1. Authoritative standards for IFRS include: a) International Financial Reporting Standards only. b) International Financial Reporting Standards and International Accounting Standards only. c) International Financial Reporting Standards, International Accounting Standards and GAAP only. d) International Financial Reporting Standards, International Accounting Standards and any GAAP standard recognized by an organized stock exchange
1. Authoritative standards for IFRS include:
a) International Financial Reporting Standards only.
b) International Financial Reporting Standards and International Accounting Standards only.
c) International Financial Reporting Standards, International Accounting Standards and GAAP only.
d) International Financial Reporting Standards, International Accounting Standards and any GAAP standard recognized by an organized stock exchange.
2) Which of these statements regarding IFRS and GAAP is correct?
a) GAAP is considered to be "principles-based".
b) GAAP is considered to be less detailed than IFRS.
c) IFRS is considered to be "principles-based" and less detailed than GAAP
d) Both GAAP and IFRS are considered to be "rules-based", but GAAP tends to be more complex.
3) Which of the following organizations have committed to develop high-quality, compatible accounting standards that could be used for domestic and cross-border
a) The Financial Accounting Standards Board (FASB) and the International Organization of Securities Commission (IOSCO)
b) The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)
c) The International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO)
d) The International Accounting Standards Board (IASB) and the Standards Advisory Council (SAC)
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