IFRS exam with correct answers |||\\\ |||\\\ |||\\\ |||\\\
does the SEC allow foreign companies that trade shares in the US to use IFRS without
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
reconciliation to GAAP - correct answer✔✔yes |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
does Sarbanes-Oxley, a US law, applies to all corporations in the US including foreign
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
companies - correct answer✔✔no, only publicly traded |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
International accounting standards are known as... - correct answer✔✔International Financial |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Reporting Standards |||\\\
or IFRS |||\\\
charactoristics of IFRS - correct answer✔✔Overseen by the International Accounting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Board
|||\\\
Principles based |||\\\
US accounting standards are known as... - correct answer✔✔Generally Accepted Accounting
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Principles (GAAP) |||\\\
charactoristics of GAAP - correct answer✔✔Overseen by the Financial Accounting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Board |||\\\
Rules based |||\\\
what is the purpose of the International Organization of Securities Commissions (IOSCO) -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔Several countries including the US SEC agree to assure that global financial
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
markets operate in a efficient and effective manner |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, what organization Oversees International Financial Reporting Standards (IFRS) - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔IASB
3 IASB Pronouncements - correct answer✔✔International Financial Reporting Standards
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Framework for financial reporting |||\\\ |||\\\ |||\\\ |||\\\
International financial reporting interpretations |||\\\ |||\\\ |||\\\
The hierarchy of rules to interpret international accounting issues in descending order of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
authority: - correct answer✔✔International Financial Reporting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
International accounting standards |||\\\ |||\\\
International Financial Reporting Interpretations |||\\\ |||\\\ |||\\\ |||\\\
Issuing body International Financial Reporting Interpretations Committee
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
what is The combined goal of the IASB and the FASB - correct answer✔✔is to have any
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
company that is fully compliant with GAAP to also be fully compliant with IFRS by the end of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the convergence period
|||\\\ |||\\\ |||\\\
Much progress has been made but more work is still needed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
true or false |||\\\ |||\\\
Both GAAP and IFRS are increasingly using fair value, - correct answer✔✔true, however IFRS
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
has adapted more broadly
|||\\\ |||\\\ |||\\\
GAAP has a conceptual statement (Statement of Financial Accounting Concepts No 7, "using
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
cash flow information and present value in Accounting") to guide estimation of fair values
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
when market related data is not available. has IFRS done the same - correct answer✔✔IFRS
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
has not issued a similar concept statement but it has issued a fair value standard (IFRS 13).
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
GAAP assumes the US dollar will be used. What does IFRS use - correct answer✔✔currency of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
home country |||\\\
does the SEC allow foreign companies that trade shares in the US to use IFRS without
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
reconciliation to GAAP - correct answer✔✔yes |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
does Sarbanes-Oxley, a US law, applies to all corporations in the US including foreign
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
companies - correct answer✔✔no, only publicly traded |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
International accounting standards are known as... - correct answer✔✔International Financial |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Reporting Standards |||\\\
or IFRS |||\\\
charactoristics of IFRS - correct answer✔✔Overseen by the International Accounting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Board
|||\\\
Principles based |||\\\
US accounting standards are known as... - correct answer✔✔Generally Accepted Accounting
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Principles (GAAP) |||\\\
charactoristics of GAAP - correct answer✔✔Overseen by the Financial Accounting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Board |||\\\
Rules based |||\\\
what is the purpose of the International Organization of Securities Commissions (IOSCO) -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔Several countries including the US SEC agree to assure that global financial
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
markets operate in a efficient and effective manner |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, what organization Oversees International Financial Reporting Standards (IFRS) - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔IASB
3 IASB Pronouncements - correct answer✔✔International Financial Reporting Standards
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Framework for financial reporting |||\\\ |||\\\ |||\\\ |||\\\
International financial reporting interpretations |||\\\ |||\\\ |||\\\
The hierarchy of rules to interpret international accounting issues in descending order of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
authority: - correct answer✔✔International Financial Reporting Standards |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
International accounting standards |||\\\ |||\\\
International Financial Reporting Interpretations |||\\\ |||\\\ |||\\\ |||\\\
Issuing body International Financial Reporting Interpretations Committee
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
what is The combined goal of the IASB and the FASB - correct answer✔✔is to have any
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
company that is fully compliant with GAAP to also be fully compliant with IFRS by the end of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the convergence period
|||\\\ |||\\\ |||\\\
Much progress has been made but more work is still needed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
true or false |||\\\ |||\\\
Both GAAP and IFRS are increasingly using fair value, - correct answer✔✔true, however IFRS
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
has adapted more broadly
|||\\\ |||\\\ |||\\\
GAAP has a conceptual statement (Statement of Financial Accounting Concepts No 7, "using
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
cash flow information and present value in Accounting") to guide estimation of fair values
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
when market related data is not available. has IFRS done the same - correct answer✔✔IFRS
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
has not issued a similar concept statement but it has issued a fair value standard (IFRS 13).
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
GAAP assumes the US dollar will be used. What does IFRS use - correct answer✔✔currency of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
home country |||\\\
