Iasc - Study guides, Class notes & Summaries

What is IOSCO? It is the International Organization of Securities Commissions. IOSCO promotes high standards of regulation to ensure transparent and efficient capital markets. How many members does the International Accounting Standards Board (IASB) have? Fifteen through 2012 and sixteen after 2012 What is the third objective of the International Financial Reporting Standards (IFRS) Foundation? To take into account the special needs of a range of sizes and types of entities in d...

Financial Accounting & Reporting with correct answers External transactions - What are those transactions economic events involving one entity and another entity? Internal transactions (production and casualty loss) - These are economic events involving the entity only. Measuring - This accounting process involves the accountable economic transactions and events as to Assigning of Peso Amounts Other assets - Advances to employees is under what line item in the balance she...

From what entity did the International Accounting Standards Board (IASB) evolve? The IASB, formed in 2001, evolved from the International Accounting Standards Committee (IASC), which was established in 1973. Who appoints members of the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS) Advisory Council, and IFRS Interpretations Committee? The IFRS Foundation. What is IOSCO? It is the International Organization of Securities Commis...

IFRS Exam 1 | 100% Correct Answers | Verified | Latest 2024 Version 1. What does IFRS stand for? a. International Financial Reporting Structure b. International Financial Reporting Standards c. Intercontinental Financial Reporting Standards d. Intercontinental Finance Reporting Structure - b 2. What is the goal of IFRS? - The goal of IFRS is to achieve a single set of high-quality, common accounting standards used around the world. 3. Identify the correct statement about IFRS us...

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards B) The cost of the IASB to regulate compliance with many national accounting standards C) The reduction in effectiveness of the international m...

A 2 for 1 stock split gives the stockholder __________. A. twice as many shares at double the previous price B. twice as many shares at half the previous price C. half as many shares at twice the previous price D. half as many shares at double the previous price - correct answer B What concept involves earning earning interest on interest in addition to interest on the principal or initial investment? A. discounting B. the principal value C. inf...

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WGU C213 - Accounting for Decision Makers Questions With 100% Correct Answers 2023 Accounting - Correct Answer-A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." -NUMBER : quantitative *STRENGTH because numbers can be easily tabulated and summarized. * WEAKNESS because some important business events, such as a toxic waste spill & the associated lawsuits and countersuits, cann...

balance sheet a financial statement that reports the assets, liabilities, and stockholders, equity at a specific date. comparability ability to compare accounting information of different companies because they use the same accounting principles. conceptual framework a coherent system of interrelated objective and fundamentals that can lead to consistent standards. conservatism the approach of choosing an accounting method when in doubt that will least likely overstate a...

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