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IFRS test 1 questions & answers 2024/2025
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IFRS test 1 questions & answers 2024/2025 GAAP (for U.S companies) stands for: - ANSWERSgenerally accepted accounting principles Oversight of accounting standard setting is as follows: - ANSWERSSEC oversees FASB, IOSCO oversees IASB Governance of the FASB involves: - ANSWERSFASB, FAF, FA...

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  • September 9, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ifrs test 1 questions answers

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  • IFRS
  • IFRS

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IFRS test 1 questions & answers
2024/2025

GAAP (for U.S companies) stands for: - ANSWERSgenerally accepted accounting principles



Oversight of accounting standard setting is as follows: - ANSWERSSEC oversees FASB, IOSCO oversees
IASB



Governance of the FASB involves: - ANSWERSFASB, FAF, FASAC, and staff and task forces



which of the following statements is false? Chapter 1 - ANSWERSFASB is a government office within the
SEC



Which of the following statements is true: - ANSWERSThe IASB structure is quite similar to the FASB's
with a foundation, board, advisory council, and interpretations committee



Which of the following statements about the IASB and FASB conceptual frameworks in not correct? -
ANSWERSIFRS does not allow use of fair value as a measurement basis



which of the following statements is false? Chapter 2 - ANSWERSUnder IFRS, there are the same number
of financial statement elements as in U.S. GAAP



Companies that use U.S GAAP: - ANSWERSmay refer to a concept statement on estimating fair values
when market data are not available



The issues that the FASB and IASB must address in developing a conceptual framework include all of the
following except: - ANSWERSshould the role of financial reporting focus on internal decision-making as
well as providing information to assist external users in decision-making

, With respect to FASB/IASB conceptual framework projects: - ANSWERSthe IASB is working at a faster
pace than the FASB



Which of the following is required to be reported in an income statement under U.S. GAAP but not under
IFRS? - ANSWERSIncome from operations



which of the following statements is correct regarding income reporting under IFRS compared to U.S.
GAAP? - ANSWERSIFRS uses the same options for reporting comprehensive income as US GAAP



Under U.S. GAAP: - ANSWERScompanies can report comprehensive income using either a one statement
of two statement approach



The non-controlling interest section of the income statement is: - ANSWERSrequired under IFRS and US
GAAP



Common terminology under US GAAP includes all of the following, except: - ANSWERSreserves



Which of the following statements about IFRS and US GAAP accounting and reporting requirements for
the balance sheet is not correct? - ANSWERSthe presentation formats required by IFRS and US GAAP for
the balance sheet are similar



Current assets listed under IFRS are generally: - ANSWERSin the reverse order of their expected
conversion of cash



Companies that use IFRS: - ANSWERSmay report non-current assets before current assets on the
statement of financial position



Franco company uses IFRS and reports a "reserve" in its statement of financial position. If Franco were
reporting under US GAAP, it would: - ANSWERSbe discouraged from using the term "reserve" in its
financial statements



Which of the following is not a required disclosure under IFRS and US GAAP? - ANSWERSnumber of
employees

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