Test Bank For Applying IFRS Standards, 5th
Edition( By Ruth Picker, Leo Van Der Tas) All
Chapters 1-24| Latest Edition 2025
,
,CHAPTER 1
The IASB And Its Conceptual Framework
Learning Objectives
1.1 Describe The Organisational Structure Of The Key Players In Setting International
Financial Reporting Standards (Ifrss)
1.2 Describe The Purpose Of A Conceptual Framework – Who Uses It And Why
1.3 Explain The Qualitative Characteristics That Make Information In Financial
Statements Useful
1.4 Discuss The Going Concern Assumption Underlying The Preparation Of Financial Statements
1.5 Define The Basic Elements In Financial Statements – Assets, Liabilities, Equity, Income
And Expenses
1.6 Explain The Principles For Recognising The Elements Of Financial Statements
1.7 Distinguish Between Alternative Bases For Measuring The Elements Of
Financial Statements
1.8 Outline Concepts Of Capital.
2
, Multiple Choice Questions
1. Which Of The Following Statements Is INCORRECT?
Learning Objective 1.1 Describe The Organisational Structure Of The Key Players In
Setting Ifrss:
*A. ANS: The International Accounting Standards Board Was Replaced By The
International Standards Committee In 2001.
b. The International Accounting Standards Board Is Funded By The
IASC Foundation.
c. The Responsibility For Issuing International Financial Reporting Standards Lies
With The International Accounting Standards Board.
d. Members Of The International Accounting Standards Board Are Appointed By
The IFRS Foundation.
2. Which Of The Following Bodies Report To The IFRS Foundation?
Learning Objective 1.1 Describe The Organisational Structure Of The Key Players In
Setting Ifrss:
a. The IASB And AASB
b. The IASB, AASB And The IFRS Advisory Council
c. The IASB And The FASB
*D. ANS: The IASB And The IFRS Advisory Council
3. Which Of The Following Statements Is INCORRECT?
Learning Objective 1.2 Describe The Purpose Of A Conceptual Framework – Who Uses
It And Why
a. The Framework Identifies The Qualitative Characteristics That Make
Information In Financial Statements Useful.
*B. ANS: The Framework Defines Principles For Accounting Recognition,
Measurement And Disclosure.
c. The Framework Defines The Objective Of Financial Statements.
d. The Framework Defines The Basic Elements Of Financial Statements And
The Concepts For Recognizing And Measuring Them In Financial
Statements.
4. Which Of The Following Statements Is CORRECT
Learning Objective 1.2 Describe The Purpose Of A Conceptual Framework – Who Uses
It And Why
Edition( By Ruth Picker, Leo Van Der Tas) All
Chapters 1-24| Latest Edition 2025
,
,CHAPTER 1
The IASB And Its Conceptual Framework
Learning Objectives
1.1 Describe The Organisational Structure Of The Key Players In Setting International
Financial Reporting Standards (Ifrss)
1.2 Describe The Purpose Of A Conceptual Framework – Who Uses It And Why
1.3 Explain The Qualitative Characteristics That Make Information In Financial
Statements Useful
1.4 Discuss The Going Concern Assumption Underlying The Preparation Of Financial Statements
1.5 Define The Basic Elements In Financial Statements – Assets, Liabilities, Equity, Income
And Expenses
1.6 Explain The Principles For Recognising The Elements Of Financial Statements
1.7 Distinguish Between Alternative Bases For Measuring The Elements Of
Financial Statements
1.8 Outline Concepts Of Capital.
2
, Multiple Choice Questions
1. Which Of The Following Statements Is INCORRECT?
Learning Objective 1.1 Describe The Organisational Structure Of The Key Players In
Setting Ifrss:
*A. ANS: The International Accounting Standards Board Was Replaced By The
International Standards Committee In 2001.
b. The International Accounting Standards Board Is Funded By The
IASC Foundation.
c. The Responsibility For Issuing International Financial Reporting Standards Lies
With The International Accounting Standards Board.
d. Members Of The International Accounting Standards Board Are Appointed By
The IFRS Foundation.
2. Which Of The Following Bodies Report To The IFRS Foundation?
Learning Objective 1.1 Describe The Organisational Structure Of The Key Players In
Setting Ifrss:
a. The IASB And AASB
b. The IASB, AASB And The IFRS Advisory Council
c. The IASB And The FASB
*D. ANS: The IASB And The IFRS Advisory Council
3. Which Of The Following Statements Is INCORRECT?
Learning Objective 1.2 Describe The Purpose Of A Conceptual Framework – Who Uses
It And Why
a. The Framework Identifies The Qualitative Characteristics That Make
Information In Financial Statements Useful.
*B. ANS: The Framework Defines Principles For Accounting Recognition,
Measurement And Disclosure.
c. The Framework Defines The Objective Of Financial Statements.
d. The Framework Defines The Basic Elements Of Financial Statements And
The Concepts For Recognizing And Measuring Them In Financial
Statements.
4. Which Of The Following Statements Is CORRECT
Learning Objective 1.2 Describe The Purpose Of A Conceptual Framework – Who Uses
It And Why
