Card Set Information
What are the 4 principle objectives of the IFRS Foundation?
1) To develop a single set of high, quality, understandable, enforceable, and globally accepted international financial reporting standards (IFRSs) through its standard setting body, the IASB;
2) To promote the use and rigorous application of those standards;
3) To take account of the financial reporting needs of emerging economies and small and medium sized entities (SMEs)
4) To promote and facilitate adoption of IFRSs, being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs
International accounting standards committee
International Accounting Standards Board
International Financial Reporting Standards Interpretation Committee
International Accounting Standards
International Financial Reporting Standards
Small and Medium sized entities/enterprises
Memorandum of understanding
What city and country is the headquarters of the IFRS Foundation and the IASB
London, United Kingdom
In what language are IASB issues deliberated and pronouncements issued?
Who is the Chairman of the Trustees of the IFRS Foundation and what country is he from
Michel Prada, France
How many Trustees are on the IFRS Foundation Board
Who selects the Trustees
What is the term of a Trustee
What is the responsibility of the Monitoring Board
Ensure that the Trustees continue to discharge their duties, as defined by the IFRS foundation constitution
Approving the appointment or reappointment of Trustees
Who is the chairman of the IASB and what country is he from?
Hans Hoogervorst, Neatherland
How many members at present are on the IASB
What is the function of the IFRS Interpretations Committee
Develop interpretations of IFRSs.
Review accounting issues that have arisen within the context of current IFRSs and to provide authoritative guidance on those issues.
Who is the Chairman of the IFRS Interpretation Committee
How many members are on the IFRS Interpretations Commitree?
What group are observers of the IFRC Interpretations Committee
Trustees of the IFRS foundation/ IASB
When was the IASB established?
April 1, 2001
Describe the IFRS for SMEs
Self-contained standard, designed to meet the needs and capabilities of small and medium-sized entities