Acct 311 - Misc IFRS Exam Questions
& Answers (Grade A+)
What is the objective of financial reporting? How do general-
purpose financial statements help meet this objective. -
correct answer ✅The objective of financial reporting is to provide
financial information about the reporting entity that is useful to
present and potential equity investors, lenders, and other creditors
in decisions about providing resources to the entity.
Accounting Research Bulletins -
correct answer ✅Committee on Accounting Procedure
Accounting Standards Updates -
correct answer ✅Financial Accounting Standards Board
Statements of Position (SOPs) -
correct answer ✅Accounting Standards Executive Committee
Statements of Financial Accounting Concepts -
correct answer ✅Financial Accounting Standards Board
Opinions (1962-1973) -
correct answer ✅Accounting Principles Board
, Acct 311 - Misc IFRS Exam Questions
& Answers (Grade A+)
The Financial Accounting Standards Board was established because
many groups interested in financial reporting believed that the
Accounting Principles Board was not effective. Discuss the apparent
advantages that the FASB should have over its earlier counterpart,
the APB. -
correct answer ✅Smaller membership.
Greater autonomy
Full-time, remunerated membership
In establishing financial accounting standards, two basic premises
of the FASB are (1) The FASB should be responsive to the needs and
viewpoints of the entire economic community, not just the
accounting profession. (2) It should operate in full view of the
public through a "due process" system that gives interested persons
ample opportunity to make their views known. To ensure
achievement of these goals, what are the steps taken in the
evolution of an FASB Statement of Financial Accounting Standards?
-
correct answer ✅The steps in the evolution of an FASB
Accounting Standards Updates are:
a. Topics are identified and placed on the Board's agenda.
b. Research and analysis are conducted and preliminary views of
pros and cons are issued.
& Answers (Grade A+)
What is the objective of financial reporting? How do general-
purpose financial statements help meet this objective. -
correct answer ✅The objective of financial reporting is to provide
financial information about the reporting entity that is useful to
present and potential equity investors, lenders, and other creditors
in decisions about providing resources to the entity.
Accounting Research Bulletins -
correct answer ✅Committee on Accounting Procedure
Accounting Standards Updates -
correct answer ✅Financial Accounting Standards Board
Statements of Position (SOPs) -
correct answer ✅Accounting Standards Executive Committee
Statements of Financial Accounting Concepts -
correct answer ✅Financial Accounting Standards Board
Opinions (1962-1973) -
correct answer ✅Accounting Principles Board
, Acct 311 - Misc IFRS Exam Questions
& Answers (Grade A+)
The Financial Accounting Standards Board was established because
many groups interested in financial reporting believed that the
Accounting Principles Board was not effective. Discuss the apparent
advantages that the FASB should have over its earlier counterpart,
the APB. -
correct answer ✅Smaller membership.
Greater autonomy
Full-time, remunerated membership
In establishing financial accounting standards, two basic premises
of the FASB are (1) The FASB should be responsive to the needs and
viewpoints of the entire economic community, not just the
accounting profession. (2) It should operate in full view of the
public through a "due process" system that gives interested persons
ample opportunity to make their views known. To ensure
achievement of these goals, what are the steps taken in the
evolution of an FASB Statement of Financial Accounting Standards?
-
correct answer ✅The steps in the evolution of an FASB
Accounting Standards Updates are:
a. Topics are identified and placed on the Board's agenda.
b. Research and analysis are conducted and preliminary views of
pros and cons are issued.
