Level 4 AAT Regulatory Frameworks

What does IFRS stand for?

• International Financial Reporting Standard

• International Finance Reporting Standard

• International Finance Reporting Statement

• International Financial Reporting Statement

What does IASB stand for?

• International Accounting Standards Board

• International Accounting Standards Bulletin

• International Accounts Standards Board

• Impossible Accounting Standards Board

What does IFRIC stand for?

• International Financial Reporting Interpretations Committee

• International Financial Reporting Interpretations Club

• International Financial Reporting Interpretations Council

• International Financial Reporting Investigations Council

What are the principal statements that would be included in a set of financial statements?

• SOFP, SPLOCI, and Statement of cash flows.

• SOFP, SPLOCI and Statement of changes in equity.

• SOFP, SPLOCI, Statement of changes in equity and Statement of cash flows.

• SOFP, SPLOCI, Asset register and Statement of cash flows.

What is the role of the Board (IASB)?

• To develop, approve and publish International Financial Reporting Standards.

• To develop, approve and publish International Accounting Standards.

• To conduct reviews of ethical practices.

• To monitor tax compliance of companies.

Which of the following are the role of IFRIC?

• To provide guidance on accounting issues not covered by an IFRS standard.

• To provide guidance on the interpretation of an IFRS standard.

• To provide guidance on the application of an IFRS standard.

• All of the given options.

Which International Standard relates to presentation of statements?

• IAS1

• IAS3

• IFRS1

• IFRS3