Test Bank For Applying IFRS Standards, 5th Edition( by Ruth Picker, Leo van der Tas) All Chapters 1-24| Latest Edition 2026!!!

Test Bank
For Applying IFRS Standards, 5th Edition( by Ruth Picker, Leo van der Tas) All
Chapters 1-24| Latest Edition 2026!!!




Wickyaplus stuvia

, TEST BANK FOR x x




to accompany
x




Ruth Picker, Kerry Clark, John Dunn, David Kolitz, Gilad
x x x x x x x x



Livne, Janice Loftus, Leo van der Tas
x x x x x x x




Prepared by x




John Sweeting, Emma Holmes and
x x x x




Elisabetta Barone
x x

,CHAPTER 1 x




The IASB and its Conceptual Framework
x x x x x




Learning Objectives
x




1.1 Describe the organisational structure of the key players in setting International Financial
x x x x x x x x x x x


Reporting Standards (IFRSs)
x x x




1.2 Describe the purpose of a conceptual framework – who uses it and why
x x x x x x x x x x x x




1.3 Explain the qualitative characteristics that make information in financial statements
x x x x x x x x x


useful
x




1.4 Discuss the going concern assumption underlying the preparation of financial statements
x x x x x x x x x x




1.5 Define the basic elements in financial statements – assets, liabilities, equity, income and
x x x x x x x x x x x x


expenses
x




1.6 Explain the principles for recognising the elements of financial statements
x x x x x x x x x




1.7 Distinguish between alternative bases for measuring the elements of financial
x x x x x x x x x


statements
x




1.8 Outline concepts of capital.
x x x


Multiple Choice Questions
x x




1. Which of the following statements is INCORRECT?
x x x x x x


Learning Objective 1.1 Describe the organisational structure of the key players in setting
x x x x x x x x x x x x


IFRSs:
x


*a. The International Accounting Standards Board was replaced by the International
x x x x x x x x x


Standards Committee in 2001.
x x x x


b. The International Accounting Standards Board is funded by the IASC
x x x x x x x x x


xFoundation.
c. The responsibility for issuing International Financial Reporting Standards lies with
x x x x x x x x x


the International Accounting Standards Board.
x x x x x


d. Members of the International Accounting Standards Board are appointed by the
x x x x x x x x x x


IFRS Foundation. x x




2. Which of the following bodies report to the IFRS Foundation?
x x x x x x x x x


Learning Objective 1.1 Describe the organisational structure of the key players in setting
x x x x x x x x x x x x


IFRSs:
x


a. The IASB and AASB x x x


b. The IASB, AASB and the IFRS Advisory Council
x x x x x x x


c. The IASB and the FASB x x x x


*d. The IASB and the IFRS Advisory Council
x x x x x x

,