Question 1

In the creation of a new structure for the IASB, it was determined that half of the Board members would have ties to national standard setters.

Accepted Answer

A) True 
 B)False

Question 2

The IASB was able to complete its joint projects by the established deadline in May 2011.

Accepted Answer

A) True 
 B)False  False

Question 3

The first stage in "due process" is

Accepted Answer

A)   Developing and publishing an exposure draft
B)   Developing and publishing a discussion paper
C)   Planning the project
D)   Setting the agendaE) A) and C)
F) None of the above

Question 4

The IASB will consider if a possible standard to be developed can be high quality and increase the possibility of convergence in which stage of due process?

Accepted Answer

A)   Setting the agenda
B)   Planning the project
C)   Developing and publishing the standard
D)   Post-issuance activitiesE) C) and D)
F) A) and D)

Question 5

What significant announcement did the European Commission make in 2005 regarding the International Accounting Standards?

Accepted Answer

The answer of What significant announcement did the European Commission...

Question 6

Entity A is a medium-sized insurance entity. Entity A is not publicly accountable, and it operates in a country that requires international accounting standards. Which standard should Entity A use to create its financial reports?

Accepted Answer

A)   Full IFRS
B)   IFRS for SME's
C)   Neither A or BD) A) and C)
E) A) and B)

Question 7

The IASB is required to publish a discussion paper for each potential standard

Accepted Answer

A) True 
 B)False

Question 8

Which of the following was not a significant development that occurred in the 1980's that increased the relevance of international accounting standards?

Accepted Answer

A)   Acceptance of IAS by several major countries
B)   Acknowledgement of adherence to IAS by several prominent international companies
C)   IOSCO announced that it would be willing to endorse IAS for use by its regulator members if improvements were made to the standards
D)   All of the above were critical developmentsE) B) and C)
F) None of the above

Question 9

Which of the following was the primary criterion for determining board members with the development of the new standard-setting structure in 2000.

Accepted Answer

A)   Geographical location (to achieve equal representation for convergence) 
B)   Previous experience on the IASC
C)   Technical expertise
D)   Recommendation from the local securities commissionE) B) and C)
F) C) and D)

Question 10

The founding of the IASC was a direct result of the growth in international trade, mergers and acquisitions, and foreign direct investment that followed World War II.

Accepted Answer

A) True 
 B)False

Question 11

An exposure draft is the IASB's main vehicle for informing and consulting with the public.

Accepted Answer

A) True 
 B)False

Question 12

The first chairman of the IASC was

Accepted Answer

A)   Henry Benson
B)   Howard Ross
C)   Sidney Davidson
D)   Robert AnthonyE) B) and C)
F) A) and D)

Question 13

China was one of the original nine countries that were members of the IASC.

Accepted Answer

A) True 
 B)False

Question 14

The predecessor to the IASB (International Accounting Standards Board)  was the

Accepted Answer

A)   IACEW
B)   IASC
C)   IFAC
D)   AISGE) B) and D)
F) A) and B)

Question 15

In regards to the overall structure of the IASB, which organization acts as a liaison to the public capital markets authorities?

Accepted Answer

A)   The IASB
B)   The IFRS Advisory Council
C)   The IFRS Foundation Trustees
D)   The Monitoring BoardE) B) and C)
F) A) and C)

Question 16

In regards to the overall structure of the IASB, which organization oversees the Board and acts as the governing body?

Accepted Answer

A)   The IASB
B)   The IFRS Advisory Council
C)   The IFRS Foundation Trustees
D)   The Monitoring BoardE) B) and C)
F) C) and D)

Question 17

Explain the role that the U.S. SEC played in the development of the IASB and the development of international accounting standards.

Accepted Answer

The U.S. SEC made several significant contributions to the development of the IASB. First, the U.S. SEC joined the IOSCO, which made major contributions to the development of the IASB. Some of the developments that occurred because of IOSCO were improved standards, as well as reducing the flexibility of IAS. Secondly, the U.S. SEC had a large influence in the structure of the new IASB that was developed from the Strategy Working Party. The U.S. SEC wrote a letter explaining that the Board needed to be small, highly trained, full time, and independent.

Question 18

The Memorandum of Understanding released by the IASB and FASB that detailed their commitment to converged standards is known as

Accepted Answer

A)   The "Norwalk Agreement"
B)   The "FASB/IASB Convergence Memo"
C)   The "Accounting Agreement of 2002"
D)   The "International Accounting Treaty"E) A) and B)
F) B) and D) A

Question 19

Explain what is IFRS for SMEs, and why there is a need for such standards.

Accepted Answer

The answer of Explain what is IFRS for SMEs, and...

Question 20

What are the three main responsibilities of the IASB board of trustees?

Accepted Answer

The answer of What are the three main responsibilities of...

Exam 1: Introduction to International Financial Reporting Standards Ifrs

In the creation of a new structure for the IASB, it was determined that half of the Board members would have ties to national standard setters.

Correct Answer
verified

The IASB was able to complete its joint projects by the established deadline in May 2011.

Correct Answer
verified
False

The first stage in "due process" is

Correct Answer
verified

The IASB will consider if a possible standard to be developed can be high quality and increase the possibility of convergence in which stage of due process?

Correct Answer
verified

What significant announcement did the European Commission make in 2005 regarding the International Accounting Standards?

Correct Answer
verified

Entity A is a medium-sized insurance entity. Entity A is not publicly accountable, and it operates in a country that requires international accounting standards. Which standard should Entity A use to create its financial reports?

Correct Answer
verified

The IASB is required to publish a discussion paper for each potential standard

Correct Answer
verified

Which of the following was not a significant development that occurred in the 1980's that increased the relevance of international accounting standards?

Correct Answer
verified

Which of the following was the primary criterion for determining board members with the development of the new standard-setting structure in 2000.

Correct Answer
verified

The founding of the IASC was a direct result of the growth in international trade, mergers and acquisitions, and foreign direct investment that followed World War II.

Correct Answer
verified

An exposure draft is the IASB's main vehicle for informing and consulting with the public.

Correct Answer
verified

The first chairman of the IASC was

Correct Answer
verified

China was one of the original nine countries that were members of the IASC.

Correct Answer
verified

The predecessor to the IASB (International Accounting Standards Board) was the

Correct Answer
verified

In regards to the overall structure of the IASB, which organization acts as a liaison to the public capital markets authorities?

Correct Answer
verified

In regards to the overall structure of the IASB, which organization oversees the Board and acts as the governing body?

Correct Answer
verified

Explain the role that the U.S. SEC played in the development of the IASB and the development of international accounting standards.

The Memorandum of Understanding released by the IASB and FASB that detailed their commitment to converged standards is known as

Correct Answer
verified
A

Explain what is IFRS for SMEs, and why there is a need for such standards.

Correct Answer
verified

What are the three main responsibilities of the IASB board of trustees?

Correct Answer
verified

Exam 1: Introduction to International Financial Reporting Standards Ifrs

In the creation of a new structure for the IASB, it was determined that half of the Board members would have ties to national standard setters.

Correct AnswerverifiedShow Answer

The IASB was able to complete its joint projects by the established deadline in May 2011.

Correct AnswerverifiedFalse

The first stage in "due process" is

Correct AnswerverifiedShow Answer

The IASB will consider if a possible standard to be developed can be high quality and increase the possibility of convergence in which stage of due process?

Correct AnswerverifiedShow Answer

What significant announcement did the European Commission make in 2005 regarding the International Accounting Standards?

Correct AnswerverifiedShow Answer

Entity A is a medium-sized insurance entity. Entity A is not publicly accountable, and it operates in a country that requires international accounting standards. Which standard should Entity A use to create its financial reports?

Correct AnswerverifiedShow Answer

The IASB is required to publish a discussion paper for each potential standard

Correct AnswerverifiedShow Answer

Which of the following was not a significant development that occurred in the 1980's that increased the relevance of international accounting standards?

Correct AnswerverifiedShow Answer

Which of the following was the primary criterion for determining board members with the development of the new standard-setting structure in 2000.

Correct AnswerverifiedShow Answer

The founding of the IASC was a direct result of the growth in international trade, mergers and acquisitions, and foreign direct investment that followed World War II.

Correct AnswerverifiedShow Answer

An exposure draft is the IASB's main vehicle for informing and consulting with the public.

Correct AnswerverifiedShow Answer

The first chairman of the IASC was

Correct AnswerverifiedShow Answer

China was one of the original nine countries that were members of the IASC.

Correct AnswerverifiedShow Answer

The predecessor to the IASB (International Accounting Standards Board) was the

Correct AnswerverifiedShow Answer

In regards to the overall structure of the IASB, which organization acts as a liaison to the public capital markets authorities?

Correct AnswerverifiedShow Answer

In regards to the overall structure of the IASB, which organization oversees the Board and acts as the governing body?

Correct AnswerverifiedShow Answer

Explain the role that the U.S. SEC played in the development of the IASB and the development of international accounting standards.

The Memorandum of Understanding released by the IASB and FASB that detailed their commitment to converged standards is known as

Correct AnswerverifiedA

Explain what is IFRS for SMEs, and why there is a need for such standards.

Correct AnswerverifiedShow Answer

What are the three main responsibilities of the IASB board of trustees?

Correct AnswerverifiedShow Answer

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False

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A

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