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

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Test Bank


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



mrpronurse stuvia
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, TEST BANK xx




FOR xx




to accompany
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Ruth Picker, Kerry Clark, John Dunn, David Kolitz, Gilad
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Livne, Janice Loftus, Leo van der Tas
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Prepared by xx




John Sweeting, Emma Holmes and
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Elisabetta Barone
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,CHAPTER 1 xx




The IASB and its Conceptual Framework
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Learning Objectives xx




1.1 Describe the organisational structure of the key players in setting International
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Financial Reporting Standards (IFRSs)
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1.2 Describe the purpose of a conceptual framework – who uses it and why
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1.3 Explain the qualitative characteristics that make information in financial
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statements useful
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1.4 Discuss the going concern assumption underlying the preparation of financial statements
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1.5 Define the basic elements in financial statements – assets, liabilities, equity, income
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and expenses
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1.6 Explain the principles for recognising the elements of financial statements
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1.7 Distinguish between alternative bases for measuring the elements of
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financial statements
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1.8 Outline concepts of capital. xx xx xx


Multiple Choice Questions
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1. Which of the following statements is INCORRECT?
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Learning Objective 1.1 Describe the organisational structure of the key players in
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setting IFRSs:
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*a. The International Accounting Standards Board was replaced by the
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International Standards Committee in 2001.
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b. The International Accounting Standards Board is funded by the
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IASC Foundation.
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c. The responsibility for issuing International Financial Reporting Standards lies
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with the International Accounting Standards Board.
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d. Members of the International Accounting Standards Board are appointed by
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the IFRS Foundation. xx xx xx




2. Which of the following bodies report to the IFRS Foundation?
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Learning Objective 1.1 Describe the organisational structure of the key players in
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setting IFRSs:
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a. The IASB and AASB xx xx xx


b. The IASB, AASB and the IFRS Advisory Council
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c. The IASB and the FASB xx xx xx xx


*d. The IASB and the IFRS Advisory Councilxx xx xx xx xx xx

,