Financial Reporting Standards

Who is responsible for establishing IFRS?

• IFAC

• IASB

• IASC

• IASCF

What is the most notable specific difference between GAAP and IFRS?

• Related to accounts payable treatment

• Related to treatment of accounts receivable

• Related to the treatment of inventories

• Related to treatment of intangible assets

A company has its transitional statements to start using IFRS as standard, what do they have to do?

• Adjust transitional statements to all IFRS requirements and policies

• Adjust transitional statements to all IFRS but not IAS, IFRIC or SIC

• Adjust transitional statements to IFRS requirements

• Adjust transitional statements to IFRS policies and some requirements

Which of the following countries adapted the requirements of IFRS for SMEs?

• Costa Rica

• Peru

• Brazil

• Ecuador

In which part of the structure’s ISA is the explanation of the purpose and scope of the ISA?

• Objectives

• Definition

• Introduction

• Requirements

• Application and other explanatory material

“Provides confidence on the information to users such as stakeholders, investors, private and public institutions” is a?

• ISA´s Objective

• ISA´s Definition

• ISA´s Introduction

• ISA´s Requirements

• ISA´s Annexes

What were the ISAs that were used in case 2 to decide the type of audit opinion to be issued by the auditing firm?

• ISA 315 and 330

• ISA 700 and 705

• ISA 240 and 250

• ISA 530 and 580