smaller membership, full time membership, greater autonomy, increased independence, broader representation
advantages of fast over apb
should be responsive to the needs and viewpoints of the entire economic community not just accounting profession, operates in full view of the public through due process
two basic premises of the fasb
topics are identified, research and analysis, public hearing, board evaluates research, final standards issued
steps taken in the evolution of an fast statement of financial accounting standards
true
TF IFRS includes both International Financial Reporting Standards and International Accounting Standards.
false
International Financial Reporting Standards preceded International Accounting Standards
true
The standard-setting structure used by the International Accounting Standards Board is very similar to that used by the Financial Accounting Standards Board.
false
The rules-based standards of IFRS are more detailed than the simpler, principles-based standards of U.S. GAAP.
false
The International Accounting Standards Board has seven members.
true
The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companies listed on U.S. exchanges.
International Financial Reporting Standards and International Accounting Standards only.
Authoritative standards for IFRS include:
IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
Which of these statements regarding the IFRS and U.S. GAAP is correct?
the Standards Comparison Committee
The IASB's standard-setting structure includes all of the following except
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)
Which of the following organizations have committed to develop high-quality, compatible accounting standards that could be used for domestic and cross-border financial reporting
The Financial Executives Institute (FEI)
Which of the following organizations is not among the four international standard-setting organizations?
...
...
The International Accounting Standards Committee Foundation
Which of the following organizations selects members for the IASB?
two
The IASB consists of _________ part-time members.
develop a single set of high-quality financial reporting standards.
The purpose of the International Accounting Standards Board is to: