International Standards

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

Question

Which of the statements listed below about IFRS is invalid?

A. Multinational should benefit from a number of cost savings when using IFRS
B. Companies that wish to reach a wider group of investors will find financial statements based on IFRS acceptable in all major markets
C. Using IFRS will make it easier, though more expensive, to have secondary listing in other countries of the world
D. Using the same accounting basis provides greater comparability between companies which will lead to more efficient investment
E. The original standard setter between (1973-2000) was International Accounting Standard Committee (IASC)

Answer

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Tags: Accounting Standards, Financial Reporting, IFRS, International Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

Question

IFRS are developed and published by:

A. International Accounting Standards Committee
B. International Accounting Standards Advisory Council
C. International Accounting Standards Board
D. International Accounting Standards Foundation
E. International Accounting Reporting Standards Board

Answer

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Tags: Financial Reporting, IFRS, International Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

Question

The OECD Principles of Corporate Governance, as an international statement of principles about corporate governance, establishes minimum acceptable standards of corporate governance. However, like any such document on corporate governance, it has several limitations.

Required:
Identify and explain TWO (2) limitations of the OECD Principles of Corporate Governance.
(5 marks)

Answer

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Tags: Corporate Governance, International Standards, Limitations, OECD principles
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2023

BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

Question

The acronym “IFAC” stands for:

A. International Federation of Accountancy
B. International Federation of Accounting
C. International Federation of Accountants
D. Intermediate Federation of Accountants
E. Intermediate Federation of Accounting

Answer

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Tags: Accounting Bodies, IFAC, International Standards
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

Question

The financial reporting process is concerned with providing information that is useful in the business and economic decision-making process. Therefore, a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured, and how they should be communicated to the user. Although theoretical in nature, a conceptual framework for financial reporting has practical aims.

Required:
Discuss whether an agreed international framework for financial reporting is needed in order to resolve practical accounting issues.

Answer

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Tags: Accounting Issues, Conceptual Framework, International Standards
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

Question

Which of the statements listed below about IFRS is invalid?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Financial Reporting, IFRS, International Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

Question

IFRS are developed and published by:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, IFRS, International Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

Question

Required:
Identify and explain TWO (2) limitations of the OECD Principles of Corporate Governance.
(5 marks)

Answer

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Tags: Corporate Governance, International Standards, Limitations, OECD principles
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2023

BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

Question

The acronym “IFAC” stands for:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Bodies, IFAC, International Standards
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

Question

Required:
Discuss whether an agreed international framework for financial reporting is needed in order to resolve practical accounting issues.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Issues, Conceptual Framework, International Standards
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

Question Tag: International Standards

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AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

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AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

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FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

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SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

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BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

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CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

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AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

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FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

You're reporting an error for "FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting"

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

You're reporting an error for "SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics"

BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

You're reporting an error for "BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society"

CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics

Discuss the need for an international conceptual framework for financial reporting and its practical impact on accounting issues.

You're reporting an error for "CR – Nov 2017 – L3 – Q5b – Regulatory Framework and Ethics"

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