Who issues International Financial Reporting Standards?
A: The IFRS Advisory Committee
B: The stock exchange
C: The International Accounting Standards Board
D: The government
A: The IFRS Advisory Committee
B: The stock exchange
C: The International Accounting Standards Board
D: The government
举一反三
- Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards A: Financial Service Authority (FSA). B: Securities and Exchange Commission (SEC). C: International Accounting Standards Board (IASB).
- Is the reporting of an extraordinary item, net of tax, allowed under U. S. GAAP and International Financial Reporting Standards (IFRS)（） A: Yes, under both. B: Yes, under IFRS, but not under U. S. GAAP. C: Yes, under U. S. GAAP, but not under IFRS.
- Firms that prepare their financial statements according to International Financial Reporting Standards (IFRS) are least likely to:（） A: revalues balance sheet assets upward. B: use last-in, first-out inventory accounting. C: use proportionate consolidation for a joint venture.
- The<br/>Financial Accounting Standards Board has the responsibility for<br/>setting accounting and financial reporting standards for ( ) A: All federal and state<br/>organizations. B: All not-for-profit<br/>organizations that are nongovernmental and business entities. C: All not-for-profit organizations. D: Both B) and C) are correct.
- Which of the following is a true statement about International Financial Reporting Standards? A: They are not needed for U.S. businesses since the United States already has the strongest accounting standards in the world. B: They are more exact (contain more rules) than U.S. generally accepted accounting principles. C: They are converging gradually with U.S. standards. D: They are not being applied anywhere in the world yet, but soon they will be.