Question Details

The IASB's standard-setting structure includes all of the following except



1.	One element of the objective of financial reporting is to provide
a.	information about the investors in the business entity.
b.	information about the liquidation values of the resources held by the enterprise.
c.	information that is useful in assessing cash flow prospects.
d.	information that will attract new investors.
	2.	As part of the objective of general-purpose financial reporting, there is an emphasis on “assessing cash flow prospects.”  Under International Financial Reporting Standards (IFRS) this is interpreted to mean:
a.	Cash basis accounting is preferred over accrual based accounting.
b.	Information about the financial effects of cash receipts and cash payments is generally considered the best indicator of a company- present and continuing ability to generate favorable cash flows.
c.	Over the long run, trends in revenues and expenses are generally more meaningful than trends in cash receipts and disbursements.
d.	All of the choices are correct regarding “assessing cash flow prospects” under IFRS.
	3.	What is due process in the context of standard setting at the IASB?
a.	FASB operates in full view of the public.
b.	Public hearings are held on proposed accounting standards.
c.	Interested parties can make their views known.
d.	All of the above.
	4.	Which of these statements regarding the IFRS and U.S. GAAP is correct?
a.	U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
b.	U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
c.	IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
d.	Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.
	5.	The IASB's standard-setting structure includes all of the following except:
a.	Financial Reporting Interpretations Committee
b.	Standards Advisory Council
c.	Standards Comparison Committee
d.	Trustees




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