CFAS - Quiz 1 on Basic Accounting Principles
1. Specific IFRS
2. Interpretations made by the IFRIC
3. IAS
4. Interpretations made by the SIC - correct answer ✔✔IFRS includes what?
1. Setting the agenda
2. Planning the project
3. Developing and publishing the discussion paper
4. Developing and publishing the exposure draft
5. Developing and publishing the standard
6. The standard is issued - correct answer ✔✔IASB's due process in developing financial standards
Principle-based - correct answer ✔✔Is the IFRS procedure-based or principle-based?
PICPA (one in each sector)
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
Board of Accountancy
Financial Executives of the Philippines
Total: 8 - correct answer ✔✔Composition of members in the ASC
Chairman
Board of Accountancy
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
, Bureau of Internal Revenue
Financial Executives of the Philippines
Commission on Audit
PICPA (2 each)
- Public Practice (ACPAPP)
- Commerce and Industry (ACPACI)
- Government (GACPA)
- Education (NACPAE)
Total: 15 - correct answer ✔✔Composition of members in the FRSC
1. Specific PFRS
2. PAS (adopted from IAS)
3. Philippine Interpretations - correct answer ✔✔The PFRS consists of?
1. Consideration of pronouncement of IASB
2. Formation of task force (to give advice to FRSC)
3. Issuing an exposure draft for comments (60 days or less, but not less than 30)
4. Consideration of all comments
5. Approval of an standard or an interpretation - correct answer ✔✔Due process in developing PFRS
41 - correct answer ✔✔How many standards does IAS/PAS have?
17 - correct answer ✔✔How many standards does IFRS/PFRS have?
IFRIC - 22
SIC - 32 - correct answer ✔✔How many interpretations does PIC have?
1. Assist the IASB in developing IFRS that are based on CONSISTENT CONCEPTS
1. Specific IFRS
2. Interpretations made by the IFRIC
3. IAS
4. Interpretations made by the SIC - correct answer ✔✔IFRS includes what?
1. Setting the agenda
2. Planning the project
3. Developing and publishing the discussion paper
4. Developing and publishing the exposure draft
5. Developing and publishing the standard
6. The standard is issued - correct answer ✔✔IASB's due process in developing financial standards
Principle-based - correct answer ✔✔Is the IFRS procedure-based or principle-based?
PICPA (one in each sector)
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
Board of Accountancy
Financial Executives of the Philippines
Total: 8 - correct answer ✔✔Composition of members in the ASC
Chairman
Board of Accountancy
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
, Bureau of Internal Revenue
Financial Executives of the Philippines
Commission on Audit
PICPA (2 each)
- Public Practice (ACPAPP)
- Commerce and Industry (ACPACI)
- Government (GACPA)
- Education (NACPAE)
Total: 15 - correct answer ✔✔Composition of members in the FRSC
1. Specific PFRS
2. PAS (adopted from IAS)
3. Philippine Interpretations - correct answer ✔✔The PFRS consists of?
1. Consideration of pronouncement of IASB
2. Formation of task force (to give advice to FRSC)
3. Issuing an exposure draft for comments (60 days or less, but not less than 30)
4. Consideration of all comments
5. Approval of an standard or an interpretation - correct answer ✔✔Due process in developing PFRS
41 - correct answer ✔✔How many standards does IAS/PAS have?
17 - correct answer ✔✔How many standards does IFRS/PFRS have?
IFRIC - 22
SIC - 32 - correct answer ✔✔How many interpretations does PIC have?
1. Assist the IASB in developing IFRS that are based on CONSISTENT CONCEPTS
