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CIPFA Business Reporting Exam Questions & Answers 2025/2026
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CIPFA Business Reporting Exam Questions & Answers 2025/2026 IASB - ANSWERSInternational Accounting Standards Board What do IASB do - ANSWERSDevelop and approves globally accepted IFRS and promote the use of them What is the IFRS Foundation - ANSWERSInternational Financial Reporting Stand...

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  • January 30, 2025
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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CIPFA Business Reporting Exam
Questions & Answers 2025/2026

IASB - ANSWERSInternational Accounting Standards Board



What do IASB do - ANSWERSDevelop and approves globally accepted IFRS and promote the use
of them



What is the IFRS Foundation - ANSWERSInternational Financial Reporting Standard Foundation
is the parent entity of the IASB



What is the IFRS Foundation Trustees and what do they do? - ANSWERSInterantion Foundation
of Reporting Standards Trustees appoint the IASB members, excersise oversight and raise the
funds needed



Name the 2 other bodies that support the IASB in its functions and what they do -
ANSWERSIFRS Advisory Council - appointed by Trustees and advise the IASB and IFRS
Interpretation Committee offer guidance and interpretation of the standards



Steps to develop a standard - ANSWERS1. Identify issues associated to the relevant topic

2.Consult the Trustees and IFRs Advisory Council

3. Establish an Advisory commitee

4.Publish discussion document

5. Publish Exposure draft

6. consider comments received



4 parts of each IFRS - ANSWERS1. Recognition

, 2. Measurement

3. Presentation

4. Disclosure



6 advantages of harmonisation of accounting standards - ANSWERS1. Comparability of
international companies

2.Multinational companies; reduction in staffing costs, preparation of group accounts, improved
communication

3.Developing companies would save time and money

4. Easier to calculate the tax liabilitys of multinational companies

5.Easy to internationally trade

6. International accounting firms would find accounting and auditing easier



6 disadvantages of harmonisation - ANSWERS1. International companies have different
purposes of financial reporting and different user groups

2. Developing countries would have to pay to train people

3. Nationalism is demonstrated in an unwillingess to accept another countrys standards

4. Cultural differences result in objectives differing

5. Civil wars/ currency restrictions etc may impinge on the ability to produce reports

6. Lack of strong accounting bodies



2 Fundamental Characteristics - ANSWERSRelevance and Faithful Representation



3 aspects of Faithful Representation - ANSWERS1. Completeness

2. Neutrality

3. Free from error

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