Question Details

What is a possible danger if politics plays too big a role in developing IFRS 



1.	Which of the following is not one of the major types of pronouncements issued by the International Accounting Standards Board (IASB)?
a.	International financial reporting standard.
b.	Memorandum of understanding.
c.	Framework for financial reporting.
d.	International financial reporting interpretations.

	2.	Which of the following has the highest authoritative support?
a.	International Financial Reporting Standards.
b.	International Accounting Standards.
c.	Interpretations of the IFRIC.
d.	Framework for Financial Reporting.

	3.	Financial statements in the early 2000s provided information related to
a.	nonfinancial measurements.
b.	forward-looking data.
c.	hard assets (inventory and plant assets).
d.	none of these.

	4.	Which of the following is not a major challenge facing the accounting profession?
a.	Nonfinancial measurements.
b.	Timeliness.
c.	Accounting for hard assets.
d.	Forward-looking information.

	5.	What is a possible danger if politics plays too big a role in developing IFRS ?
a.	Financial reporting standards that are not truly generally accepted.
b.	Individuals may influence the standards.
c.	User groups become active.
d.	The IASB delegates its authority to elected officials.




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