Acca paper F1 fia diploma in Accounting and Business Accountant in Business (AB/fab) exam kit

Which of the following could be among the consequences of this failure? 
(i) 
Suspension of FVF’s shares by the stock exchange 
(ii) 
Tax authority investigation into FVF 
(iii) 
Fines for the directors of FVF 
(iv) 
Increased difficulty for FVF when attempting to raise future finance 
A 
(i), (ii) and (iii) only 
B 
(i), (iii) and (iv) only 
C 
(ii), (iii) and (iv) only 
D 
(i), (ii), (iii) and (iv)
 (2 
marks) 
158 The key aim of the IASB is to: 
A 
Improve the standards of financial reporting worldwide 
B 
Develop worldwide auditing standards 
C 
Develop a single set of high-quality global accounting standards 
D 
Represent UK interests effectively in financial reporting matters 
(2 marks)
159 Which of the following is the primary responsibility of the IFRS Interpretations Committee 
(IFRS IC)?
A 
Advising the IASB on agenda decisions and priorities in their work 
B 
Review of newly identified accounting issues on a timely basis and provision of 
guidance on these issues 
C 
The development and publication of IFRSs and publications 
D 
Informing the IASB of the views of the Council with regards to major standard-setting 
projects 
(2 marks)
160 Which of the following statements regarding UK accounting regulation is/are correct? 
(1) 
The Financial Reporting Review Board is responsible for the creation of UK Financial 
Reporting Standards (FRSs). 
(2) 
In the UK, Statements of Standard Accounting Practice (SSAPs) have been largely 
replaced by Financial Reporting Standards (FRSs). 
A (1) 
only 
B (2) 
only 
C Both 
D Neither
 (2 
marks) 
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