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  1. 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
  2. IASC
    International accounting standards committee
  3. IASB
    International Accounting Standards Board
  4. IFRIC
    International Financial Reporting Standards Interpretation Committee
  5. IAS
    International Accounting Standards
  6. IFRS
    International Financial Reporting Standards
  7. SME
    Small and Medium sized entities/enterprises
  8. MoU
    Memorandum of understanding
  9. What city and country is the headquarters of the IFRS Foundation and the IASB
    London, United Kingdom
  10. In what language are IASB issues deliberated and pronouncements issued?
  11. Who is the Chairman of the Trustees of the IFRS Foundation and what country is he from
    Michel Prada, France
  12. How many Trustees are on the IFRS Foundation Board
  13. Who selects the Trustees
    Monitoring Board
  14. What is the term of a Trustee
    3 years
  15. 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
  16. Who is the chairman of the IASB and what country is he from?
    Hans Hoogervorst, Neatherland
  17. How many members at present are on the IASB
  18. 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.
  19. Who is the Chairman of the IFRS Interpretation Committee
    Wayne Upton
  20. How many members are on the IFRS Interpretations Commitree?
  21. What group are observers of the IFRC Interpretations Committee
    Trustees of the IFRS foundation/ IASB
  22. When was the IASB established?
    April 1, 2001
  23. Describe the IFRS for SMEs
    Self-contained standard, designed to meet the needs and capabilities of small and medium-sized entities
Card Set:
2013-02-26 01:36:16

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