Facts about IFRS

What is the name of the international accounting standards?

• International Financial Standards

• International Accounting Standards

• Internal Financial Reporting Standards

• International Financial Reporting Standards

What is the name of the New Zealand version of the international accounting standards?

• Australasian equivalents to International Financial Reporting Standards (AUS IFRS)

• New Zealand International Financial Reporting Standards (NZ IFRS)

• New Zealand equivalents to International Financial Reporting Standards (NZ IFRS),

• Australasian International Financial Reporting Standards (AUS IFRS)

Has New Zealand adopted the international standards?

• Yes, fully converged with IFRS standards

• No, not yet fully adopted IFRS standards

• No, in the process of adopting IFRS standards

• Yes, fully adopted the IFRS standards

How many jurisdictions have required the international standards for all or most domestic publicly listed entities in their capital markets?

• 141 jurisdictions out of 166

• 151 jurisdictions out of 166

• 121 jurisdictions out of 166

• 144 jurisdictions out of 166

Which factors affect accounting practice?

• Culture

• Social norms

• Technology

• Globalisation

• Environment

Which one is NOT an international influence on accounting practices?

• IASB and IFAC as regulators

• Free trade agreement

• IFRS standards

• NZ Stock Exchange and Financial Market Authority (FMA)

What are examples of international accounting?

• International transactions such as transfer-pricing, consolidation of foreign subsidiaries, hedging involving foreign currencies

• Operational differences across different geographical locations of a multinational company

• Making financial reporting comparable across different jurisdictions

• Making countries to adopt the same set of accounting rules/practices