International accounting class exam
questions with 100% correct answers
IFRS Foundation - answer The International Financial Reporting Standards Foundation, or IFRS
Foundation, is a nonprofit accounting organization. Its main objectives include the development and
promotion of the International Financial Reporting Standards (IFRSs) through the International
Accounting Standards Board (IASB), which it oversees.[1][3]
The foundation was formerly named the International Accounting Standards Committee (IASC)
Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.[4]
Standard-setting
The IFRS Foundation sets out the IFRSs and their interpretations, which include the following:
-the International Financial Reporting Standards (IFRSs);
-the International Accounting Standards (IASs);
-the International Financial Reporting Standards Interpretations (IFRICs); and
-the Standing Interpretation Committee interpretations (SICs).
IASB - International Accounting Standards Board - answer The International Accounting Standards Board
(IASB) is the independent, accounting standard-setting body of the IFRS Foundation.[1]
The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards
Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new
name for International Accounting Standards issued after 2001), and promoting the use and application
of these standards.
FASB-Financial Accounting Standards Board - answer The Financial Accounting Standards Board (FASB) is
a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting
principles (GAAP) within the United States in the public's interest. The Securities and Exchange
Commission (SEC) designated the FASB as the organization responsible for setting accounting standards
for public companies in the U.S. It was created in 1973, replacing the Committee on Accounting
questions with 100% correct answers
IFRS Foundation - answer The International Financial Reporting Standards Foundation, or IFRS
Foundation, is a nonprofit accounting organization. Its main objectives include the development and
promotion of the International Financial Reporting Standards (IFRSs) through the International
Accounting Standards Board (IASB), which it oversees.[1][3]
The foundation was formerly named the International Accounting Standards Committee (IASC)
Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.[4]
Standard-setting
The IFRS Foundation sets out the IFRSs and their interpretations, which include the following:
-the International Financial Reporting Standards (IFRSs);
-the International Accounting Standards (IASs);
-the International Financial Reporting Standards Interpretations (IFRICs); and
-the Standing Interpretation Committee interpretations (SICs).
IASB - International Accounting Standards Board - answer The International Accounting Standards Board
(IASB) is the independent, accounting standard-setting body of the IFRS Foundation.[1]
The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards
Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new
name for International Accounting Standards issued after 2001), and promoting the use and application
of these standards.
FASB-Financial Accounting Standards Board - answer The Financial Accounting Standards Board (FASB) is
a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting
principles (GAAP) within the United States in the public's interest. The Securities and Exchange
Commission (SEC) designated the FASB as the organization responsible for setting accounting standards
for public companies in the U.S. It was created in 1973, replacing the Committee on Accounting
