CFAS Chapter 1-8: Introduction to Conceptual Framework
IASB stands for? - correct answer ✔✔International Accounting Standards Board (IASB)
Formation of the IASB - correct answer ✔✔March 2001
When was the IASC formed? - correct answer ✔✔1973
Part 1- Governance and Public Accountability - correct answer ✔✔Creation of Monitoring Board
process for appointing trustees and approving the appointment of trustees according - correct answer
✔✔Monitoring Board
requires an appropriate balance of professional backgrounds, including auditors, preparers, users,
academics, and other officials serving the public interest. - correct answer ✔✔IFRS Foundation
Principle Objectives of the IFRS Foudation - correct answer ✔✔*to develop a single set high-quality ang
globally accepted International financial reporting standards
*promote the use and rigorous application of those standards.
*take account of the financial reporting needs of emerging economies and small and medium-sized
entities
*to bring about the convergence of national accounting standards.
Main qualifications of the IASB - correct answer ✔✔Professional Competence and Practical Experience
Prepare and Issue the IFRS
The Board is required to consult the IRS Advisory Council before making decisions on major projects. -
correct answer ✔✔IFRS (IFRS Advisory Council)
to review widespread accounting issues and to provide authoritative guidance on those issues. - correct
answer ✔✔IFRS Interpretations Committee
, Formed by IASB to advise on major agenda projects. - correct answer ✔✔Working Groups
IASB Standard Setting Process - correct answer ✔✔1. Identify and review the issues
2. IFRS Foundation Trustees and the IFRS Advisory Council are consulted
3. IASB is required to carry out public consultation
4. the advisory group is formed
5. an exposure draft is made
6. Approval and Standard
authoritative statements of how particular types of transactions and other events should be reflected in
financial statements. - correct answer ✔✔Accounting Standards
Analytical tool used to get a comprehensive understanding of a phenomenon that can be used in
different fields and work - correct answer ✔✔Conceptual Framework
Purpose of the Conceptual Framework - correct answer ✔✔1. assist the International Accounting
Standards Board (Board) to develop IFRS Standards
2. assist preparers to develop consistent accounting policies.
3. assist all parties to understand and interpret the Standards.
Foundation for Standards - correct answer ✔✔Transparency
Accountability
Economic Efficiency
reducing gap between the providers of capital and the people to whom they have entrusted their money
- correct answer ✔✔Accountability
enhancing the International comparability and quality of financial information, enabling investors and
other market participants to make informed economic decisions. - correct answer ✔✔Transparency
IASB stands for? - correct answer ✔✔International Accounting Standards Board (IASB)
Formation of the IASB - correct answer ✔✔March 2001
When was the IASC formed? - correct answer ✔✔1973
Part 1- Governance and Public Accountability - correct answer ✔✔Creation of Monitoring Board
process for appointing trustees and approving the appointment of trustees according - correct answer
✔✔Monitoring Board
requires an appropriate balance of professional backgrounds, including auditors, preparers, users,
academics, and other officials serving the public interest. - correct answer ✔✔IFRS Foundation
Principle Objectives of the IFRS Foudation - correct answer ✔✔*to develop a single set high-quality ang
globally accepted International financial reporting standards
*promote the use and rigorous application of those standards.
*take account of the financial reporting needs of emerging economies and small and medium-sized
entities
*to bring about the convergence of national accounting standards.
Main qualifications of the IASB - correct answer ✔✔Professional Competence and Practical Experience
Prepare and Issue the IFRS
The Board is required to consult the IRS Advisory Council before making decisions on major projects. -
correct answer ✔✔IFRS (IFRS Advisory Council)
to review widespread accounting issues and to provide authoritative guidance on those issues. - correct
answer ✔✔IFRS Interpretations Committee
, Formed by IASB to advise on major agenda projects. - correct answer ✔✔Working Groups
IASB Standard Setting Process - correct answer ✔✔1. Identify and review the issues
2. IFRS Foundation Trustees and the IFRS Advisory Council are consulted
3. IASB is required to carry out public consultation
4. the advisory group is formed
5. an exposure draft is made
6. Approval and Standard
authoritative statements of how particular types of transactions and other events should be reflected in
financial statements. - correct answer ✔✔Accounting Standards
Analytical tool used to get a comprehensive understanding of a phenomenon that can be used in
different fields and work - correct answer ✔✔Conceptual Framework
Purpose of the Conceptual Framework - correct answer ✔✔1. assist the International Accounting
Standards Board (Board) to develop IFRS Standards
2. assist preparers to develop consistent accounting policies.
3. assist all parties to understand and interpret the Standards.
Foundation for Standards - correct answer ✔✔Transparency
Accountability
Economic Efficiency
reducing gap between the providers of capital and the people to whom they have entrusted their money
- correct answer ✔✔Accountability
enhancing the International comparability and quality of financial information, enabling investors and
other market participants to make informed economic decisions. - correct answer ✔✔Transparency
