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IFRS Module 1 Exam Questions & Answers 2024/2025
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IFRS Module 1 Exam Questions & Answers 2024/2025 When was the international accounting standards committee founded? - ANSWERSThe International Accounting Standards Committee was founded in 1973 after a conference in Sydney in 1972. The IASC was formed through an agreement made by the professio...

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  • September 8, 2024
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  • 2024/2025
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IFRS Module 1 Exam Questions &
Answers 2024/2025

When was the international accounting standards committee founded? - ANSWERSThe International
Accounting Standards Committee was founded in 1973 after a conference in Sydney in 1972. The IASC
was formed through an agreement made by the professional accountancy bodies from Australia,
Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom with Ireland, and the
United States of America.



... - ANSWERSThe accounting "rule makers" in these countries were often not these professional
accountancy bodies. In considering the requirements for international accounting standards, it was
regarded as too difficult for governments to reach agreement - so the accountancy bodies have worked
together to try to devise a consistent set of global guidelines



1973 - 2001 the number of accountancy bodies with membership of IASC increased to...? - ANSWERS--
over 140

-These accountancy bodies represented over 100 countries, including China, represented by the Chinese
accountancy body from 1997.



Accounting standards set by...which had how many country members? - ANSWERSAccounting standards
were set by a part-time, volunteer IASC Board that had 13 country members and up to 3 additional
organisational members. Each member was generally represented by two "representatives" and one
"technical advisor". The individuals came from a wide range of backgrounds - accounting practice,
multinational businesses, financial analysis, accounting education, and national accounting standard-
setting. The Board also had a number of observer members.



Why did it change from IASC to IASB and when? - ANSWERSThe IASC concluded in 1997 that to continue
to perform its role effectively, there must be convergence between national accounting standards and
practices and global accounting standards. The IASC saw, therefore, a need to change its structure. A
new Constitution took effect from 1 July 2000 under which was established a requirement for full
constitutional review every five years. At this point a new standards-setting body was formed, named the
International Accounting Standards Board (IASB).

, *On 1 April 2001, the IASB took over from the IASC the responsibility for setting International Accounting
Standards.*



study chart on page 4 of 16 - ANSWERSon module 1



The IFRS foundation is the umbrella organization------ - ANSWERS- It oversees the work of the IASB, its
structure and strategy and has fundraising responsibility. It is made up of 22 trustees:

• Six from North America

• Six from Europe

• Six from the Asia/Oceania region

• One from Africa

• One from South America

• Two from any area, subject to maintaining overall geographical balance



The Trustees act by simple majority vote except for amendments to the Constitution, which require a
75% majority.



The latest revision to the constitution of the IFRS foundation in 2012 requires the separation of the roles
of Chairman of the IASB and CEO of the IFRS foundation. This change has already been implemented.



The Monitoring Board was created under the latest constitutional review to provide....



-membership of the monitoring board will initially comprise specific persons including.... - ANSWERS- to
provide a link between the trustees of the IFRS foundation and public authorities. It will participate in,
and approve, appointment of trustees of the IFRS foundation. It will also provide advice to and meet at
least annually with the trustees.




--Membership of the monitoring board will initially comprise six specific persons including the
responsible member of the European Commission, the chair of the US Securities and Exchange
Commission and the Commissioner of the Japanese Financial Services Agency.

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