IUP_Financial Reporting and Accounting Standards

IFRS stands for:

• International Federation of Reporting Services.

• Independent Financial Reporting Standards.

• International Financial Reporting Standards.

• Integrated Financial Reporting Services.

The major key players on the international side are the:

• IASB and IFRS Advisory Council.

• IOSCO and the U.S. SEC.

• London Stock Exchange and International Securities Exchange.

• IASB and IOSCO.

Accounting standard-setters use the following process in establishing international standards:

• Research, exposure draft, discussion paper, standard.

• Discussion paper, research, exposure draft, standard.

• Research, preliminary views, discussion paper, standard.

• Research, discussion paper, exposure draft, standard.

IFRS is comprised of:

• International Financial Reporting Standards and FASB financial reporting standards.

• International Financial Reporting Standards, International Accounting Standards, and International Accounting Standards Interpretations.

• International Accounting Standards and International Accounting Standards Interpretations.

• FASB financial reporting standards and International Accounting Standards.

The expectations gap is:

• what financial information management provides and what users want.

• what the public thinks accountants should do and what accountants think they can do.

• what the governmental agencies want from standard-setting and what the standard-setters provide.

• what the users of financial statements want from the government and what is provided.

Essential characteristics of accounting are, except:

• the identification, measurement, and communication of financial information about

• the identification, forecasting, and communication of financial information about

• economic entities to

• interested parties

how many steps due process on IASB...

• 3

• 4

• 5

• 6

Here the types of pronouncements of IASB, except ... .

• International Financial Reporting Standards

• Conceptual Framework for Financial Reporting

• International Financial Reporting Standards Interpretations

• Shariah Financial Reporting Standards