-
What are the 4 principle objectives of the IFRS Foundation?
- 1) To develop a single set of high, quality, understandable, enforceable, and globally accepted international financial reporting standards (IFRSs) through its standard setting body, the IASB;
- 2) To promote the use and rigorous application of those standards;
- 3) To take account of the financial reporting needs of emerging economies and small and medium sized entities (SMEs)
- 4) To promote and facilitate adoption of IFRSs, being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs
-
IASC
International accounting standards committee
-
IASB
International Accounting Standards Board
-
IFRIC
International Financial Reporting Standards Interpretation Committee
-
IAS
International Accounting Standards
-
IFRS
International Financial Reporting Standards
-
SME
Small and Medium sized entities/enterprises
-
MoU
Memorandum of understanding
-
What city and country is the headquarters of the IFRS Foundation and the IASB
London, United Kingdom
-
In what language are IASB issues deliberated and pronouncements issued?
English
-
Who is the Chairman of the Trustees of the IFRS Foundation and what country is he from
Michel Prada, France
-
How many Trustees are on the IFRS Foundation Board
22
-
Who selects the Trustees
Monitoring Board
-
What is the term of a Trustee
3 years
-
What is the responsibility of the Monitoring Board
- Ensure that the Trustees continue to discharge their duties, as defined by the IFRS foundation constitution
- Approving the appointment or reappointment of Trustees
-
Who is the chairman of the IASB and what country is he from?
Hans Hoogervorst, Neatherland
-
How many members at present are on the IASB
16
-
What is the function of the IFRS Interpretations Committee
- Develop interpretations of IFRSs.
- Review accounting issues that have arisen within the context of current IFRSs and to provide authoritative guidance on those issues.
-
Who is the Chairman of the IFRS Interpretation Committee
Wayne Upton
-
How many members are on the IFRS Interpretations Commitree?
15
-
What group are observers of the IFRC Interpretations Committee
Trustees of the IFRS foundation/ IASB
-
When was the IASB established?
April 1, 2001
-
Describe the IFRS for SMEs
Self-contained standard, designed to meet the needs and capabilities of small and medium-sized entities
|
|
