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to accompany
Applying International
Accounting Standards
Alfredson, Leo, Picker, Pacter & Radford
Prepared by
Victoria Wise
Jon Wiley & Sons Australia, Ltd !""#
$ ! $
CHAPTER 1 The IASB: history, current structure and processes
uestion 1
%e IAS& Framework for the Preparation and Presentation of Financial Statements, no'
reaffirmed by te IAS( and renamed te IAS( Framework, ser)es to guide te IAS( in*
de)eloping accounting standards +o ,es ,es ,es
resol)ing accounting issues not addressed in IAS ,es ,es +o +o
preparing auditing standards ,es +o ,es +o
A I-
( II-
& III-
. IV/
uestion !
As part of te restructuring of te IAS& into te IAS( in !""0, te Standing Interpretations
&ommittee 1SI&2 'as replaced 'it te*
A 3rgent Issues 4roup 13I42-
( Sarbanes$56ley &ommittee 1S5&2-
& International 7inancial Reporting Interpretations &ommittee 1I7RI&2-
. Standards Ad)isory &ouncil/
uestion "
%e international accounting standards are*
A rules based rater tan principles based-
( principle based rater tan rules based-
& based on regulations not concepts-
. focussed on 8uantitati)e rules/
uestion #
%e name tat is no' used for standards issued by te International Accounting Standards (oard
A International Accounting Standards 1IAS2-
Applying International Accounting Standards Chapter 1
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( International 4enerally Accepted Accounting Principles 1I4AAP2-
& International 7inancial Accounting Interpretations 1I7AI2-
. International 7inancial Reporting Standards 1I7RS2/
uestion $
%e responsibilities of te International 7inancial Reporting Interpretations &ommittee include*
I/ Report to te IAS( and obtain its appro)al for final interpretations/
II/ Interpret te application of I7RS/
III/ Pro)ide timely guidance on financial reporting issues not addressed in I7RS or IAS/
IV/ Publis draft interpretations for public comment/
V/ &onsider comments made on interpretations before finalising an interpretation/
A I, II, III, IV and V-
( I, II and III only-
& II, III, and IV only-
. III, IV and V only/
uestion %
A document tat contains disclosures including financial statements, tat is issued to potential
in)estors, by companies seeking capital, is kno'n as a*
A securities statement-
( company constitution-
& trust deed-
. prospectus/
uestion &
7oreign registered companies in te 3nited States can submit to te Securities and :6cange
&ommission, financial statements prepared using teir national 4AAP pro)ided tey also
A a reconciliation to 3S 4AAP-
( a reconciliation to I7RS-
& a full set of financial statements conforming to 3S 4AAP-
. a full set of financial statements conforming te 3S Stock :6cange listing
Applying International Accounting Standards Chapter 1
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uestion '
%e Public &ompany Accounting 5)ersigt (oard as as its mission te protection of in)estors
in 3S securities markets and te furterance of te public interest by ensuring tat public
company financial statements are audited according to te igest standards of 8uality,
independence and etics/ %is (oard 'as created under te*
A Income %a6 Assessment Act-
( Sarbanes$56ley Act-
& &orporations Act !""0-
. IAS( 7rame'ork/
uestion (
3nder I7RS ! Sare$based Payment, te metod tat must be used to measure employee stock
options and oter payments gi)en to employees in te form of e8uity securities, is*
A initial cost-
( discounted cas flo's-
& fair )alue-
. selling price/
uestion 1)
A company is regarded as a first$time adopter of International 7inancial Reporting Standards if,
for te first time, it makes an e6plicit and unreser)ed statement tat*
A its general purpose financial statements comply 'it I7RS-
( it as prepared its financial statements using national 4AAP-
& it as selected accounting policies tat are based on I7RS in force prior to 90
.ecember !""#-
. it 'ill prospecti)ely ad<ust its comparati)e financial statements by applying I7RS in
force at 0 January !""=/
uestion 11
International 7inancial Reporting Standards are applicable to te follo'ing entities*
A not$for$profit entities-
( go)ernment acti)ities-
& go)ernment business enterprises-
. public sector non$profit organisations/
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uestion 1!
%e standards of te International Auditing and Assurance Standards (oard include international
standards on*
I/ >uality control/
II/ Auditing/
III/ Re)ie' :ngagements/
IV/ Assurance :ngagements/
A I, II and III only-
( II, II and IV only-
& I, III and IV only-
. II, II, III and IV/
Applying International Accounting Standards Chapter 1
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Applying International Accounting Standards Chapter 1