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Which of the following organizations is not among the four international standard-setting organizations



1.	Which of the following organizations is not among the four international standard-setting organizations?
a.	Accounting Standards Committee Foundation (IASCF).
b.	Standards Advisory Council (SAC).
c.	International Financial Reporting Interpretations Committee (IFRIC).
d.	International Organization of Securities Commissions (IOSCO).

	2.	The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS).  Place the following steps in the correct order:
1)	Research and analysis conducted; preliminary views of pros and cons issued.
2)	Topics identified and placed on the agenda.
3)	Board evaluates responses, final standard issued.
4)	Public hearing on proposed standard
5)	Board evaluates research, issues exposure draft.

a.	1, 2, 3, 4, 5
b.	2, 1, 4, 5, 3
c.	1, 2, 5, 4, 3
d.	1, 2, 5, 3, 4

	3.	Which of the following is true with regard to the characteristics of the International Accounting Standards Board (IASB)?
a.	A unanimous vote by all Board members is needed to issue a new International Financial Reporting Standard (IFRS).
b.	The IASB consists of 14 part-time members.
c.	Each member of the IASB must come from a different country.
d.	IASB members are appointed for 5-year renewable terms.

	4.	International financial reporting interpretations (issued by the International Accounting Standards Board) 
a.	Are considered authoritative and must be followed.
b.	Cover newly identified financial reporting issues not specifically addressed by the IASB.
c.	Cover issues where unsatisfactory or conflicting interpretations have developed.
d.	All of the choices are correct regarding International financial reporting interpretations.

	5.	Which of the following statements is true regarding the International Accounting Standards Board (IASB)?
a.	The IASB is a regulatory agency with enforcement powers for its International Financial Reporting Standards (IFRS).
b.	The IASB is a public organization, funded by taxpayer dollars from member countries.
c.	Is compromised of 14 members from 9 countries.
d.	All of the choices are correct regarding the IASB.




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