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Exam 3: International Accounting

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Question 1

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What is the purpose of the International Accounting Standards Board?

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The International Accounting Standards C...

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Question 2

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Which of the following is not a use of international accounting standards?

A) As national requirements.
B) As standards to be violated to improve intercountry comparability.
C) As an international benchmark for those countries that develop their own requirements.
D) By regulatory authorities for domestic and foreign companies

E) B) and D)
F) A) and C)

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Question 3

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Under rules enacted prior to 2007,how could a foreign company list its securities for sale in U.S.capital markets? How did this rule change?

Discuss the role of The International Financial Reporting Interpretations Committee

Discuss the elements of financial statements defined by the IASB's Framework for the Preparation of Financial Statements.

What is the title of the form that foreign companies have used to reconcile their financial statements to U.S.GAAP?

What is the name given to the agreement between the FASB and IASC to harmonize accounting standards?

How many members serve on the IASB?

Which of the following is not an environmental factor that could impact on the development of a country's accounting system?

Discuss the environmental factors that impact on the development of a country's accounting system.

Which of the following concepts is contained in the FASB's conceptual framework but not in the IASC's

What is the objective of the joint FASB-IASB Convergence Project?

Discuss the IASB's annual improvements project..

What is the current acronym for the body most responsible for issuing international accounting standards?

Discuss the qualitative characteristics of accounting information as defined by the IASB's Framework for the Preparation of Financial Statements.

Which of the following bodies has the responsibility to issue international financial reporting standards IFRS)

Which of the following is not a qualitative characteristic contained in the IASB's Framework for the Preparation of Financial Statements?

Discuss the concepts of capital and capital maintenance discussed in the Framework for the Preparation of Financial Statements.

How many trustees serve on the IASC Foundation?

Discuss the Short-term International Convergence Project