commission
2.) Chair of the IOSCO Emerging Markets Committee
3.) Chair of the IOSCO Technical Committee
4.) Commissioner of the Japan Financial Services Agency
5.) Chair of the US Securities and Exchange Commission
6.) Chair of the Basel Committee on Banking Supervision as an observer
What is the purpose of the IFRS Monitoring Board?
To Provide a formal link between the Trustees and public authorities. Through this, securities regulators of countries using IFRS may be more effective in improving investor protection, market integrity, and capital formation.
Who governs the IFRS Foundation?
Its Trustees. The 22 Trustees are from North America (6) Europe (6) Asia/Oceana (6) Africa (1) South America (1) and two from any region subject to maintaining geographical balance
What is the purpose of the IFRS foundation?
Overseeing, reviewing effectiveness, and financing the IASB and appointing its members.The IASB informs the IFRS foundation if its activities.
What are the main qualifications for IASB Board Members?
Professional competence and practical experience. Serve up to 5 years. 16 members
What is the IFRS Interpretations Committee?
Serves a similar role to the FASB's Emerging Issues Task Force, except that the pronouncements from the Interpretations committee are reviewed by the IASB before they are issued. Also review issues arising in the context of IFRS and issues interpretations of those issues. Has 14 voting members and 1 nonvoting.
What is the IFRS Advisory Council?
Advises the IASB on priorities and the views of interested organization on major projects, as well as the benefits and costs of proposed standards
Whose responsibility is it to finance the IFRS foundation and IASB?