Development

Question 1

BRANCHES OF ACCOUNTING

Answer 1

Financial Accounting
Management Accounting
Cost Accounting
Auditing Government Accounting
Tax Accounting
Accounting Education

Question 2

-These are a network of board guidelines, rules and procedures that represents the generally accepted accounting principles, which define the practice of financial reporting at a particular time.
-Its main purpose is to ensure relevance of financial information provided to external users.

Answer 2

ACCOUNTING STANDARDS

Question 3

(IASC)

Answer 3

INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE

Question 4

The following international bodies publicly urged the adoption of a single set of global accounting standards:

Answer 4

-World Bank
-International Monetary Fund
-International Organization of Securities Commission
-Organization for Economic Cooperation Development

Question 5

Formed in 1973 to develop global accounting standards.

Answer 5

INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE (IASC)

Question 6

The IASC issued how many International Accounting Standards (IASs)

Answer 6

41

Question 7

(IASB)

Answer 7

INTERNATIONAL ACCOUNTING STANDARDS BOARD

Question 8

It replaced the IASC in 2001.

Answer 8

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

Question 9

when did INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) replace IASC

Answer 9

2001

Question 10

The IASB’s main objective is to

Answer 10

develop a single set of high-quality, understandable, and enforceable global accounting standards to help participants in the world’s capital markets and other users make economic decisions.

Question 11

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) has revised many IASs and has issued new standards of its own, called

Answer 11

International Financial Reporting Standards (IFRS).

Question 12

(IFRS).

Answer 12

International Financial Reporting Standards

Question 13

the IASC Foundation is an independent organization having two main bodies what?

Answer 13

the Trustees and the IASB

as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee.

Question 14

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
Members of the Board are appointed by the Trustees for a term of

Answer 14

five years, renewable once.

Question 15

The International Accounting Standards Board (the Board) shall normally comprise how many members?

Answer 15

14

Question 16

The International Accounting Standards Board
up to how many members may be part-time members

Answer 16

3

Question 17

THE IASC FOUNDATION/ IFRS FOUNDATION
how many trustees?

Answer 17

22

Question 18

THE IASC FOUNDATION/ IFRS FOUNDATION
Trustees shall normally be appointed for a term of?

Answer 18

three years, renewable once.

Question 19

IFRS Foundation is the new name, approved in ?
The name change formally took effect on?

Answer 19

January 2010
1 July 2010

Question 20

IFRS INTERPRETATIONS COMMITTEE
Formerly called the?

Answer 20

International Financial Reporting Interpretations Committee (IFRIC)

Question 21

IFRIC

Answer 21

International Financial Reporting Interpretations Committee

Question 22

IFRS INTERPRETATIONS COMMITTEE
compromise of how many members?

Answer 22

14 for renewable terms of three years

Question 23

The Interpretations Committee shall meet as and when required and how many voting members?

Answer 23

10

Question 24

Approval of draft or final IFRIC Interpretations shall require that not more than how many voting members vote against that draft or final Interpretation?

Answer 24

4

Question 25

IFRS ADVISORY COUNCIL Formerly called the

Answer 25

Standards Advisory Council

Question 26

THE DUE PROCESS INCLUDES THE FOLLOWING STAGES:

Answer 26

1. Setting the Agenda 2. Planning the Project 3. Developing and publishing the discussion paper 4. Developing and publishing the exposure draft 5. Developing and publishing the standard 6. Post implementation review

Question 27

STANDARD SETTING BODIES IN THE PHILIPPINES ACCOUNTING

Answer 27

- ACCOUNTING STANDARDS COUNCIL (ASC) - FINANCIAL REPORTING STANDARDS COUNCIL (FRSC) - PHILIPPINE INTERPRETATION COMMITTEE (PIC)

Question 28

The original accounting standard setting body in the Philippines was

Answer 28

Accounting Standards Council (ASC)

Question 29

ASC

Answer 29

Accounting Standards Council

Question 30

The original accounting standard setting body in the Philippines was the Accounting Standards Council (ASC) created by - on?

Answer 30

Philippine Institute of Certified Public Accountant (PICPA) November 18, 1981.

Question 31

Prior to 2001, the Philippine accounting standards were based on accounting standards promulgated by the

Answer 31

Financial Accounting Standards Board

Question 32

FASB

Answer 32

Financial Accounting Standards Board

Question 33

The ASC was composed of how many members?

Answer 33

8

Question 34

The ASC was composed of eight (8) members- from where?

Answer 34

four (4) from PICPA including the designated Chairman; and one (1) each from - SEC, - Banko Sentral ng Pilipinas (BSP) or - Central Bank (CB), - PRC and - Financial Executives of the Philippines

Question 35

FRSC

Answer 35

FINANCIAL REPORTING STANDARDS COUNCIL

Question 36

FINANCIAL REPORTING STANDARDS COUNCIL It shall be composed of how many members?

Answer 36

15 including the chairman

Question 37

The FRSC’s due process of developing the accounting standards include the following steps:

Answer 37

1. Consideration of pronouncement of IASB 2. Formation of a task force, when necessary 3. Issuance of exposure draft duly approved by the majority vote of the FRSC members 4. Consideration of comments (comment period is at least 60 days, may be shortened to not less than 30 days) 5. Approval by majority of the FRSC members 6. Publication in the official gazette or a newspaper of general circulation

Question 38

PIC

Answer 38

PHILIPPINE INTERPRETATION COMMITTEE

Question 39

who formed the Philippine Interpretation Committee (PIC) in August 2006.

Answer 39

FRSC